News

Temporary Wage Subsidy for Employers - New information from CRA

On this page What is the Temporary Wage Subsidy for Employers?Which employers are eligible?How much is the subsidy?How do I calculate the subsidy?How will I receive the subsidy?When can I start reducing remittances?What if subsidies exceed the remittances?Will the subsidy affect deductions from my employees?What if I don’t reduce remittances during the year?What books and…

Alberta provincial Measures to protect employers and employees from the economic disruption of COVID-19 and position Alberta for recovery.

Overview The Alberta government will provide immediate funding and supportive measures to support local businesses, employers and employees. Support for employers Corporate income tax changes Corporate income tax balances and instalment payments will be deferred from March 19 until August 31, 2020 to increase employers’ access to cash so they can pay employees, address debts…

Government help to help businesses and their workers - in response to question by a client - what does it all mean?

Helping Businesses Keep their Workers To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy…

Filing dates, electronic sigs, tax payment deferrals

Flexibility for TaxpayersIn order to provide greater flexibility to Canadians who may be experiencing hardships during the COVID-19 outbreak, the Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals, including certain trusts. For individuals (other than trusts), the return filing due date will be deferred until June 1,…

IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts

Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…

I am moving and joining Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants

I am pleased to announce that I will be joining the firm of Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants, effective February 1, 2020, at Suite 102, 150 Chippewa Road.  https://www.holtzmanllp.com/contact_us.html Most importantly, I want to assure you that you will continue to receive reliable and timely accounting services in the years ahead.  I am not…

Interest rates for the first calendar quarter

The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from January 1, 2020 to March 31, 2020. Income tax The interest rate charged on overdue…