2020 Personal Tax Return – What your tax bill could look like next year if you received CERB and CRB
In this blog we will be discussing on how the various financial benefits received during 2020 Covid pandemic from Government of Canada will be taxed in the hands of individuals. Canada Emergency Response Benefit (CERB) and Canada Recovery Benefit (CRB) have become important income support to employed and self-employed individuals who are directly affected financially during Covid-19 pandemic. If you qualified for CERB starting back in March, it meant ongoing payments of $2,000 a month up to a maximum of $14,000 in 2020. However, there was a lot of confusion surrounding CERB and many of us did not realize that …
Personal Real Estate Corporations in Ontario
Effective October 1,2020, the Trust in Real Estate Services Act, 2020 (“TRESA”)- Bill 145 was approved and has allowed the formation of Personal Real Estate Corporations (PREC) in Ontario. As of October 1,2020, real estate salespeople and brokers are allowed to incorporate their real estate business in Ontario and can receive their self-employed income to be paid into their PREC. Personal Real Estate Corporations bring many tax benefits for realtors which we will discuss below. However, the decision to form a PREC should be made after careful consideration of an individual realtor’s business, family, financial and personal situation. Before you …
6 YEAR END TAX TIPS FOR BUSINESSES
For business owners, implementing the below mentioned tax strategies before year end would save tax dollars by claiming higher tax deductions against your business income. There is still time left to take advantage of these tax strategies before year end. Business Tax Tips to be implemented before the end of the year: Maximize your CCA Claim – Purchase business assets before the year end – Do not wait until the next year to purchase business assets for your business. If you purchase the assets in the next few days until Dec 31st , then your corporation can claim 6 months of tax depreciation …
REAL ESTATE TAXES ON SALE OF INVESTMENT PROPERTY IN CANADA
Are you the owner of a rental real estate or an investment property? Are you thinking of selling or have already sold your investment property? In this article, we will discuss the various tax implications of selling investment properties in Canada. This section is broken down into 2 parts: Taxable Capital Gain & Recapture of CCA. Please read below to understand each section. Taxable Capital Gain When you sell investment real estate property in Canada, you are required to pay Capital Gains Tax on the profit you made from the sale of real estate. The Taxable Capital Gain is calculated as follows: …
Canada Emergency Response Benefit (CERB) is taxable to individuals while filing their 2020 personal tax returns
CERB has been received by six million Canadians who have been financially impacted during Covid-19 pandemic. However, individuals who have collected CERB payments during 2020, may need to pay tax when they file their 2020 personal tax returns. CERB payments are a taxable benefit as Canada Revenue Agency has not deducted any income tax at source from the payments made to individuals; this means that the recipients of CERB have received full $2000 for each period without paying any tax on it. The total amount received for CERB will be reported as income for 2020 personal tax filing. The maximum …
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CPA Services Mississauga for Small Business
Bajwa CPA is an independent Bookkeeping Services Mississauga, providing Bookkeeping and Accounting services for small and medium-size businesses. Bajwa CPA is professional Bookkeepers and QuickBooks specialists. Bajwa CPA provides subcontracted bookkeeper services to customers in Mississauga, Toronto, and most of the Brampton. Bajwa CPA has developed a full range of bookkeeping services to assist you to manage your industry more professionally. Bajwa CPA specifies providing correct and reliable bookkeeping services to small and medium-sized industries. Bajwa CPA manages the day-to-day bookkeeping so that you can attend on working on the professional rather in the business. Bajwa CPA is dedicated to providing greater and steadfast …
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Tax Consultant Toronto
Whenever you want professionally expert Tax Consultant Toronto, there is no better choice than Bajwa CPA. Spring is usually the time when most persons look for a personal Tax Consultant Toronto. Bajwa CPA support you in completing and filing personal income tax return for hundreds of Canadians on a yearly basis and has developed broad experience in finalizing these returns. If you let Bajwa CPA act as your personal Tax Consultant Toronto, then we will help you in identifying the tax slips needed to complete your personal tax return also. The government of Canada also gives several taxes reputes to persons …
Mississauga Tax Services
Bajwa CPA understands that excellence and dependability matter most to you. Your peace of mind is Bajwa CPA top importance. This is an important responsibility, so we struggle to offer Bajwa CPA in terms of quality of work, timely delivery, year-round service and value for money. Since then Bajwa CPA has been servicing customers from all over the Greater Mississauga area and all its surrounding cities. Recommendations have always been Bajwa CPA best medium for promotion. Bajwa CPA is not like the licensed income tax and bookkeeping companies, Bajwa CPA like to give our full attentiveness to every customer that walks through …
About Us
We wanted individuals, corporations, entrepreneurs, and anyone in between in the GTA to feel like their tax and accounting experts valued their time, money, and desire to live financially secure. We provide personalized solutions for a wide range of accounting needs.
