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When alterations are made to a home to allow a taxpayer or a dependant be more mobile or functional within the home, it’s possible to accomplish a rare, and legal double-dip on the 2020 tax return. Specifically there are two tax provisions to look to for tax savings.
The right tax structure is critical for post-pandemic economic recovery as fragile, debt-laden governments and businesses alike venture out of crisis towards economic stability. The Fraser Institute, in a new analysis, makes an interesting case for consumption taxes to minimize the potential damage to economic growth from other forms of taxation.
This tax year might well represent the least expensive one for a while. While there is some economic good news, the long term forecast for tax rates is grim, given current debt levels. Two authoritative research papers, one from the past and one more recent, tell us why paying attention to tax planning and savings this year will help Canadians manage future tax risk.
Are you frustrated with long wait times for CRA responses or unsure if the answers you have been given are right? Although the CRA has recently hired a third party to give “general” answers about pandemic supports on the T1, professionals need to be precise when filing. Having fast, authoritative access to tax questions helps down the line at tax audit time, too. That’s the role of Evergreen Explanatory Notes, available 24/7, in your professional toolkit.
Now is the right time to consider a career in professional bookkeeping, as small business owners in Canada need your help to navigate the repercussions of the pandemic and its fallout. Meet the high demand for qualified practitioners to take the burden of bookkeeping and CRA remittances off their shoulders. Become a credentialled bookkeeping services specialist.