Taxes are an unavoidable part of life, and for many people, it can be a stressful time of year when they are unable to pay their taxes in full. While it can be tempting to ignore the problem and hope it will go away, this is not a viable solution. In this blog post, we…
Well, it’s that time of year again – the end of the year! I hope this year was fruitful for you and your business, despite the many obstacle you may of been faced with during these crazy Covid-times we live in. If you are reading this post, you are likely a business-owner, and wanting to…
Apply now for the BC Recovery Benefit, a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals. You have until June 30, 2021 to apply. As of writing this post, the website was very slow. Stay calm, and keep trying. You’ll eventually get through…
The Canada Emergency Business Account (CEBA) was launched earlier in 2020 to help businesses get through COVID-19 tough times. Originally the program allowed business owners borrow $40,000.00 interest free if paid back by Dec 31, 2022. If you did, the government forgave you $10,000.00 of the loan! As of today, the CEBA program has been…
If you are like me, you’re probably pretty tired of listening to the media every day reporting depressing news about COVID-19. In all of the negative, there are a few positives to report. This is one of them… The Government of Canada announced a $40,000.00 loan to small business back in the Spring of 2020…
The CERB has been extended again through to the end of September 2020. Those of you who are eligible can collect for another 4 weeks totalling 28 weeks. The Canada Emergency Response Benefit (CERB) is a taxable payment for those employed and self-employed Canadians that are directly affected by COVID-19. You need to re-apply for…
Does anyone send faxes anymore? I still do! In fact, CRA still requires faxes when I need to submit documents to support a client claim. I came across this “free” fax service for iOS that allows you to send a fax from your iPhone, without having to have a dedicated fax machine or phone line.…
Today Prime Minister Justin Trudeau’s government announced that the Canada Emergency Response Benefit will be extended to Canadians for an additional 8 weeks. This benefit was made available back in April 2020 for those who lost their jobs or had their hours drastically cut due to COVID-19 pandemic. Good news if you are still facing…
Have you been collecting CERB payments during COVID-19? If so, you should know that those payments (up to a maximum of $8,000.00) are taxable and will count as income during the 2020 tax year. This means the $2,000.00 you receive isn’t really $2,000.00 in your pocket. So if this is the case, how do you…