COVID-19 Wage subsidies
It has been a time of distress for many businesses and a challenge to survive. If you have not laid off your employees and were paying salaries and wages after March 18th 2020 below is a quick glance of full accounting transactions and back up you may need to implement in your small business. 10% […]
2020 TAX UPDATES
Canada Pension Plan Contributions (CPP) The maximum pensionable earnings under the Canada Pension Plan for 2020 are $58,700, up from $57,400 in 2019. Contributors who earn more than $58,700 in 2020 aren’t required to make additional contributions to the CPP. The basic exemption amount for 2019 remains at $3,500. Employee and employer CPP contribution rates for […]
Employee or Contractor? (Part 1)
Working people sometimes fail to consider about who they are, employees or contractors, very often employers want to save on source deductions and demand Contractor agreements, thus inputting the risk of employment relationships “masked” under contractual. The CRA, Labour Board, WCB may review whether someone is an employee or a contractor. They ask questions […]
Annual Return Filing (Part 2)
Annual Returns have to be filed in chronological order. This means that if you miss two years, you have to file the first year before you can file the second year. If you do not file the annual return for two years,your corporation may be dissolved. You will need to collect the following information for […]
Long-haul Drivers (Part 1)
– defined as an employee whose main duty of employment is transporting goods by way of driving a long-haul truck, whether or not your employer is a transport company – a long-haul truck or tractor is designed for hauling freight and has a GVWR of more than 11,788 kg. – an eligible travel period is […]
Tax Savings For Working Canadians
Working Canadians have some tax benefits For 2019, the WITB was renamed the Canada Workers Benefit, but the benefit are similar. The Working Income Tax Benefit (WITB) is a refundable tax credit delivered by the Government that supplements the earnings of low-income workers to ensure they aren’t penalized for getting a job. For those low-income […]