KLCA CHARTERED PROFESSIONAL ACCOUNTANTS

Be Careful if you are flipping houses and claiming principal residence exemptions
The CRA in recent years has been cracking down on taxpayers who, in its view, are inappropriately claiming the principal residence exemption.
In a recent case involved a Vancouver taxpayer who purchased, demolished,...

File your 2020 taxes by April 30, 2021 or risk Covid benefits

It’s always important to file ones taxes on time, it’s of particular importance to do it before the deadline this year for anyone who thinks they will claim either the Canada Recovery Benefit (CRB), the Canada Recovery Caregiving Bene...

CRA Targeting Cryptocurrency Trading

In a ruling last week, a Federal Court judge ordered Toronto-based Coinsquare to provide the tax agency with information about all its clients who had deposited or at any point held a total of at least $20,000 in an account since Jan. 1, 2013.

CRA would like...

Interest relief if you received COVID-19 benefits

CRA will give interest relief to individuals if your total 2020 taxable income was $75,000 or less and you received at least one COVID-19 benefit in 2020.
You have to filed your 2020 tax return, the CRA will automatically apply interest relief o...

Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee

New program for businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs. These loans are for small and medium-sized businesses that hav...

New $500 Digital News Tax Credit for 2020

The Canadian Revenue Agency (CRA) introduced the Digital News Subscription Tax credit (DNSTC) in 2020 to entice taxpayers to help local media outlets. You could get a maximum tax credit of $75 if you spent $500 on qualifying subscriptions in 2020. This...

Ontario Building On Supports for Employers During COVID-19

On December 21, 2020, the Ontario government announced new Ontario Small Business Support Grant to Provide up to $20,000 for Eligible Businesses. Small businesses required to close or restrict services under the Provincewide Shutdown wi...

Canadians told to pay back CERB

The CERB (Canada Emergency Response Benefit) and other emergency payments established swiftly in the early days of the pandemic are now being verified "on the back end". Recently, Canadians have received letters from the Canada Revenue Agency (CRA) suggesting the...

Canada Emergency Business Account (CEBA) Expanded

Effective December 4, 2020, the CEBA program has been increased by an additional $20,000, bringing the total CEBA loan amount to $60,000 per eligible business. Businesses who receive $60,000 in total CEBA loan proceeds will be eligible to receive...