Mar
30

New Credits for Tax Season 2021

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• Home Office Expenses: If you worked more than 50% of the time from home for a period of at least four consecutive weeks in 2020, you may be eligible to claim a deduction for home office expenses in the 2020 tax year.• Canada training credit: If you were at least 26 and less than 66 years old at the end of 2020 and you have a Canada training credit limit for 2020 on your latest notice of assessment or reassessment for 2019, you may be eligible to claim this refundable tax credit for up to half of your eligible tuition...
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Mar
24

Paper Filing may delay your assessment

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COVID-19 may cause significant delays in processing paper returns, as well as delivering notices of assessment and cheques in the mail. The CRA will process paper returns in the order it receives them. Since these delays do not impact processing electronic returns, the CRA encourages you to sign up for direct deposit and file your 2020 return online. This will help you get any refund faster and avoid interruptions to any benefit and credit payments. If you are registered for direct deposit, you will receive your payments without delay. Removal of drop boxes – Due to COVID-19, drop boxes have been...
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Mar
16

Need to contact CRA? More agents have been hired to help this tax season.

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Are you going to contact the CRA this tax season? Here are some of the services enhancements that the CRA announced for this tax season.  • CRA has hired additional agents and has contracted a third-party service provide to assist client service capacity issues. Additional agents will be able to answer general inquiries about emergency benefits, but they will not have access to taxpayers’ personal information. • New automated callback service lets callers ask for call-back instead of waiting on hold. Callers on the individuals tax enquiries, benefits enquiries and business enquiries lines may be given this option when wait times...
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Feb
22

Highly Affected Sectors Credit Availability Program (HASCAP)

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What is HASCAP? HASCAP provides low- interest loans of $25k to $1M to businesses heavily affected by COVID 19. HASCAP is available to businesses that operate in sectors such as tourism and hospitality, restaurants, and those that primarily rely on in-person services. This program is available at some participating financial institutions. HASCAP offers a 4% interest rate, repayment term of up to 10 years and up to 12-month postponement of principal payments at the start of the loan.  Government of Canada has mandated BDC to provide a guarantee to your financial institution for 100% of the value of a new term...
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