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Category: Tax

Government of Canada to allow up to $400 for home office expenses

December 29, 20202020, Accountants, Blog, Business Owners, TaxBelvedere Financial

For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.

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Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

December 7, 2020Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, corporate, disability, Financial Planning, RDSP, TaxBelvedere Financial

Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:

• Corporate Tax Changes, including extensions to subsidy programs.

• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.

• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.

For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

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2018 Federal Budget Highlights for Families

March 4, 2018Blog, disability, Family, Individuals, Investment, TaxBelvedere Financial

Several key changes relating to personal financial arrangements are covered in the Canadian government’s 2018 federal budget, which could affect the finances of you and your family.

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2018 Federal Budget Highlights for Business

March 4, 2018Blog, Business Owners, corporate, Investment, TaxBelvedere Financial

The government’s 2018 federal budget focuses on a number of tax tightening measures for business owners. It introduces a new regime for holding passive investments inside a Canadian Controlled Private Corporation (CCPC). (Previously proposed in July 2017.)

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BC Budget Highlights 2018

February 22, 2018Blog, Business Owners, corporate, Family, health benefits, Individuals, Investment, mortgage, TaxBelvedere Financial

BC Finance Minister Carole James delivered the province’s 2018 budget update on February 20, 2018. The budget anticipates a surplus of $219 million for the current year, $281 million for 2019 and $284 million in 2020.

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RRSP Deadline is March 1, 2018. How much tax can you save?

January 28, 2018Blog, Family, Individuals, Investment, RRSP, TaxBelvedere Financial

The deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the 2017 tax filing year is March 1, 2018. You generally have 60 days within the new calendar year to make RRSP contributions that can be applied to lowering your taxes for the previous year.

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Updated Small Business Tax Reforms

October 30, 2017Blog, Business Owners, corporate, Taxbusiness owners, capital gains exemption, taxBelvedere Financial

It has certainly been a busy week in terms of announcements regarding financial policies for small businesses. Following the series of proposed tax reforms that the government announced back in July, various tweaks and changes have subsequently been made, owing, perhaps in part, to confusion and frustration expressed among the small business community. We have provided a brief summary of the changes in this article and infographic.

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BC Budget Update

September 14, 2017Blog, Business Owners, Families, Individuals, TaxBC Budget, Corporate Income Tax, Medical Services Plan, Personal Income TaxBelvedere Financial

BC Finance Minister Carole James delivered the province’s 2017 budget update on Sept. 11, 2017. The budget anticipates a surplus of $46 million for the current year, $228 million in 2018-2019 and $257 million in 2019-2020. As a result of the provincial election on April 11, 2017, the measures previously announced were not fully enacted.

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Federal Budget 2017: Business

March 30, 2017Blog, Budget, Business Owners, Tax2017, Budget, Corporate Income TaxBelvedere Financial

Finance Minister Bill Morneau delivered the government’s 2017 federal budget on March 22, 2017. The budget expects a deficit of $23 billion for fiscal 2016-2017 and forecasts a deficit of $28.5 billion for 2017-2018. Learn what the budget means for small business owners.

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Federal Budget 2017 Families

March 30, 2017Blog, Budget, Families, Individuals, Tax2017, Budget, Personal Income TaxBelvedere Financial

Finance Minister Bill Morneau delivered the government’s 2017 federal budget on March 22, 2017. The budget expects a deficit of $23 billion for fiscal 2016-2017 and forecasts a deficit of $28.5 billion for 2017-2018. Learn what the budget means for families.

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Recent Posts

  • Extended COVID-19 Federal Emergency Benefits
  • Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients
  • Government of Canada to allow up to $400 for home office expenses
  • Registered Education Savings Plan
  • British Columbia Training and Education Savings Grant Information

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Contact Us

Alex Chan, RHU, CHS, CFP, CPCA, EPC, CFSB, CLU - Certified Financial Planner & Chartered Life Underwriter

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About

Alex was born in Hong Kong and moved to Vancouver BC at the age of two. Soon after attending Simon Fraser University, he entered into the Life Insurance Business as a career agent with Manulife Financial. Having had a successful start with many Million Dollar Round Table level production years in the agency system, Alex joined an independent Managing General Agency (MGA) as an advisor, manager and later as a partner.
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