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Relief for Executors: New “3-Year Rule” for Post-Mortem Tax Planning
If you are an executor or involved in estate planning, you know the clock usually starts ticking loudly the moment someone passes away. For years, one of the most stressful deadlines has been the strict one-year window to manage capital losses and avoid double taxation. That deadline has now effectively tripled. Under Bill C-15 (Budget 2025 Implementation Act, No. 1), the
Personal Support Workers Tax Credit – What You Need to Know from Budget 2025
Budget 2025 introduces a significant new tax measure aimed at supporting personal support workers (PSWs) across Canada. The proposed Personal Support Workers Tax Credit is a temporary, refundable tax credit designed to recognize the essential role PSWs play in our health care system and to provide direct financial support to
Understanding the Home Accessibility Tax Credit (HATC) and the Medical Expense Tax Credit (METC) : What You Need to Know for 2025
If you or a loved one is a senior or a person with a disability, you may be planning home renovations to make your living space safer and more accessible. The Canadian tax system offers two important credits that can help offset the cost of these renovations: the Home Accessibility
2025 Canada Federal Budget – Key Tax Changes for Canadians
The 2025 federal budget was released on November 4, 2025 (“Budget Day”). It proposes significant tax changes that could impact individuals, estates, and businesses across Canada. Below is a summary of these proposals which are subject to change until voted on and signed into law. View the Prime Minister’s statement
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What does the 75% Canada Emergency Wage Subsidy mean for your business?
What is the CEWS? What period does the subsidy cover? Who qualifies & 30% Revenue Decline Test Reference period for comparing year-over-year revenues What if I am a new business? What’s my reference point? Calculating Revenues Calculating Amount of the Subsidy Greater of: How do I compute pre-crisis weekly remuneration? How do I compute remuneration?
Musical chairs and the CERB Benefit: Rearranging work to help your employees and business
In this article, we show strategies businesses can take by rearranging work schedules to allow their employees to apply for the Canada Emergency Response Benefit (“CERB”) while running a scaled-down operation. CERB Eligibility To qualify for CERB, the worker applying must meet two tests: First Test The worker applying must be: Second Test In addition
Relief for Small Businesses Announced
Massive Changes to the Temporary Wage Subsidy Interest-Free Loans via Canada Emergency Business Account Co-Lending Program HST Payments Deferred The details for these announcements are not yet available. An update is expected Monday. We will stay on top of the latest developments and continue to share them with you. CRA’s Administrative tax measures Administrative tax
Temporary wage subsidy: Pitfalls for Associated Corporations
The Temporary Wage Subsidy On March 25, 2020, the Canadian government passed Bill C-13 to enact legislative measures in response to COVID-19. Among these measures were various amendments to the Income Tax Act (the “Act”), including Section 153 of the Act. Subsection 153(1) of the Act deals with the withholding of tax and source deductions
Ontario’s Action Plan: Responding to COVID‑19
On March 25, 2020, Rob Phillips, Ontario’s Minister of Finance, put forth the Province’s Economic and Fiscal Update, with a focus on responding to COVID-19. The details and how you can register for these benefits have not been provided yet but we will let you know as soon as these become available. Key Highlights Interest
Canadian Government to give $2,000 per month up to 4 Months – You May Qualify
The Canadian Government has proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income due to COVID-19 for at least 14 consecutive days within any four-week period from March 15, 2020 until October 3, 2020. You
Small Business Owners and COVID-19: Tax Planning to Preserve Cash
The recent measures released by the government of Canada to combat the negative fallout from COVID-19 provides some relief to owner-managers of small businesses. While these measures do help, owner-managers may also position themselves in a better financial position by considering the following: Stop paying yourself a salary Owner Managers who pay themselves a recurring
Temporary Wage Subsidy Calculator
We developed a simple calculator to help small businesses calculate their Temporary Wage Subsidy. Download Link Click here to download the excel copy. Video on Wage Subsidy and how to use our Calculator Online Calculator Here’s the online version of the calculator. However, for a better experience, please download the excel using the link provided
IRS extends filing & tax payment deadline to July 15th
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This
COVID-19: CRA Provides Clarity on the Temporary Wage Subsidy
On March 21, 2020, the CRA provided some clarity on the Temporary Wage Subsidy. Some details seem to be missing, but this provides a lot of answers we and our clients have been looking for. So here it is. Please refer to our calculator here. Our commentary is in red text. 1. What is the
COVID-19 Financial Measures Summary
We continue to closely follow relevant updates concerning COVID-19. The government has announced the following measures to help alleviate concerns and financial hardships. Tax Relief Individuals Trusts Corporations/Businesses Help for Employers to Pay Employees Help for Employees and Self-Employed Individuals Individuals & Families Businesses Older people – RRIF Withdrawals Students A lot of these measures
Tax on Split Income (TOSI) and Pre-Marital Employment
CRA recently ruled that where a spouse worked in a company before they married the principal shareholder, the work that the spouse put in before marriage counts in assessing whether TOSI applies. In this particular ruling, the spouse, Ms. B, worked as a full-time employee in Opco for approximately 40 hours per week from 2001
Ontario Reduces the Corporate Tax Rate for Small Businesses: The Good and the Bad
Last week, the Ontario government proposed to cut Ontario’s small business corporate tax rate from 3.5% to 3.2%, effective January 1, 2020. The rate reduction would be prorated for taxation years straddling January 1, 2020. Corresponding to the rate reduction, the government proposes to reduce the dividend tax credit (DTC) rate on non-eligible dividends from
Possible Anomaly in the Passive Income Small Business Deduction Rules?
Martin Lee and Thanusan Raveendran, in a recent article published in the Canadian Tax Foundation’s Tax Focus publication, discuss a possible anomaly in the small business deduction rules. The authors highlight the anomaly using several examples and highlight several tax planning possibilities. Please click here to read their article.