This week we discuss CERB, CRB, CEBA, and all the other subsidies and grants offered throughout COVID. Did you know that they are not all taxed the same way? You owe more taxes on some than others, and it's important to get it done right.
This week we are focusing on claiming your vehicular expenses. Did you know that there are five different ways you can do it? Sounds like it should be convenient, but really it's something you have to be careful with. If you do it the wrong way, you could end up owing a lot of money to the CRA!
There has been a rent subsidy available since March but until September 27 it was only available through your landlord. If they did not choose to apply for it, as a tenant you were SOL. But, as of September 27, there is a new rent subsidy and it is available directly to the tenants!
This year will be a little bit different for home office expenses. If you are required to work from home in 2020 (as the vast majority of the world was), then you will be entitled to make a claim for home office expenses! This is new for many people and an opportunity to save some money on your taxes.
Both loans are combined. If the total is up to $40,000, you get 25% forgiveness as long as you pay back the other 75% on time (by Dec 31, 2022). If the total is above $40,000, you only get forgiveness if you pay $30,000 plus 50% of the excess on time. The forgiven amount will be $10,000...
This is a great time to get your business organized and it does not matter if you are a sole proprietorship, partnership or corporation (or even an employee with employment expenses)! Things usually start to slow down now, so take advantage of the lull and pull together your bookkeeping...
I cannot tell you the number of times I have started working on someone’s books and their balance sheet is not in good shape. For some reason, I find the asset side of the balance sheet gets neglected when it comes to bookkeeping and accounting.
