The Climate Action Incentive Payment or CAIP will now be paid as a quarterly benefit just like the GST credit. If you are entitled, you will automatically receive your CAIP four times a year, starting in July 2022. What is the CAIP The CAIP is a tax-free amount paid...
There are changes with the 2021 personal income taxes and other upcoming CRA changes this summer. And it will make it easier if you have online access to your Canada Revenue Agency CRA My Account. As I wrote in the January article, the Climate Action Incentive CAI...
There are a few changes to the 2021 tax returns that will impact almost everyone. Expect your 2021 personal income tax return refund to be smaller. Or if you normally owe Canada Revenue Agency CRA each April 30, expect to owe a bit more. Climate Action Incentive...
Giving makes us feel happy. Giving is good for our health. Giving promotes cooperation and social connection. Giving evokes gratitude. Giving is contagious. December is a good time to top up your charitable donations. It’s like having the federal and provincial...
When it comes to estate planning, it is recommended you review your Will and estate plans every five years or when there is a change in your family or situation. As you grow older, maybe review every two years. Once someone loses their mental capacity, for example...
I don’t always sleep well through the night, so sometimes I turn on the radio and listen to some overnight shows. On CBC, it’s often programming from around the world, including Britain, Germany and Australia. It’s good to get news and information from other...
Will your family’s income be less in 2021 than it was in 2020? There are many reasons your income may have dropped. Employment income may be less, pension income may have dropped, investment income may be less. Often this happens to older taxpayers, but some of these...
The Old Age Security (OAS) pension provides retirement income security for seniors because it maintains its value over time, even as prices increase. In July, Service Canada confirmed it will deliver the $500 one-time payment to older seniors (75+), during the week of...
Manitoba will begin phasing out education property taxes by implementing the Education Property Tax Rebate. Property owners will receive an Education Property Tax Rebate cheque to reduce a portion of their education property taxes. No application is required. The...
I did get my first vaccination for COVID-19 on Monday May 24. A great way to celebrate Victoria Day in Canada! I joined the 50% of Canadians who have now received at least one shot of the vaccine to prevent becoming seriously ill or death. I now patiently wait for my...
The weeks leading up to the April 30 filing deadline are always quite hectic: trying to get hundreds of tax returns filed. We focus on the clients that have taxes payable and owe Canada Revenue Agency. We want them to avoid the late filing fee. What happens if you...
Have you filed your taxes yet? Is the outcome similar to last year? For many taxpayers that were not affected work-wise by the pandemic, your tax situation may be about the same. For taxpayers with similar income and situations compared to the previous year, the only...
CRA opened February 22 for e-filing the 2020 personal income tax returns. We have received hundreds of taxes already and have filed several clients’ tax returns that are owing CRA for the first time. Do you think you may be in the same situation? Do you think you may...
During 2020, many employees worked from home for the first time in their working careers. Some employees did so for several weeks and others for several months and are still working from home. CRA Canada Revenue Agency fortunately realized there needs to be an option...
It’s hard to believe that a year ago we barely heard about COVID-19 and now it is part of our day-to-day conversation and it’s become a major focus of our lives. The past 12 months have seen many COVID-19 related benefits paid by the federal and the provincial...
We have heard many times the unprecedented and challenging times we are living in; and likely will for months to come. I hope all of you are staying home, staying safe, and staying healthy. I normally give some year-end tax tips for my December article, but this year...
Make a Will Week and Make a Will Month are annual awareness campaigns, with the goal of informing and educating you on the need for a Will. Although formally Make a Will Month in Ontario (Manitoba Make a Will week was in April), I will use it as an inspiration for you...
I was hoping to write about something else for October, but the changes to the Federal support benefits prompt me to explain the new income benefits and what might happen in October for all the benefit programs like Canada Child Benefit, GST credit, and Guaranteed...
The Canada Emergency Response Benefit (CERB) will end on September 26 and will be replaced by the traditional Employment Insurance (EI) and three new EI benefits. I will briefly review all of the benefits and provide some recommendations to reduce any potential...
A final reminder to get your 2019 taxes filed if you have not yet! Important for those who receive government benefits. Canadians who receive the Canada Child Benefit (CCB) or the Goods and Services Tax (GST) credit or the Guaranteed Income Supplement (GIS) need to...
In the past month there have been a few more announcement about new benefits and extensions to existing benefits. Here is a short overview of the various programs announced since March 2020. The Disabled On June 5, the federal government announced Canadians that are...
It has been hard to keep up with all the announcements both from the Federal Government and the Manitoba Government to help out those who have been affected financially since mid-March when the COVID-19 pandemic started. First, let’s review the tax deadlines. CRA...
So many new acronyms or abbreviations created in March and April. So many new programs to learn about. Last month I tried to explain the newly created programs the federal government launched late March in response to the financial fallout of COVID-19. This month,...
The Government of Canada announced some major changes in March to help the many Canadians who will have a drop in income due to layoffs and business closures. There are several measures that will be in place soon to help Canadians continue to pay for their living...