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As the marathon of 2020 stretches on ad infinitum, the snafus of lockdowns and anti-lockdowns repeat ad nauseam, with small business owners taking the hardest hit. Yet hope is upon us, and the finishing line is finally in sight. For all business owners in the throes of keeping afloat, you still have the time until June 30 to apply for CEBA and claim up to $60,000 worth of loans. If you’re burdened by rents, you can apply for the 9th period (May 9 - June 5) of CERS, starting on June 6. On the same day, you can also apply for the 16th period (May 9 - June 5) of CEWS.

If you run into any difficulties regarding your application, give us a holler at your convenience. We will tend to your concerns with all our might.


2020年，一场因疫情而起的马拉松，一跑就是一年，没玩没了，无限加时。无论是为了生活还是情怀参跑的选手们，这会都只剩下疲乏和厌倦。但未来仍可期，让我们作您的休息站，持续为您保驾护航，时刻为您更新最新的政府政策，提供最优化的理财建议。对于被房租所累的企业主，第九期（5月9-6月5）的房租补助CERS将从6月6日开始接受申请。对于身负家国大业在疫情期间还努力养员工的老板们，第十六期（5月9-6月5）的工资补助也将于同一天开始接受申请。如果您错过了之前的几期并符合要求，CEWS可以往前追溯。 对于还没有申请CEBA的企业主们，也一定抓紧最后时间，在6月30日截止日前递交申请总共6万的政府贷款。

如果您在申请过程中遇到任何困难，随时通过微信或电话联系我们。为您全力以赴，我们义不容辞。

Many business owners believe that they can deduct taxes because they have generated large expenses. Well, the expenses may not be legit as per the CRA for deduction. That's because in modern accounting, the losses or gains of a corporation is calculated by the double-entry system. What's that? Find out here 👇:

https://www.cwcga.com/3186/double-entry-system-and-why-it-is-advisable-for-businesses-to-to-tax-plan-early

What rules apply when you dispose of a capital property? To answer the question, we should first address what is considered a capital property as per the CRA. In Canada, common types of capital property include cottages, buildings, land, equipment to operate businesses, and securities such as bonds or stocks. In general, capital property consists of depreciable property - which refers to those used to earn income for a business, or whose cost can be annulled by Capital Cost Allowance (CCA), such as equipment - and property that results in a capital gain or loss at its disposition, such as land or securities. While the formal type of capital property is bought to rev up business income, the latter pivots to purpose of investment.

As for capital gain or loss, either is likely to be incurred by disposition of eligible assets. That is, when you sell a capital property at a price higher than its Adjusted Cost Base , the disposition incurs a capital gain. Likewise, if you sell the same property at a price lower than its adjusted cost base, a capital loss occurs. ACB means the general cost of a property plus the expenses to acquire it, e.g. commission to agents when acquiring a land.
Hope it helps 🤑

Many expect their tax refund deposit directly to their bank account within a month after they file their returns. However, this doesn’t mean that CRA is held accountable for sending you the money. Here is what to do if you miss the expected payment. 👇
https://www.cwcga.com/3177/what-to-do-if-you-havent-received-your-tax-refund

Last 48 hours to file your personal income return!
Filing your tax return on time can save you a lot of money, even if it means that you file right before the deadline.

Although there is no penalty for late filing - provided that you do not owe any outstanding credits - the CRA will withhold benefits such as GST/HST credits until it has received your tax return. In other words, the later you file, the later you will receive the expected refund.

So long as you file before April 30, you may not have to pay back what you owe immediately. Given the tough year we have pulled through, the CRA has introduced more flexible repayment options. If you received any CERB, CRB, or EI, tallying income under $75k, you have up until April 30, 2022 to pay back what you owe to the CRA, free of interest. That said, if you fail to file on time, penalties incurred at 5% of what you owe.

For procrastinators who still haven’t got things ready, our advice is to file with what you’ve got. As a lesser known fact, your return doesn’t need to be perfect. The CRA allows taxpayers to amend their returns after filing.

Need help with your slips? Call us at (416) 551-5550

While Canada welcomes tens of thousands international students whose tuition fees contribute to the national revenues, each year, many Canadians students opt for studying abroad. If you are among the Canadian students who have registered at an overseas institution, you may be subject to additional requirements when filing your taxes in order to qualify for all the credits and deductions available for university students. Here is how 👇

https://www.cwcga.com/3175/tax-credits-and-obligations-for-canadians-studying-abroad-2021

Financial gains and taxes run in tandem, and capital gains make no exception. It is axiomatic to Canadians that 50% of the total capital gains will be added to your personal income for tax purposes. That said, gains from disposing qualified assets can be exempted. Here is how 👇

https://www.cwcga.com/3173/how-to-deduct-capital-gains-2021

Guides to Prepare for Retirement 2021

If you are over a certain age and have income over a threshold, you may qualify for claiming the Age Amount. While it cannot amount to any refund, it is a non-refundable tax credit to reduce any income tax over retirement age and is transferable between spouses.

Requirements:
To qualify for claiming the Age Amount, you must have turned 65 before the last day of the tax year for which you make the claim. In addition to the requirement of age, your net income for the tax year must be no more than $89,422. Please note that the amount is only eligible for Canadian residents who have accrued income. If you have declared bankruptcy, you cannot claim the amount in the following year.

Amount:
-$7,637 for income lower than $38,508;
-if your income is between $38,508 and $89,422. You should subtract $38,508 from your income and multiply it by 15%.

Transfer:
If you qualify but do not need the Age Amount, you can transfer all or part of the credits to your spouse or life partner.

Are you a news ju**ie? Do you gorge on digital media? Do you, like me, subscribe to the New York Times not so much for “the biscuit” as for the food column simply because you revel in good writing? Then, like me, you probably have spent quite a bit of more than you should on subscriptions. Fortunately, you are entitled to a non-refundable tax credit that may offset some of your subscription cost, provided that the subscriptions are made to any qualified Canadian journalism organization (QCJO) between 2020 and 2024.

Check out our latest blog to learn how much you can claim for your subscriptions!

https://www.cwcga.com/3168/read-and-rebate-claim-your-digital-media-subscription-tax-credit-2021