FAQs

CRA Further Extends Payment and Filing Deadlines

The CRA is further extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30,… Read More

Canada Emergency Business Account Update

On June 15, 2020, the CEBA website was updated to include additional FAQ questions. The additions focus on the the details and differences between the applying under the “Non-Deferrable Expenses Steam” as compared to the “Payroll Stream”. In a separate announcement, the Prime Minister stated that applications under the expanded… Read More

New Ontario legislation allows realtors to incorporate Personal Real Estate Corporations (PREC)

On March 4, 2020 Bill 145 of the Trust in Real Estate Services Act received royal assent. With the passage of Bill 145 of the Legislative Assembly of Ontario, Ontario real estate salespersons and brokers are now permitted to incorporate in Ontario. Supporting regulations are not yet finalized. Future regulations will outline… Read More

Canada Emergency Student Benefit (CESB)

The Canada Emergency Student Benefit (CESB) provides emergency financial relief to students and recent graduates who are unable to work, or unable to find work, due to reasons related to COVID-19. It is also available for those who are working but not making more than $1,000 (before taxes) over the… Read More

Canadian Emergency Wage Subsidy- Update

On April 8, 2020, The Government of Canada is taking immediate, significant and decisive action to support Canadians and employers facing hardship as a result of the global COVID-19 outbreak. The government proposes the following additional flexibilty: To measure revenue loss, it is proposed that all employers have the flexibility… Read More

COVID-19 Financial Relief for Canadians- summary

Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. On March 18, 2020, the Government of Canada announced a series of mesaures designed to help Canadians. Since then, new possibilities have been introduced and old ones have been adjusted. Click here to read a summary… Read More

Ways to drop off your tax information to our office

We have been proactively taking measures to limit the spread of COVID-19, and are continuing to restrict access to our office to only Ritchie Shortt Tully & LLP team members until further notice. We understand you may have some questions, as our normal process has changed, during this unprecedented time…. Read More

How to register for CRA My Business Account

My Business Account is a secure online portal that provides an opportunity to interact electronically with Canada Revenue Agency on various business accounts. Business accounts include GST/HST (except for GST/HST accounts administered by Revenu Québec), payroll, corporation income taxes, excise taxes, excise duties, and more. To get access, you will need:… Read More

How to get set up with CRA My Account

CRA My Account is a secure portal that lets you view your personal income tax and benefit information and manage your tax affairs online. To register for CRA My Account you will need: your social insurance number; your date of birth; your current postal code and; an amount you entered on your income… Read More

COVID-19 Economic Response Plan – Legislative Update – March 25, 2020

In the early morning hours of March 25, 2020, Bill C-13 “An Act respecting certain measures in response to COVID-19“ was introduced, and received Royal Assent by the afternoon. To support workers and help businesses keep their employees, the government has proposed legislation to establish the Canada Emergency Response Benefit… Read More

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