In this edition, we cover the following:
- COVID Benefit Audits Coming to a Small Business Near You?
- First Time Home Buyers Savings Account and RRSP Home Buyers’ Plan
- Self-Employed Maternity Benefits
- Notable Tax Updates for 2023
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 combat inflation. It follows then that the government is implementing tax policies to deal with these issues. In this issue, we highlight the following:
- COVID Benefit Audits Coming to a Small Business Near You? – With unprecedented government spending, the CRA will likely increase audits to recoup the billions in benefit payments that went to ineligible businesses.
- First-Time Home Buyers Savings Account and RRSP Home Buyers’ Plan – The government has addressed a shortcoming in the FHSA by allowing first-time home buyers to use both the FHSA and the RRSP Home Buyers’ Plan.
- Self-Employed Maternity Benefits – We highlight how business owners may tap into the EI system to benefit from maternity and parental leave.
- Notable Tax Updates for 2023 – Most of the tax updates for 2023 are fixated on cooling the red-hot real-estate market and dealing with housing affordability.
If you enjoyed the newsletter, feel free to let us know. We love to hear your feedback.
We at LRK Tax wish you a joyful holiday season and a blessed year in 2023 filled with good health and happiness.
Sincerely,
LRK Tax Team
