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Gregory, Harriman & Associates LLP Blog

Update - Immediate Expensing Rules for Depreciable Property Receive Royal Assent

 

On June 23, 2022, the Federal Government enacted the legislation for Immediate Expensing Rules first proposed in the 2021 Federal Budget on April 19, 2021.  These “Immediate Expensing” rules allow Canadian Controlled Private Corporations (CCPC’s), Canadian individuals (other than trusts) and Canadian partnerships to deduct the full cost of certain depreciable capital assets in the year that they are acquired, accelerating what can often be a significant deduction to reduce taxes owing.

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How to Choose the Right Bookkeeping Software for Your Business

 

Choosing the best bookkeeping software can be a difficult task as it is not always obvious which software will provide the right features to fit your business’s needs.  There are many software programs out there that may or may not fit with the nature or scale of your business operations or may not address industry specific needs.

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2022 Federal Budget - Important Tax Points

 

On April 7, 2022, the Federal Government released its 2022 Federal Budget, outlining many proposed economic, social, and income tax measures for 2022 and subsequent years. From an income tax standpoint, most of the proposals outlined were smaller in significance and focused on less specific promises of proposed future tax measures, and the introduction of new boutique tax credits. There were no increases to personal or corporate tax rates.  Nor were there any increases to the capital gains inclusion rate.  The following is a summary of some of the more important tax measures to be aware of and watch for updates on moving forward.

Helpful Hints on Gathering Tax Slips and Other Information for Personal Tax Returns

 

Now that personal tax season is here you will need to start gathering up all your tax slips to report your income and deductions for 2021.  With a lot of institutions and businesses going paperless you will need to determine what tax slips may be coming by e-mail or that you need to sign into your account to download versus arriving in the mail.

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Return of Fuel Charge Proceeds to Farmers Tax Credit – Carbon Tax Rebate Available to Farm Businesses

 

In its Economic and Fiscal Update for Fall 2021, which was released on December 14, 2021 the Department of Finance introduced a proposed tax credit available to farm businesses with the intention of effectively refunding proceeds from the Federal fuel charge carbon tax program to farmers. The proposed tax credit will be available starting in 2021 to farm businesses in any of the provinces that do not meet the federal stringency requirements (referred to as “backstop jurisdictions”)—currently, Ontario, Manitoba, Saskatchewan and Alberta. 

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Update on Home Office Expenses for 2021 and Beyond

 

In 2020 the Department of Finance introduced several additional tax measures for individuals and businesses in order to address the fact that as a result of COVID-19, a significant portion of Canada’s workforce had begun working from home on a regular basis, and employees are starting to bear some of the additional costs associated with maintaining a workplace in their home.

For 2021, the government has confirmed that some of these measures will continue for the 2021 taxation year, and in some cases for the 2022 taxation year as well. Here is an update on what can be claimed for home office expenses:

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