Digital Adoption Program: Grants, Loans and Professional Assistance
Digital Adoption Program: Grants, Loans and Professional Assistance On March 3, 2022, the Canada Digital Adoption Program (CDAP) was launched and opened for application. This $4 billion program provides funding through two initiatives. Grow Your Business Online Initiative This initiative provides $2,400 micro-grants and access to e-commerce advisors to help applicants adopt digital technology. Grants…
ANDY
Buying and Selling a Home: Budget 2022 Proposals
Buying and Selling a Home: Budget 2022 Proposals The 2022 Federal Budget included several proposals that would significantly change the taxation environment when buying and selling a home. Broadly, the government proposed various incentives for first-time buyers and extended family units in addition to bright-line tests/restrictions for those purchasing homes for profit (e.g home flippers)….
Special Educational Needs – Catch Up Payments
Special Educational Needs – Catch Up Payments You can get financial support to help with the costs of your child’s tutoring, supplies or equipment during the 2022–23 school year. Eligible applicants will receive a one-time payment of: $200 for each student between kindergarten and Grade 12, up to age 18 $250 for each student with special education…
Old Age Security (OAS): Clawback Planning
Old Age Security (OAS): Clawback Planning Individuals who normally receive OAS are occasionally surprised when some OAS is subject to a special tax (commonly referred to as a “clawback”) with their T1 tax filings due to high earnings. In particular, OAS is clawed back at a rate of 15% of adjusted income (AI) received in…
Expanded Access to Tax Credit for teachers
Teachers & Early Childhood Educators: Expanded Access to Tax Credit The eligible educator school supply tax credit is a refundable tax credit that allows teachers and early childhood educators to claim up to $1,000 for amounts expended (for which no allowance or reimbursement was provided) for supplies and some durable goods used to teach or facilitate…
How to Improve Your Credit Score in Canada
The reality of living in Canada is that you need good credit. Major purchases like a car or a house usually mean having to take out a loan or a mortgage. Renters normally have to provide their credit reports before a landlord will approve them as tenants. Even some employers who require a credit check…
Balbir Saini
Canada Emergency Wage Subsidy (CEWS)
Canada Emergency Wage Subsidy (CEWS) is an initiative by Government of Canada under Canada’s Covid-19 Economic Relief Plan to provide Financial Assistance to the struggling businesses during the crisis. Under CEWS eligible employers get 75% wage subsidy for up to 5 months, w.e.f March 15, 2020 to prevent job losses and boost rehiring of workers….
Canada Emergency Student Benefit (CESB)
Canadian Students, post-secondary & recent graduates, who have lost their source of income or unable to find summer jobs due to Covid-19 Pandemic are eligible to apply for Canada Emergency Student Benefit (CESB). Under Canada Emergency Student Benefit (CESB), students will receive $1,250 or $2000 per month between May and August. Students who aren’t eligible…
Temporary 10% Wage Subsidy
The Temporary 10% Wage Subsidy is a Three-Month Tax Program (March 18, 2020-June 19, 2020) that’s part of Canada’s Covid-19 Economic Response Plan. It aims at avoiding mass layoff by the employers and to encourage rehiring. Temporary 10% Wage Subsidy allows ‘Eligible Employers’ to claim an amount equal to 10% of the Remuneration paid to…
New Wage Boost for Essential Workers
The New Wage Boost for Essential Workers is a financial support program for low-income part time and seasonal workers (with income less than $2500 per month) in the essential service sectors. Such workers are now eligible to claim the $2,000 Canada Emergency Response Benefit (CERB). Essential low-income frontline workers in Hospitals, Nursing Homes, Food Supply…
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