Greetings during the 2023 tax season! We’d like to gently remind you of the following important update.
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Author: TaxDeep
The Canadian government has announced a deficit increase from 200 million to 15.1 billion over the span of seven months
The federal government’s budget deficit during the period from April to October this year amounted to 15.1 billion. In October alone, it reached 7 billion, while for the same seven months last year, the deficit was 200 million. The Federal Ministry of Finance stated in its monthly fiscal monitoring that the budget deficit of the…
Former Bookkeeper Accused of Check Fraud and Theft in $2 Million Case: Updates on Trial and Civil Lawsuit
A 52-year-old woman has been accused by her former employer of “alleged check fraud” and faced her first trial this week, allegedly defrauding her Burnaby employer of nearly $2 million over a decade. Sharina Rattan, a bookkeeper and office manager at Vidcom Communications Ltd.’s Burnaby headquarters, was charged on Friday (22nd). The charges include using…
2024 CPP & EI Rates update
Get ready, starting from next month, your net income will decrease due to increased taxes! The treatment of the Canada Pension Plan (CPP) on the personal income tax return has changed since 2019. This means that, in the case of a regular maximum contribution of $3,867.50, $631.00 will be deductible on the T1 (rather than…
RBC Bank suspected of concealing money laundering, fined $7.4 million!
The Financial Transactions and Reports Analysis Centre of Canada has imposed a $7.4 million fine on the Royal Bank of Canada (RBC) for non-compliance with anti-money laundering and anti-terrorist financing measures. According to the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), the violations included failure to submit suspicious transaction reports when there were…
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Small businesses call for CEBA loan extension as repayment deadline approaches
As the deadline to repay pandemic loans and receive partial forgiveness approaches, small businesses are still hoping the federal government will reverse course and extend it for another year. Nearly 900,000 organizations applied for and received a Canada Emergency Business Account loan during the COVID-19 pandemic. The federal program offered up to $60,000 in interest-free…
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UHT Deadline Extended to April 30, 2024
The Underused Housing Tax Return & Payment for the 2022 calendar year – penalties (minimum $5,000 or $10,000) are now waived if filed and any tax owing is paid by April 30, 2024. More details, you could check here: UHT If you need help with UHT, you could contact us.
BMO offer Credit line for business to help pay off CEBA Loan
Some business owners have opted to explore alternatives to the Canada Emergency Business Account (CEBA) loan and have turned to Bank of Montreal (BMO) for a pre-approved Line of Credit (LOC). While this option provides them with a way to replace the CEBA loan, it comes with a higher interest rate, exceeding 14%. （BMO Prime+7.5%），you…
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N.S. restaurant says CEBA loan repayment extension doesn’t go far enough for small businesses
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.
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.