• CRA Income Tax Review

    Author: K&E Professional Accounting Associates | | Categories: canada , CRA , incometax , incometaxreview , taxreview

    Accounting Firm in Winnipeg

    A CRA review is not a tax audit. The biggest difference between a tax review and a tax audit is that a tax review may be completed in a matter of weeks, but an audit can take months or even years to complete. A tax review is simply a routine check to ensure that the information that you have provided on your income tax return is correct. CRA can contact you for additional information with a letter or a telephone call. We want to assure you that individuals are less likely to be selected for a review than businesses because…

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  • 2021 Federal Budget

    Author: K&E Professional Accounting Associates | | Categories: canada , CERS , changestosubsidies , CRA , federalbudget2021

    Accounting Firm in Winnipeg

    The new Canadian federal budget was tabled on April 19, 2021 by finance minister Chrystia Freeland. The federal deficit is estimated to be $354.2 billion for fiscal year 2020-21 and next year’s deficit is expected to be $154.7 billion.  By the end of 2021-22 fiscal year, the federal debt is expected to be over $1.2 trillion. The budget introduced a $30 billion national childcare plan over 5 years, to reduce kindergarten prices by 50% in 2022, with a target of $10 per day by 2026.  The budget included several targeted taxes effective January 1, 2022 on luxury cars, jets, and…

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  • 2021 Federal Budget

    Author: K&E Professional Accounting Associates | | Categories: canada , CCPCdeductions , CERS , CEWS , changestocovidsubsidies , CRA , federalbudget2021

    Accounting Firm in Winnipeg

    The new Canadian federal budget was tabled on April 19, 2021 by finance minister Chrystia Freeland. The federal deficit is estimated to be $354.2 billion for fiscal year 2020-21 and next year’s deficit is expected to be $154.7 billion.  By the end of 2021-22 fiscal year, the federal debt is expected to be over $1.2 trillion. The budget introduced a $30 billion national childcare plan over 5 years, to reduce kindergarten prices by 50% in 2022, with a target of $10 per day by 2026.  The budget included several targeted taxes effective January 1, 2022 on luxury cars, jets, and…

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  • New Simplified Home Office Deduction for 2020 Income Tax Year

    Author: K&E Professional Accounting Associates | | Categories: 2020incometax , canada , covid19deduction , CRA , workingfromhomededuction

    Accounting Firm in Winnipeg

    With the onset of the COVID-19 crisis in 2020, numerous employers allowed their employees to work from home.  It is for this reason that Canada Revenue Agency (CRA) introduced a new temporary flat rate method to simplify the process for claiming a deduction for home office expenses for the 2020 tax year.  This is a personal income tax deduction to be calculated on form T777S (Statement of Employment Expenses for Working at Home due to COVID-19), which then needs to be attached to 2020 income tax return.  Only employees that worked more than 50% of the time from home for…

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  • Checklist for Preparing Your 2020 Income Tax

    Author: K&E Professional Accounting Associates | | Categories: businesstax , canada , checklist , CRA , incometax2020 , individualtax , taxplanning

    Accounting Firm in Winnipeg

    While doing their income tax, individuals and businesses often forget to claim deductions that could really benefit them and that might significantly assist in reducing the amount of income tax that they ultimately pay. If you are filing your personal income tax or your business income tax, you will need documentation to support the statements that you make in relation to your income tax submission. If you are or are responsible for any of the following, you will need to include this information on your income tax return- individuals affected by COVID-19; investors; families with students; family members with disabilities;…

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