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Canada Revenue Agency to simplify home office deductions
The Minister of National Revenue provided additional details today on how the Canada Revenue Agency (CRA) will make the home office more accessible for Canadians for the 2020 taxation year.
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COVID-19: Business guidance webinars
Let our experts help you navigate the various tax deadline extensions, loans, subsidies, grants and other relief measures the federal and provincial governments have implemented in the wake of the COVID-19 crisis.
The Latest at Baker Tilly Dartmouth
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COVID-19: Business guidance
Updated as of January 6, 2021. Stay tuned for the latest updates on tax and financial measures impacting Canadian businesses in the wake of COVID-19, as well as insights on how organizations can navigate this crisis.
BT Nova Scotia’s Rakesh Jain receives alumni award
Dartmouth, NS – BT Nova Scotia partner Rakesh Jain recently received the 2020 Associate Alumni of the Year Award from Saint Mary’s University for his dedication to the university and its endeavours.
Government rent assistance continues
The new Canada Emergency Rent Subsidy (CERS) has been reborn out of the ashes of the previous Canada Emergency Commercial Rent Subsidy (CECRA). The new CERS is a blend of the old CECRA and the Canada Emergency Wage Subsidy (CEWS) program, resulting in a rent subsidy program that uses CEWS legislation to set some of its parameters.
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Get the latest news and updates
Get the latest news and updates from the experts at Baker Tilly.
Look out: The new trust reporting rules are almost here
As we head in to the Fall of 2020, we are quickly approaching the new trust reporting requirements. The new trust reporting rules come into effect with taxation years ending after Dec. 30, 2021.
Infographic: Shining a light on indirect tax
Indirect taxes are highly complex and often overlooked. Since they can be imposed by major tax jurisdictions at practically any stage of production and distribution, they must be managed and monitored vigilantly. If ignored or dismissed, they can result in exposure and exact a heavy toll on your company’s overall operations, cash flow and profitability.
COVID-19 support programs for Individuals and Businesses
As the ongoing response to COVID-19 rapidly evolves, many Canadians find themselves facing an uncertain financial future. To help alleviate concerns, the Canadian government introduced financial relief measures and programs to support individuals and businesses impacted by the COVID-19 pandemic.
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New T4 2020 reporting requirements
Effective for the 2020 T4 reporting of employee income, the Canada Revenue Agency (CRA) now requires additional reporting that applies to all employers, regardless of whether a business has applied for any of the COVID-19 related federal government relief/recovery programs. This will assist the CRA in validating payments received by employers and their employees under the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB) and the Canada Emergency Student Benefit (CESB).
Use of trusts by seniors in estate planning
There seems to be a growing interest among seniors to consider options that improve the administration and security of their assets during their lifetime, providing a greater degree of certainty that their estate’s assets will be distributed in accordance with their wishes. One option to consider is certain trusts available to individuals who are at least 65 years of age.
Fall economic statement 2020 – Income tax measures
The Government proposes to formally extend the CEWS and CERS to periods 11 to 13, which will be as follows:
- Period 11 – December 20, 2020 to January 16, 2021,
- Period 12 – January 17, 2021 to February 13, 2021, and
- Period 13 – February 14, 2021 to March 13, 2021,
Seller beware: tax issues for Canadian residents selling U.S. real estate
For a few years following the 2008 financial crisis, we saw many investors and snowbirds purchasing U.S. properties to take advantage of real estate bargains and a weak U.S. dollar. Over a decade has passed, the Canadian dollar has weakened, and with limited ability—or desire—to travel to the U.S. due to COVID-19 we are noticing a significant increase in U.S. real estate sales by Canadian residents. The situation provides an incentive to review some of the common U.S. tax issues when a Canadian resident sells U.S. real estate.
