Michael Topola
Link to: BUSINESS OWNERS
Business Owners
Strategies to help increase your personal cash flow, keep key employees and protect your business.
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Incorporated Professionals
Tailored solutions to help you with your practice and personal cash flow.
Link to: Insurance Planning
Insurance
Peace of mind for you and your family. Taking care of what matters most.
Government of Canada to allow up to $400 for home office expenses
/in 2020, Accountants, Blog, business owners, Tax /by Michael TopolaFor the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.
Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
/in Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, corporate, disability, financial planning, RDSP, Tax /by Michael TopolaFinance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:
• Corporate Tax Changes, including extensions to subsidy programs.
• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.
• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.
For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.