KLCA CHARTERED PROFESSIONAL ACCOUNTANTS

Recent Additional Measures to Combat International Tax Evasion and Aggressive Tax Avoidance

In the Fall Economic Statement 2020, the government proposes an additional $606 million over 5 years, starting in 2021-22, to allow the CRA to fund new initiatives and extend existing programs targeting i...

NEW T4 REPORTING REQUIREMENTS

A T4 is a slip issued by employers to the Canada Revenue Agency (CRA) to detail how much employment income was paid and how much was deducted.
For the 2020 tax year, employers will need to comply with additional T4 reporting requirements to help the CRA validate pa...

CANADA EMERGENCY WAGE SUBSIDY EXTENSION

The extension of the Canada Emergency Wage Subsidy until June 2021, which would continue to protect jobs by helping businesses keep employees on the payroll and encouraging employers to re-hire their workers. The subsidy would remain at the current subsid...

THE NEW CANADA EMERGENCY RENT SUBSIDY (CERS) would provide simple and easy-to-access rent and mortgage support until June 2021 for qualifying organizations affected by COVID19. The rent subsidy would be provided DIRECTLY to tenants, while also providing support to property owners.

The new rent ...

ONTARIO ALLOWS REALTORS TO INCORPORATE
As of October 1, 2020, Personal Real Estate Corporations (PREC) have been permitted in Ontario. Essentially, this means that individual real estate agents will now be able to incorporate their business. This will allow real estate agents and brokers to ben...

INTEREST AND PENALTY RELIEF FOR LATE FILED PERSONAL 2019 TAX RETURNS

The CRA’s May 22 release says: “Penalties and interest will not be charged if payments are made by the extended deadlines of September 1, 2020. This includes the late-filing penalty as long as the return is filed by September...

BUSINESS WAGE SUBSIDIES
The Canada Emergency Wage Subsidy is a federal benefit designed to help businesses cover up to 75% of wages and keep their employees on payroll.

The program includes organizations from bars and restaurants to charities, small businesses and large corporations.

Employees ...

CANADA EMERGENCY RESPONSE BENEFIT
The CERB pays a monthly $2,000 payment to workers who wouldn’t otherwise be eligible for EI.

That includes wage earners, contract workers, or self-employed individuals; those who’ve had to stay home without pay to self-isolate or care for loved ones; and anyone ...

YES WE ARE WORKING ON TAX FILINGS
We are considered an essential service and continue to prepare and file tax returns. Our office is closed to the public but we have a mailbox drop-bin at the entrance. Email fileshare@klca.com with your tax receipts or any questions.