Automobile Reimbursements – More Tax Free Money!
Besides the possibility of a tax-free allowance, another possibility exits to reimburse employees or shareholders for business use of personally owned or leased vehicles. If the employer is flexible and it appears that the CRA prescribed automobile tax-free allowance rate is not adequate to cover actual operating costs incurred by the individual, taxpayers can argue […]
Automobile Allowances – Tax Free Money!
Personally owned vehicles used for business travel can offer a great way to earn tax free money while getting a business deduction. CRA specifies a specific allowance rate a business can pay the individual. The CRA prescribed allowance is a business deduction to the business and a tax-free receipt to the individual. The allowance rate […]
TaxTrends Newsletter Issue 59
Office in Home Employee Expense Deduction – Simplified Process Announced December 15, 2020, due to COVID, Finance and the CRA have an administrative policy for employees working at home to claim a flat $400 Office in Home deduction ($2 day to a maximum of $400) without an employer T2200 form. The employee must have worked […]
Canada Emergency Rent Subsidy (CERS)
Good News for Both Renters and Property Owners The CERS replaces the old program and is designed to operate like the Canada Emergency Wage Subsidy (CEWS) in that affected businesses claim the CERS on their CRA My Business Account. My Account has now been updated and affected businesses can start claiming the subsidy immediately. There […]
Canada Emergency Response Benefit (CERB) Replacement Programs
The CERB program has now ended. The CRA will continue to accept retroactive applications for Period 7 (August 30 to September 26) through the CRA “My Account” service or automated toll-free phone line. There are 4 replacement programs as follows: Transition from CERB to EI Canada Recovery Benefit (CRB) Canada Recovery Caregiver Benefit (CRCB) Canada […]