A SMALL ERROR FROM CRA MAY FORCE SOME CANADIANS TO PAY BACK THE CERB Dec 07, 2020:

Some Canadians who applied for the Canada Emergency Response Benefit (CERB) are being asked to repay the entire sum by Dec. 31 because of one word that was never mentioned in the original application, an unclear communication that recipients say is confusing and unfair.

“They changed the rules without telling anyone anything,” said Garth Loga, a self-employed contractor from Courtenay, B.C., who was forced to shutter his business of 33 years and is now selling off his truck and tools to cover his sudden $14,000 repayment.

NOW WE CAN HELP TENANTS APPLY FOR CANADA EMERGENCY RENT SUBSIDY DIRECTLY WITH CRA Dec 07, 2020:

Previously, landlords had to apply the subsidy (CERCA) with CMHC and tenants were at the mercy of the landlords for the rent reduction. Now CERS has replaced CERCA which will allow tenants to apply this subsidy directly with CRA

Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue due to the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until June 2021.

NEW ADDITIONAL 20K CEBA INTEREST-FREE LOAN APPLICATIONS HAVE STARTED: Dec 07, 2020:

On October 9, 2020 the government announced that it is working with Export Development Canada (EDC) and financial institutions to expand the CEBA program by providing an additional interest-free CEBA loan amount of $20,000, of which up to half will be forgivable if the balance of the loan is paid by December 31, 2022. Businesses accessing the additional $20,000 of financing will be required to attest to need. We can help you apply this interest free loan. Give us a call at 416-414-3100.

Let's Give Back to the Community March 28, 2020:

COVID X - STAY HOME

At Ish Jindal CPA Professional Corporation we feel a moral obligation to give back to the community in this difficult time. Therefore, unitil April 15th our office will be providing FREE Tax Preparation Service, on a first come first basis, to first 100 individuals and/ or families who had total income of less than $12,000 (for single) and less than $20000 (family income) in year 2019. Preference will be given to single students (new immigrants), senior citizens and to individuals who have lost their job due to Coronavirus.

Highlights of Canada's COVID-19 Economic Response Plan to support Canadians and Businesses March 25, 2020:

As many Canadians are going through the health and financial crisis caused by COVID-19, Canadian Government has taken following steps to help Canadian Tax Payers. These steps are temporary and more announcements will come in future if this pandemic continues for a long time.

Year-End Tax Planning December 12, 2016:

How much to invest in RRSP and TFSA?

Your 2015 Notice of Assessment will only provide you how much is your RRSP deduction and TFSA contribution room is for tax year 2016. But is this the correct amount you should invest. You may be able to minimize your tax owing or refund without maximizing your RRSP contribution. This is the time to contact us to find out how much you should invest in RRSP and TFSA and what are other options to maximize your current after tax dollars and your retirement wealth.

Sale of Principal Residence MUST be reported on the tax return effective from 2016 tax year.October 16, 2016:

The taxpayers were already required to report the sale of principal residence if it was not a 100 % principal residence from the date owned by the tax payer. Effective 2016 even if sale of a home qualifies as principal residence for all the years from the date owned it MUST be reported on the tax return.

Published on October 13, 2016