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CRA allowing employees to claim up to $400 work-from-home tax deduction

The Canada Revenue Agency is introducing a simplified process to claim up to $400 in office expenses for Canadians working from home during the coronavirus pandemic. The process will allow employees to claim these expenses as deductions on their personal income tax return for the 2020 tax year. Eligible employees can claim a deduction if […]

The federal government has published revised draft legislation for the Income Tax Act that would facilitate the conversion of existing health and welfare trusts into employee life and health trusts by 2022. The latest draft legislation follows an initial proposal in the government’s 2018 budget and draft legislative proposals released in May 2019. It noted that the […]

  • By: Staff
  • December 2, 2020 April 28, 2021
  • 08:50
Economic statement includes new rules for employee stock options

In Monday’s fall economic statement, the federal government proposed changes to employee stock option rules and offered additional support for essential workers. The statement provided an overview of the government’s approach to combating the ongoing coronavirus pandemic, while offering details on additional measures moving forward. The changes to employee stock option tax rules include an annual […]

  • By: Staff
  • December 1, 2020 April 28, 2021
  • 10:30
CFIB wary of incoming CPP premium hike

The Canadian Federation of Independent Business is asking the federal government to hold Canada Pension Plan premiums at current levels next year when they’re scheduled to rise, as employers and employees struggle with the ongoing coronavirus pandemic. According to the organization, approximately one third of small businesses are currently losing money and higher payroll taxes […]

To help economy, bank proposes tax on working from home

White-collar staff reaping the financial benefits of working from home should be taxed to help other workers who aren’t getting the same advantages, experts at Deutsche Bank said in a new report. In its report on how to rebuild the economy after the coronavirus pandemic, the bank proposed a five-per-cent daily tax on each employee that […]

Ontario’s 2020 budget highlights employer health tax, pension reviews

In its 2020 budget on Thursday, the Ontario government said it plans to permanently extend the employer health tax payroll exemption from $490,000 to $1 million. The change is expected to save Ontario employers about $360 million in 2021/22 as they endure the economic impact of the coronavirus pandemic. “When the COVID-19 outbreak struck Ontario, the […]

  • By: Staff
  • November 6, 2020 January 19, 2021
  • 08:45

U.S. stock futures and markets around the world are mostly holding steady or ticking higher in early Wednesday trading, but only after spinning through an election night dominated by surprises and sharp swings. After rallying early this week amid hopes that Election Day’s arrival could clear the uncertainty that’s been weighing on markets, Treasury yields […]

Employers can reimburse $500 tax-free for home office furniture

With so many Canadian employees working from home due to the coronavirus pandemic, the Canada Revenue Agency is adding home office furniture to the list of expenses employers can reimburse tax-free. Usually, the CRA only allows employers to reimburse up to $500 of personal computer equipment so that an employee can carry out their employment duties […]

  • By: Staff
  • November 3, 2020 November 3, 2020
  • 09:00
IIAC calling for retirement savings, EI reform in federal budget

The Investment Industry Association of Canada is calling on the federal government to make improvements to tax-assisted retirement savings programs, modernize the country’s employment insurance system and introduce a benefit training program. In its written submission for the House of Commons standing committee on finance’s pre-budget consultations, the IIAC suggested the 2020 federal budget include […]

  • By: Staff
  • August 17, 2020 November 30, 2020
  • 08:45
Market corrections and the retirement savings withdrawal dilemma

A retiree whose retirement savings are primarily in a registered savings plan, such as a life income fund or registered retirement income fund, already faces a number of risks and challenges during their retirement years. But a significant financial market correction highlights one of these challenges — how much income should be withdrawn from the […]