Personal

Update: Work Space in the Home Expenses

On December 15, 2020, CRA published additional guidance with respect to claims for work space in the home expenses on the upcoming 2020 personal tax return. The guidance outlines details relating to the new temporary flat rate method, new optional detailed method, changes to the claims process, and new eligible… Read More

Working from home expenses

As a result of COVID-19, many people have found themselves working from home. You may be asking yourself what, if anything, can I deduct as an employment expense? The 2020 Fall Economic Statement announced that the Home Office Expense Deduction will be simplified due to millions of Canadians unexpectedly working from home… Read More

An update on Personal Real Estate Corporations (PREC)

On March 4, 2020 Bill 145 An Act to amend the Real Estate and Business Brokers Act, 2002 received Royal Assent in the Legislative Assembly of Ontario. The bill amended the Real Estate and Business Brokers Act, 2002, including a name change to the Act which is now known as… Read More

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

CRA Personal Tax Deadline Announcement

The deadline for most individuals to file their 2019 taxes has been extended to June 1, 2020. The deadline to pay amounts owed has also been extended to September 1, 2020. Penalties and interest will not be charged if payments are made by the extended deadlines of September 1, 2020. This includes the late-filing penalty as… 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

Support for families

While schools and child care centres are closed, parents can apply for direct funding to offset the cost of buying materials to support their children’s learning, while they practice self-isolation and physical distancing. There is no income cap on this program. Eligible parents will receive a one-time per child payment of:… Read More

Canada Emergency Response Benefit

The government has proposed legistlation to establish the Canada Emergency Response Benefit (CERB), to help those who have lost income because of COVID-19. The CERB will provide you with temporary income support of $500 a week for up to 16 weeks. The benefit will be available to workers: Residing in Canada who… 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

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