The 2024 Federal Budget was released late this afternoon. While many of the new Federal Government programs were announced in the past few weeks, the Budget contained lots of new tax considerations that individuals and business owners need to be aware of. Lately, there has been talk about the “Positive Sandwich” around the Office. It is…
The New Trust Filing Requirements and Fishers There has been many questions about the new legislation and new filing requirements around something called a Bare Trust. Essentially, this new legislation is wide spread and is making certain situations on how an asset is held to become reportable and the need to file a T3 information tax…
Happy New Year. With the New Year come some important changes that as a business owner, you should know about. Canada Pension Plan Not only has the maximum pensionable earnings changed for CPP as of January 1, there is now a second contribution rate. The maximum pensionable earnings has been set at $68,500 and the…
Happy New Year! We have a few changes at ANR to start the New Year. It is important to us for you to know what those changes are and what they mean to you. Kicking off the New Year, we will become ANR Chartered Professional Accountants P.C. Inc., but you can still call us ANR!…
Late last week, the Federal Government passed Bill C-208 which changed the Income Tax Act of Canada is a positive way for small business owners. It allows small business owners easier access to the Lifetime Capital Gains Exemption on the sale of their shares to the next generation. In the past, for a small business…
Update: Yesterday, August 4th, I have purchased a proprietary tool to assist our clients with the calculations of the Canada Emergency Wage subsidy. This tool allows us to stay up to date with all the new changes in the calculations as well as always be up to date with calculations for our clients! The tool…
On Saturday, Parliament passed bill C-14 which included the details of the Canada Emergency Wage Subsidy (CEWS) for businesses across Canada. Below is our overview of the program and how it can help businesses. The program is a 75% wage subsidy for a 12 week period, retroactive to March 15, 2020. Eligible Employers are: Individuals;…
I wanted to provide a quick update on a new program outlined by the Province of New Brunswick yesterday. The Government of New Brunswick Small Business Working Capital program has been released by the Province of NB and will be overseen by the CBDC offices in the various communities. The program can provide working capital…
Some good news to start your Friday. We have been able to obtain a few more details around the Canada Emergency Wage Subsidy and they provide some clarity to the situation. Here is the update: The 75% wage subsidy is available if you meet the Revenue Test. The Revenue Test, is a test where your…
As have many of you, we have been waiting patiently, in anticipation, for the announcement of details of the wage subsidy from the Canada’s Federal Government. At his daily address to the Nation, the Prime Minister was vague, however, the Finance Minister provided a few more pieces of information this afternoon. Here is what we…