Our insights centre gives you access to our latest company news, industry reports and blogs covering a range of topics related to the financial services industry. If there is a specific issue you would like more information on or if you have a further enquiry, please feel free to contact us.

Advice and Tips

Wills and Beneficiary Designations

Ensure to review wills and beneficiary designations when major life events or changes in the family occur. Death or critical illness/injury can arrive unexpectedly, limiting the possibility of estate planning updates that can compound the emotional strife of loved ones after an individual’s passing.

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Advice and Tips

TFSA Excess Contributions

CRA does not believe they have the discretion to waive the penalty tax on an excess TFSA contribution. Even where they have that discretion, they often refuse to waive the tax. Care should be afforded to ensure not to make excess TFSA contributions, and if an error is made, it should be corrected as soon as possible.

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Advice and Tips

COVID-19 Medical Expenses

Although expenses may relate to an individual’s health, they should still be reviewed to determine eligibility for the medical expense tax credit. Collect medical-related expenditures throughout the year such that at personal tax time, we can review whether an expense is eligible or not.

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Advice and Tips

CRA Collections

Make sure you pay your tax obligations on time and in full. If you are struggling to pay, there is help available.

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Advice and Tips

Travel Allowances

Structure compensation for the employment use of an employee’s vehicle carefully to ensure that any allowance received will not be taxable to the employee. A taxable assessment after the fact can create significant employee/employer issues.

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Advice and Tips

CERB Repayments

If you repaid CERB but you met certain eligibility criteria, you may be entitled to receive a reimbursement.

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Advice and Tips

Accounting Software

Starting out on your own can be a daunting task. Getting the right software for your company if you choose to do it yourself, can be a time saver. Don’t waste your time (and your accountant’s time) with the wrong software.

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Advice and Tips

Guaranteed Income Supplement

As many individuals had lower income in the 2020 year, some may be surprised that they are eligible to receive the Guaranteed Income Supplement (GIS). In addition, changes in July 2020 allow individuals to earn more without eroding benefits. For those who have been eligible for some time, GIS (and OAS) can be applied for retroactively (up to eleven months back).

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