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

Underground Economy

CRA recently discussed one of their top priorities; identifying those involved in the underground economy and ensuring that they are satisfying their tax obligations. Do you fall within one of these 4 industries identified by CRA?

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Advice and Tips

Taxpayer Relief Applications

In a recent court case where the Taxpayer sought a review of CRA’s denial to provide interest and penalty relief on tax debt, the courts did not agree with the taxpayer. See what they said!

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Advice and Tips

Canada Pension Plan

Have you noticed you are paying more (or longer) for CPP on every paycheque?

The maximum pensionable earnings and contribution rate for 2021 have now been released and are a surprise to many; the cost of CPP is significantly increasing.

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Advice and Tips

Rental Properties – Major Repairs

In a February 11, 2021 Tax Court of Canada case, the deductibility of rental expenses for a condo unit that underwent major repairs was considered. CRA said no, but what did the courts say?

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Advice and Tips

Beneficial Ownership of Corporations

There is a global trend emerging focused on requiring corporations to disclose the identity of their beneficial owners. Beneficial owners are generally individuals that either directly or indirectly exercise ultimate ownership or control over a corporation.

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Advice and Tips

Wage and Rent Subsidies – Update

On March 3, 2021, the Department of Finance announced details on the Canada Emergency Wage Subsidy (CEWS) and Canada Emergency Rent Subsidy (CERS) for the March 14 – June 5 periods. Later, the Federal Budget (April 19, 2021) announced an extension of these programs to September 25, 2021.

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Economics

Canada Recovery Hiring Program

The 2021 Federal Budget introduced the new CRHP which would provide eligible employers with a subsidy of up to 50% of the incremental remuneration paid to eligible employees in respect of June 6, 2021 to November 20, 2021. The higher of the Canada Emergency Wage Subsidy (CEWS) or CRHP may be claimed for a particular qualifying period, but not both.

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