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The Department of Finance has announced the 2023 automobile deduction limits and expense benefit rates for businesses. The amounts have generally gone up because of high inflation in Canada.
2023 Automobile Deduction Limits Increase Due to Inflation Read More »
In this edition, we cover the following: Please click here to read our December 2022 edition of the LRK Tax Newsletter. The year 2022 was a strange year in the tax world. We came out of the pandemic with a lot of government spending relief programs, a red-hot housing market, and skyrocketing interest rates to
LRK Tax Newsletter – December 2022 Read More »
The government released draft legislation under new subsection 160.5(2), which requires making payments and remittances to the CRA through electronic means where the amount of the remittance or payment exceeds $10,000. There is an exception if the payor or remitter cannot reasonably remit or pay the amount electronically. It is unclear what the threshold for
CRA to Require Electronic Payments for Amounts over $10,000 starting in 2024 Read More »
A recent court ruling demonstrates why preparing financial statements is important if you are receiving tax benefits and credits.
For the 2022 year, you may be able to deduct more vehicle expenses in your business. This is not because the government wants to encourage businesses to invest in vehicles. Instead, it reflects recent increases in the Consumer Price Index (CPI). Inflation is driving up these increases, and the tax rules are allowing you to
You May be able to Deduct More Vehicle Expenses in 2022 Read More »
What is it? In a nutshell, the Canadian federal government plan to continue the wage and rent subsidies for the tourism and hospitality industry with updated subsidy rates Who qualifies? The subsidy would be available only to organizations in selected sectors of the tourism and hospitality industry. The subsidy helps businesses deeply affected by the
Today, the House of Commons reconvenes after nearly five months. Normally, there would’ve been a fall economic update. Last year, Finance Minister Chrystia Freeland released the fall economic statement on November 30th. We do not yet know when Minister Freeland will release this year’s fall economic statement. Still, with many campaign promises to implement, we
Parliament Returns Today, What Tax Changes Can We Expect? Read More »
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)
Changes to the Canada Recovery Hiring Program Read More »
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
Everything You Need to Know About the Hardest-Hit Business Recovery Program Read More »
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.
2021 Election Platforms: Tax and Housing Measures Promises Read More »