Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.How Did the Major Federal Pandemic Response Benefits Contribute to the Deficit?
Here’s a quick overview of the pandemic response provisions and their costs.
Canadians Financially Worried: What’s Next?
It doesn’t come as a shock: but a new survey from Ipsos and MNP Ltd show just how significantly Canadians are struggling financially as a result of the pandemic. Scarier still, many aren’t sure what their next steps are to regain their financial footing once the extended CERB period finally runs out if their job situation hasn’t changed.
Federal Pandemic Benefits Summary – Help for Individuals
The government responded quickly to get money to Canadians affected financially by the pandemic, with new and updated measures and benefits occurring regularly throughout March and April. What was implemented? Learn more as we consider the cost with the release of the Federal Government’s July 8 Economic Snapshot.
Federal Pandemic Benefits Summary – Help for Businesses
The pandemic has had a significant economic impact. Here’s a summary of the major pandemic response benefits extended by the federal government to help businesses weather the storm.
Did Pros Support the Pandemic Tax Extensions?
Today the federal government’s “Fiscal Snapshot” provided insight into the costs of the Emergency Pandemic Benefits designed to provide financial relief to individuals and businesses struggling during these tough times. One of them was the extension of personal income tax filing deadlines, and the waived T1 late filing penalties until September 1, despite maintaining a formal deadline of June 1. What did tax pros think about this when we asked them in our June poll?
Debt Rises 88.3%: Canada’s Debt Rating Downgraded
It’s a good news/bad news story. First the bad news: On June 24, international credit ratings agency Fitch, one of three big credit rating firms based in the U.S., downgraded Canada’s pristine Long-Term Foreign Currency Issuer Default Rating rating from triple A to AA+ because of our greatly increased government debt. It expects that debt will rise to 115.1% of gross domestic product (GDP); an increase of 88.3% in 2020 over 2019 results. So, what’s the good news?
