Summer is on its way! (at least we hope so, this is Alberta after all)
We're hopefully on the downward slope of this COVID pandemic and everyone is hoping for a return of some sort of normalcy.
We saw another Federal budget and the biggest small business change affecting my clients was the ability to write off many capital asset additions fully in the first year.
No tax rate changes were made and no changes in the capital gains taxation as many expected. There were extensions to the CEWS, CERS and other pandemic support programs. There is also a promise of nationwide subsidized daycare.
A Canada Recovery Hiring Program (CRHP) was introduced providing subsidies for hiring new employees.
On personal taxes a number of smaller changes have been made. No rate changes but tweaks to a number of existing deductions and credits.
If you are a senior over 75 you will see a one-time $500 payment and then a 10% increase to ongoing OAS payments.
The Canada Recovery Benefit [CRB] has been extended by 12 weeks to a maximum of 50 weeks with some reductions in payments for the additional weeks.
On the other hand, if you purchase a luxury vehicle or aircraft for over $100,000 prepare to pay an additional new tax of either 10% or 20% of the value above $100,000. Similar rules for boat purchases.
The current practice of receiving the Climate Action Incentive (carbon tax rebate) as part of your tax filing will change in 2022 to quarterly payments made directly through the current benefits system.
If you have questions, please give us a call.
CERS/CEWS deadlines and adjustments
| CEWS/CERS Period Period 10/Period 3 Period 11/Period 4 Period 12/Period 5 Period 13/Period 6 Period 14/Period 7 Period 15/Period 8 Period 16/Period 9 |
Period date November 22 to December 19, December 20, 2020 to January January 17 to February 13, 2021 February 14 to March 13, 2021 March 14, 2021 to April 10, 2021 April 11, 2021 to May 8, 2021 May 9, 2021 to June 5, 2021 |
Deadline for application June 17, 2021 July 15, 2021 August 12, 2021 September 9, 2021 October 7, 2021 November 4, 2021 December 2, 2021 |
2021 2nd Quarter Tax Tips & Traps
If the attached document raises any flags or questions, please call or come in and see me so we can review your particular situation.
Referrals are my primary mode of growth. If you're pleased with the service level you receive, please pass on my name. If displeased, please let me know.
If there is anything we can do for you, please give us a call.
403-938-2666 or Brent@rbdriscoll.ca
Monday - Friday 8:30 am - 4:30 pm
Long weekend Fridays we close at 2 pm
(closed @ noon for a hour)
In case of emergency please call me at (403) 818-7570
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