Blog

COVID Benefits

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The Auditor General of Canada released its report on COVID benefit compliance enforcement. The report reviewed a total of $210.7 billion in payments with the following breakdown among programs.

Affordability Action Plan

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Alberta’s economy has recovered strongly, but many people are struggling with the rising cost of living due to inflation. Find out how you benefit.

Canada Dental Benefit

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Seeing a dental care professional is important not only for oral health, but for overall health. In Canada, a third of people do not have dental insurance, leaving many unable to visit an oral health professional to get the dental care they need. There’s a new dental benefit for low income families. Read more to find out if you qualify!

Workspace in Home Claims

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If you worked from home in 2021 due to COVID, you should be prepared to prove your Workspace in Home claim.

Holding Digital Assets in RRSP’s

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Holding digital assets in an RRSP may open you up to higher taxes. If interested in holding digital assets in a tax-sheltered savings account such as an RRSP, make sure that item is a qualified investment.

Life Insurance Policies

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Holding a life insurance policy in a corporation can be a useful tool to assist with continuity upon death of an owner-manager. The use of insurance tracking shares can mitigate increases in capital gains upon death when using such policies.

Director Liability

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If you intend to resign as a director, ensure that the resignation of yourself as a director is received by the corporation.

Providing Supplies to your Contractors

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Improper bookkeeping may open you up to an audit not just on the errors but ALL expenses. Providing supplies to independent contractors is a dangerously thin line. Make sure you’re on the right side.

Salaries to Family Members

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Oftentimes, family members of the owner of a business will work for the business. However, these arrangements can be somewhat informal, and amounts paid may be denied as a business expense if the work performed and amounts paid to the worker are not properly documented.