What’s new for the 2021 tax-filing season?

Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following:
• How to claim home office expenses
• The new Canada Training Credit
• Pandemic emergency funds
• New digital news subscription tax credit
April 2, 2021/by Financial Tech Tools

Extended COVID-19 Federal Emergency Benefits

On Friday, February 19, 2021, Prime Minister Justin Trudeau announced an extension to:

- Canada Recovery Benefit
- Canada Recovery Caregiving Benefit
- Canada Recovery Sickness Benefit
- Employment Insurance
February 22, 2021/by Financial Tech Tools

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)
February 12, 2021/by Financial Tech Tools

Government of Canada to allow up to $400 for home office expenses

For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.
December 29, 2020/by Financial Tech Tools

Business Owners: 2020 Tax Planning Tips for the End of the Year

It's a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:

- Year-end tax checklist
- Remuneration
- Business tax
- Estate
December 14, 2020/by Financial Tech Tools

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

Finance Minister Chrystia Freeland recently provided the government's fall economic update. It included information on the government's strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We've summarized the highlights for you:

• Corporate Tax Changes, including extensions to subsidy programs.

• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new "Work from home" tax credit.

• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.

For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.
December 7, 2020/by Financial Tech Tools

Applications for the new Canada Emergency Rent Subsidy starts today!

The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.

CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19.

An additional 25% Lockdown Support is available during a public health lockdown order.
November 23, 2020/by Financial Tech Tools

Defined Contribution vs. Benefit Pension Plan for Employees

As an employer, you may be thinking about offering your employees a pension plan. If so, you have two main options: a defined benefit pension plan and a defined contribution pension plan. A defined benefit pension plan offers your employees a set amount of money when they retire, whereas a defined contribution pension plan does not.

We walk you through the differences between the two types of pension plans.
November 2, 2020/by Financial Tech Tools

Why Advisors Should Consider a Website Design

We were recently featured in the Globe and Mail speaking about designing websites and content for financial advisors and integrating it with social and email newsletters. In the article we talk about how advisors can use their website to grow their business.

We are grateful to the advisors that choose us to be their content and website provider and giving us the opportunity to grow with them. Thank you to the Globe and Mail for shining a spotlight on Financial Tech Tools.
October 25, 2020/by Angelina Hung