CRA – Prescribed interest update for Quarter 4 2020

Interest rates for the fourth calendar quarter The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1, 2020 to December 31, 2020. Due to COVID-19, certain payment [ … ]

October 2020 – Tax Update

Canada Emergency Wage Subsidy – post payment reviews have commenced! Check out the link below for what this looks like. Tax Update – October 2020 [ … ]

September 2020 – Tax Update

Canada’s Covid-19 response,various tax rulings on tuition credits, employee vs contractor, gross negligence penalties and more! Tax Update – September 2020 [ … ]

CRA – Prescribed interest update for Quarter 3 2020

Interest rates for the second calendar quarter The Canada Revenue Agency (CRA) has announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from April 1, 2020 to June 30, 2020. [ … ]

August 2020 Tax Update

August 2020 Tax Update Check out the August 2020 Tax Update – Find out details on when your 2019 taxes are due and further updates on the various benefits offered under Canada’s COVID-19 response. Call your Roberts & Company professional with any questions! [ … ]

July 2020 Tax Update

Video Tax July 2020 Fresh in – Find out the latest on Canada’s COVID-19 response and the programs that can impact you and your business   [ … ]

January 2018 Tax Update

January 2018 – Tax Update – Click to View Check out a great summary of what’s been going on in the Canadian tax world for January 2018! [ … ]

Tax deadlines and limits for the 2018 tax year (January 2018)

Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2018 are listed below. RRSP deduction limit increases The RRSP contribution limit for the 2017 tax year [ … ]

Federal individual tax credits for 2018

Credit amount ($)  Tax credit ($) Basic personal amount 11,809  1,771.35 Spouse or common law Partner amount 11,809 1,771.36 Eligible Dependant amount 11,809 1,771.35 Age Amount 7,333 1,099.95 Net income threshold for erosion of credit 36,976 Canada employment amount (maximum) 1,195 179.25 Disability amount 8,235 1,235.25 Adoption expenses credit 15,905 2,385.75 Medical expense tax credit [ … ]

Canada Pension Plan Contributions for 2018

The Canada Pension Plan contribution rate for 2018 is unchanged at 4.95% of pensionable earnings for the year. The maximum pensionable earnings for the year will be $55,900, and the basic exemption is unchanged at $3,500. The maximum employer and employee contributions to the plan for 2018 will be $2,593.80 each, and the maximum self-employed [ … ]

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