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It’s money that Canadians needed quickly and the government must be commended for their processing over 4 million CERB applications to date, and close to 2 million this week alone. But are Canadians setting themselves up for a significant audit process in the future? These funds are taxable, and there are additional audit risks that should be a hot topic of discussion for advisors and their clients.
Here’s a social distancing tax tip: convert your in-person newspaper delivery into a digital subscription. If you do, you’ll receive a new tax credit on the 2020 tax return. Here are the details:
The federal government pushed out this year’s tax filing deadlines in order to relieve some pressure on taxpayers, professionals, and CRA staff all coping with the effects of the pandemic. Has tax season slowed down as a result? It doesn’t really appear so when you compare the first month of tax filing season to the most recent statistics released by the government.
It's a different type of post-Easter treat savings! Treat yourself to a new professional development opportunity. Available only until April 15. . . when you enrol in a Designation program. We've also waived instalment fees on our EZ-Pay plan.
Canadians can start to apply for the Canada Emergency Response Benefit (CERB) this week and there are some new details to be aware of. Here’s how it will work: