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Due to increased workload in the past year, it is possible to miss the deadlines. The Canada Emergency Rent Subsidy, Canada Emergency Wage Subsidy and Canada Recovery Hiring Program are the three key programs offered by government during COVID-19 pandemic. The applications for theses subsidies must be filed within 180 days after the end of […]
The federal government in its Fall Economic Statement 2020 advised that the Canada Revenue Agency (CRA) will allow people working from home in 2020 due to COVID-19 to claim up to $400.00 for modest expenses without requiring detailed expense documentation or a completed T2200 signed by their employer. The deduction available is based on the […]
Pros Of Incorporating Limited liability Small Business deduction leading to lower tax rates Income splitting opportunities Access to lifetime capital gains exemption Flexibility – year-end selection Facilitate estate planning Owner-manager compensation Dividends vs. Salary Year-End Bonuses Cons Of Incorporating No personal credits Inability to claim corporate losses against other sources of income Cost of initial […]
