 
						
				
				New: Personal Support Workers Tax Credit Coming Soon
Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories. Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement. Here are the details:Basic Rules on Interest Deductibility
 With recent interest rate hikes in the news, taxpayers will have more questions about the deductibility of interest costs.  Exactly when is interest fully deductible as a carrying cost or a business deduction? When does it form part of the capital cost of the property? Finally, when do new legislative proposals recently released by Finance Canada begin to restrict interest cost deductibility and for whom?  Here’s what you need to know to have more confident conversations between advisors and taxpayers:
						
						
						With recent interest rate hikes in the news, taxpayers will have more questions about the deductibility of interest costs.  Exactly when is interest fully deductible as a carrying cost or a business deduction? When does it form part of the capital cost of the property? Finally, when do new legislative proposals recently released by Finance Canada begin to restrict interest cost deductibility and for whom?  Here’s what you need to know to have more confident conversations between advisors and taxpayers:
				Over-Contributions and Excess Contributions to an RRSP
 RRSP season ended on March 1, so any contributions to be deducted on the taxpayer’s 2021 return must have already been made. These contributions cannot exceed the maximum RRSP contribution for 2021 which appeared on the 2020 Notice of Assessment. So long as the contributions made are less than the maximum allowed, the taxpayer can deduct as much or as little of the contributions made on their 2021 return. Complications arise, though, when the amount contributed exceeds the maximum.
						
						
						RRSP season ended on March 1, so any contributions to be deducted on the taxpayer’s 2021 return must have already been made. These contributions cannot exceed the maximum RRSP contribution for 2021 which appeared on the 2020 Notice of Assessment. So long as the contributions made are less than the maximum allowed, the taxpayer can deduct as much or as little of the contributions made on their 2021 return. Complications arise, though, when the amount contributed exceeds the maximum.
				New Canada Digital Adoption Program for Small Businesses
 On March 3, 2022, Prime Minister Justin Trudeau, announced that the Canada Digital Adoption Program (CDAP) is now fully active and ready for qualifying businesses to apply for funding. The purpose of the CDAP is to assist small and medium-sized enterprises (SMEs) “grow their online presence and upgrade or adopt digital technologies.” Here are the details:
						
						
						On March 3, 2022, Prime Minister Justin Trudeau, announced that the Canada Digital Adoption Program (CDAP) is now fully active and ready for qualifying businesses to apply for funding. The purpose of the CDAP is to assist small and medium-sized enterprises (SMEs) “grow their online presence and upgrade or adopt digital technologies.” Here are the details:
				Resources You Need for a Busy Tax Season
 Tax season is now in full swing, according to the most recent 2022 season filing statistics from the CRA. As of March 7 almost 2.5 million returns had been filed, with over 95% through electronic filing methods E=File and Netfile. As we approach the height of the season, does you team have the necessary resources to deal with the demands?
						
						
						Tax season is now in full swing, according to the most recent 2022 season filing statistics from the CRA. As of March 7 almost 2.5 million returns had been filed, with over 95% through electronic filing methods E=File and Netfile. As we approach the height of the season, does you team have the necessary resources to deal with the demands?
				Retirement Planning 2022: Time to Rethink It
 When should I tap into the CPP?  Should we sell our principal residence?  Will my retirement portfolio withstand current market volatility?  Canadians who save for retirement are lucky to be assisted in doing so with four key sources of pension income.  But these pillars of private financial security, have been subject to tax tinkering recently, as well as valuation swings.  It is, as a result, high time to rethink retirement income planning.
						
						
						When should I tap into the CPP?  Should we sell our principal residence?  Will my retirement portfolio withstand current market volatility?  Canadians who save for retirement are lucky to be assisted in doing so with four key sources of pension income.  But these pillars of private financial security, have been subject to tax tinkering recently, as well as valuation swings.  It is, as a result, high time to rethink retirement income planning.  
				 
						
						 
	