The news posted by globalnews.ca states that Canadian small businesses are in need of an extension for the repayment deadline of The Canada Emergency Business Account (CEBA) by the federal government. Without this extension, many businesses will be forced to close due to their inability to pay their debts.
Author: TaxDeep
Underused Housing Tax (UHT)
Under the C-8 Act, the Government has implemented a 1% annual tax on the fair market value of “underused residential property” owned by non-resident, non-Canadians. For instance, a home bought for $1,700,000 in 2018 with a current fair market value of $2,000,000 will incur a $20,000 tax.
Support Forgiveness for Canadian Businesses: Sign Open Letter to Government | CEBA Loan Relief
Canadian businesses cannot afford additional debt payments currently. Please support forgiveness by signing our open letter to the Canadian Government at http://cebaloanrelief.ca Canada recently announced that it will be extending the small business emergency loan repayment deadline, which undoubtedly comes as a relief for many entrepreneurs struggling to keep their businesses afloat during these challenging…
Impact of Immigration on the Canadian Economy.
Despite claims that immigration drives wages down by 4%, Canadian immigration chooses applicants with positive human capital to bring to our country. As a result, immigrants bring economic benefits to the Canadian economy. Immigrants fill areas of chronic labour shortage for skilled jobs that keep our economy vibrant. In addition, data collected from Statistics Canada…
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Canada extending small business emergency loan repayment deadline.
We are disappointed with Prime Minister Justin Trudeau’s recent announcement on Thursday, regarding Canada’s extension of the repayment period for emergency loans provided to small businesses during the COVID-19 pandemic. After consistent calls from businesses, the Liberals have decided to extend the repayment deadline for Canada Emergency Business Account (CEBA) loans by one year, despite…
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Canada Sales Taxes: GST, PST, RST, and HST
Canadian governments (Federal, Provincial, and Municipal) charge you taxes for different reasons. Some of the most well-known taxes are the following: I explain Sales Tax in this article. When you purchase a good or service you need to pay an extra percentage on top of the original price to the merchant or service provider. The merchant in…
Canada’s First Home Savings Account (FHSA): A Tax-Free Way to Save for Your First Home
Canada’s tax-free First Home Savings Account (FHSA) is a tax-exempt savings account designed for residents to save for purchasing a home. Similar to RRSP and TFSA, the FHSA is a registered savings account that can hold a variety of investment securities, including equity investments like stocks, fixed-income investments (bonds and GICs), as well as other…
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The Duties and Importance of a Professional Bookkeeper
A professional bookkeeper specializes in maintaining accurate and organized financial records for businesses and organizations. They record financial transactions, track expenses and income, reconcile bank statements, and ensure that financial data is properly categorized and documented. Bookkeepers are crucial for helping businesses maintain their financial health, make informed decisions, and comply with accounting and tax…
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Enhancing Cryptocurrency Security: Recommended Hardware Wallets for 2023
Cryptocurrencies have become increasingly important as an asset allocation, with their confidentiality and security being both advantages and disadvantages, as there have been numerous cases of cryptocurrency loss. So, how can we enhance the security of cryptocurrency assets? The solution is quite simple: choose a hardware wallet that suits you, and offline cold storage of…
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Bank of Canada Raises Interest Rates Again, Benchmark Rate Reaches 5% for the First Time in Twelve Years
On July 12, 2023, the Bank of Canada announced a 0.25 percentage point increase in the benchmark interest rate. This is the first time since April 2001 that Canada’s benchmark rate has reached 5%. Following Statistics Canada’s announcement last week of 60,000 new jobs added in June 2023, most economists believed that a rate hike…