Tax Season The filing deadline is June 1 (June 15 for self-employed individuals). The payment deadline is August 31, 2020. We are working on files in sequence. Our turnaround time is approximately 3 weeks this year. If you have not done so, kindly submit your documents by the end of the week to ensure your… Read More
The You First Blog
(Full commentary courtesy of Myles Zyblock, Chief Investment Strategist, Dynamic Funds) VIRUS The number of worldwide cases is approaching 2.8 million with over 190,000 deaths. Canada’s curve has yet to bend with a cumulative total of 42,000 cases, and a daily count at roughly 2,000 cases per day. This contrasts with much of the rest… Read More
I want to preface this section by saying that we are still operating with a high level of uncertainty and there are a wide range of possible outcomes associated with COVID-19 and our economy. Even if the current lockdown conditions are lifted soon, there will still be a need for social distancing, the wearing of… Read More
What happened this week? Wage subsidy rules amended – March revenue decrease threshold will be only 15%. 4 million Canadians on federal income support since March 15 (combination of EI and CERB applications as of April 7) Alberta government forecasting 25% unemployment rate for the province Prime Minister Trudeau “this will be the new normal… Read More
One of the provisions in the federal government’s aid package is a 25% reduction in the minimum amount (MAP) that must be withdrawn from a Registered Retirement Income Fund (RRIF) in 2020. This is welcome relief for retirees who may have seen a decline in the value of their RRIFs since December 31, 2019, which… Read More
The Globe & Mail published a timely article yesterday about the potential deductions available for employees who have shifted to working from home due to COVID-19. Our interpretation is consistent with the article. You should be able to deduct a prorated amount of your home office costs as an employment expense. The costs will differ… Read More