Tax Alerts

Year End Checklist - 2020 (Employees and Individuals)

It is that tiime of year again, 2020 is turning to 2021, and I don't think people have ever been so excited to see a new year. Here are some things to consider as we turn the page on 2020.

EMPLOYEES AND INDIVIDUALS

1. If in 2021 you are expecting a significant income drop, consider timing your income by taking a bonus in 2021 opposed to 2020. If your income is low in 2020 and you expect an increase in 2021, consider taking the bonus in 2020.

Careful of the CEBA Expansion

On December 4th the terms of the CEBA loan expnasion were released. As a reminder, the original loan was $40,000 for eligible businesses with 25% being forgivable if paid back by the end of 2022. Many businesses applied for the loan as the eligibility criteria was broad. The eligibility has stayed broad since the begining and has expanded (see here for eligibility rules - https://ceba-cuec.ca/) , but the uses of funds has narrowed under the new loan agreements.

What is New - 2019 Canada Tax Season

Here is our 2019 Tax Season What Is New Summary.

What is New - US 2019 Tax Season

Every year we update our clients on changes to expect for the 2019 tax season - so this year we thought we would share it with the world.

Changes to US Taxes for Individuals in 2019

Dec 13 Tax Proposals - When Tax Planning Challenges Good Family Business Continuity Planning

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