Resources
Successful financial management and planning are founded on accurate and up to date information. Here are some links to the latest tax news and publications that we find particularly useful. If there’s something you don’t see here, or you have any questions, we are just a phone call or email away.
To use the resource table, simply select a subject that interests you.
2019 Federal Budget Commentary
On March 19, 2019 the Honourable Bill Morneau, Minister of Finance, presented the 2019 Federal Budget, Investing in the Middle Class, to the House of Commons. No changes were made to personal or corporate tax rates, nor to the inclusion rate on taxable capital gains.
Some highlights include:
A. Personal Income Tax
- Enhancements to the first-time home buyers’ plan.
- Introduction of the $250 per year refundable Canada Training Credit.
- Introduction of additional types of investments that can be made in registered tax-sheltered plans.
B. Business Income Tax
- Full immediate write-off for certain zero-emission vehicles.
- Further protection for farmers and fishers from the rules which prevent the multiplication of the small business deduction.
- Increased ability of private businesses with income greater than $500,000 to claim the 35% refundable Scientific Research & Experimental Development investment tax credit.
C. International Tax
- Several amendments relating to transfer pricing, foreign affiliate dumping, and cross-border securities lending arrangements.
D. Sales and Excise Tax
- GST/HST relief on human ova and in vitro embryos, and multidisciplinary health care services.
- Revisions to excise duties on various cannabis products.
E. Other Tax and Business Measures
- Introduction of the First-Time Home Buyer Incentive.
- $5,000 rebate for the purchase of electric or hydrogen fuel cell vehicles.
- Interest relief on student loans.
- CRA funding for targeted compliance initiatives and service improvements.
F. Previously Announced
- Intention to proceed with a number of previously announced measures, such as the accelerated CCA changes from the Fall Economic Statement, and expanded disclosure requirements for trusts.
G. Other Budget Expenditures
- Various other expenditures such as investments in rural internet and EI and CPP service delivery.
Statement of Rental Activities
This form is used by rental property owners to report their rental income and expenses for income tax purposes.... Read More
Statement of Business Activities
This is used to calculate your business or professional income as a self-employed person. Use it if you are the... Read More
Work Space In-Home Expenses
You can deduct expenses for the business use of a workspace in your home, as long as you meet one... Read More
Motor Vehicle Expense Form
You can deduct expenses you incur to run a motor vehicle you use to earn business income and sometimes if... Read More
Form T777S
Complete this form if you have home office expenses related to working at home in 2020 due to COVID-19. See... Read More
Authorized Medical Practitioners
A complete list of authorized medical practitioners for the purposes of the medical expense tax credit.... Read More