Falsified Employment Records: The Penalties Can be Large
Falsified Employment Records: The Penalties Can be Large With numerous COVID-19 benefits being based on employment and remuneration levels, the federal government has likely become increasingly concerned with falsified employment records. However, this is not a new issue. In particular, the government already has experience dealing with false records used to increase access to employment…
ANDY
Small Business Air Quality Improvement Tax Credit
Small Business Air Quality Improvement Tax Credit : Could Your Business Benefit? The December 14, 2021 Economic and Fiscal Update proposed a temporary refundable small businesses air quality improvement tax credit of 25% on eligible air quality improvement expenses incurred by small businesses to make ventilation and air filtration systems safer and healthier. The credit…
TFSA Annual Limit, Climate Action Incentive
TFSA Limit, Work from Home, First time home buyers, Climate Action Incentive Some quick points to consider… The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception in 2009, up to $81,500 can be contributed. Employees working from home in…
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….
Incorporating Your Business
Startups, Sole Proprietors or Partnerships benefit immensely from Incorporating their Businesses. The benefits Businesses gain from Incorporating their Businesses outweighs so called downsides in terms of cost or time consumption in Incorporating the Businesses. Read our simple 5 point benefits of Incorporating a Business as follows for further clarification on the topic. 1. Security: Drawing…
Pay Your Personal Tax Via Online Banking
You can use Online Banking to Pay Taxes to the Canada Revenue Agency (CRA). One can do this by selecting Canada Revenue Agency (CRA) in the list of payees in combination with your Social Insurance Number and entering tax year of which you want to pay the tax. Step-by-Step Procedure to Pay Individual Tax Online:…
How to Pay your Business Taxes Online?
Businesses can pay their Taxes to Canada Revenue Agency (CRA) via Online Banking to make it faster and easier to manage taxes. Paying Taxes digitally is beneficial as it ensures that your information is safe and easier to access online at any given time. Canada Revenue Agency (CRA) takes up to 5 business days from…
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…
What is T4 Slip, issued by Employer?
‘T’ stands for Tax Slip and ‘4’ is number assigned by Canada Revenue Agency to classify Employment Income. T4 slip provides detail of your annual income and deductions. T4 slip is issued by your employer and sent to Canada Revenue Agency and a copy is provided to you. You have to report your employment income…
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