New exemption tax amount for individuals in 2023
based on December 9, 2019, the Government announcement, that proposes to amend the Income Tax Act to increase the basic personal amount to $15,000 by 2023. The increase would be phased in starting in 2020.
New EI rates and thresholds for 2023 announced
The maximum insurable earnings (MIE) is the income level up to which Employment Insurance (EI) premiums are paid. It determines the maximum rate of weekly benefits paid for all types of benefits under the EI program. Effective January 1, 2023, the MIE will increase from $60,300 to $61,500. This means that an insured worker will […]
New CPP rates and thresholds for 2023 announced
The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600—up from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $66,600 in 2023 are not required […]
BC minimum hourly wage is increased
BC Government announced today that BC residents hourly wage will be increased from $15.20 to $15.65 from June 1st, 2022. All business owners should remember to change the hourly wages of their employees from June 1st 2022. All related items in the payroll system should be changed accordingly, such as Vacpay, STAT Holiday, …
2021 personal Tax return documents and info needed
First name (Exactly match with your issued on the SIN number paper, or on any CRA letters) Last name (Exactly match with your issued on the SIN number paper, or on any CRA letters) SIN Number Full Address Telephone number Marital Status Date of birth Date of arrival to Canada if you landed in Canada […]
New Grant and Loan for Small & Large corporations in Canada
The federal government has launched a $4-billion program that includes a package of grants and loans aimed at encouraging small and medium-sized businesses to boost their online sales. The Canada Digital Adoption Program, announced nearly a year ago in the April federal budget, includes $1.4-billion in grants and advisory services and up to $2.6-billion in […]
Personal info and Documents for personal filing 2020
First name (Exactly match with your issued on the SIN number paper, or on any CRA letters) Last name (Exactly match with your issued on the SIN number paper, or on any CRA letters) SIN Number Marital Status Date of birth Date of arrival to Canada if you landed in Canada in 2020. The amount […]
Disability Tax Credit 2020
Disability tax credit amount for 2020 is $8,576 as non-refundable credit ($8,416 in 2019), with a supplement up to $5,003 for those under 18 (the amount is reduced if child care expenses are claimed; $4,909 in 2019 All individuals who has such disabilities or has a family member with it, can get the form 2201 (link below) signed by their […]
CRA and COVID-19: Benefit amounts on your T4A slip
T4A slips for 2020 tax year If you received any of the COVID-19 emergency or recovery benefits, you will get a T4A slip from the Canada Revenue Agency (CRA). Quebec residents will get both a T4A and RL-1 slip. The CRA will provide T4A slips starting in January 2021. You should receive your T4A slip before […]
CEBA Loan Update
1) Top-up amount ($20 K) application will be available today (Dec. 4, 2020) or on Monday (Dec. 7, 2020)2) the deadline is extended up to Mar. 31, 2020, for bot Top-up and the original amount. please follow the chart and learn about the process