Author name: Thanusan Raveendran

Canadian resident individuals, corporations, and certain trusts have to file a unique form called Form T1135 if, at any time during the year, they owned foreign property costing more than $100,000. There are significant penalties for failure to file Form T1135 or for making a false statement or omission. The maximum penalty could be anywhere […]

To help businesses emerge out of the pandemic, the government introduced the new Canada Recovery Hiring Program (CRHP) to provide businesses with a subsidy of up to 50% on the incremental remuneration paid to eligible employees between June 6, 2021 and November 20, 2021. The subsidy was determined by the following formula: A x (B-C)

What is it? In a nutshell, the Canadian federal government plan to continue the wage and rent subsidies for hard-hit businesses that do not qualify for the Tourism and Hospitality Recovery Program and that have been deeply affected by the pandemic. This generally means a prolonged revenue decline of at least 50%. Who qualifies? All

The federal election is only a few days away. The below is a summary of all the tax and housing market promises by Canada’s major political parties. Click the below image for more details.

The below highlights some of the tax measures proposed by the Conservative Party of Canada for the 2021 Canadian federal election that will be held on September 20, 2021. The purpose of the below article is to summarize and outline the different tax measures published by the political parties in their election platforms in an

Introduction There are instances when you have to repay the COVID‑19 benefits you received (i.e., CERB, CRB, CESB, etc.). You are taxed on these benefits in the year you receive them. You can deduct repayments. Before Budget 2021, you were only able to deduct repayments in the year you repay them. This resulted in people

Finance Minister, Chrystia Freeland, provided some welcoming news for small business owners when she tabled the 2021 Federal Budget yesterday. Here are some of the tax measures that small business owners need to know. (We like to note that the current Liberal government is a minority government, and these measures may not receive royal assent.)

Budget 2021 proposes to extend the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent Subsidy (CERS) and the Lockdown Support until September 2021. The subsidy rates would gradually decline over the July-to-September period. Budget 2021 also proposes to provide the government with authority to extend these programs until November 20, 2021, should the economic

The budget announced more details regarding the earlier proposed changes to the sales tax regime which would require non-resident vendors to register for HST when they sell digital products or services to Canadian end-consumers. Who does this apply to? Starting on July 1, 2021, the following non-resident vendors are required to register for and collect

Yesterday, the Ontario government announced several measures as part of the 2021 Provincial Budget targeted at businesses, mature students, and families with young children. We like to highlight 6 goodies announced in this budget to kick start the economy post COVID. We want to make sure you know all these measures as they can impact