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Charitable Donations Carried Forward

A carried-forward charitable donation that was initially reported on one spouse or common-law partner’s return can be transferred to the other spouse or common-law partner in a subsequent year. Click below to read more: Charitable Donations Carried Forward Source: Tax Tips

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Alberta Corporate Income Tax Rate

Alberta passed legislation in June to reduce the general corporate income tax rate to 11% effective July 1, 2019, with subsequent reductions each January 1st until the rate is 8% for 2022. Click below to read more: Alberta Corporate Income Tax Rate …

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CEBA Non-Deferrable Expenses Stream

Updated FAQ: Which expenses are/are not eligible for the non-deferrable expenses stream business loan of up to $40,000 (25% forgivable), and what documentation is required. Click below to read more: CEBA Non-Deferrable Expenses Stream Source: Tax Tips

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Life in the Tax Lane April 2021

CERS/CEWS update | CRA online Security | Wedding costs – business expense? | Rental properties – repair expense | Income vs capital gains – stocks | Taxpayer relief – financial hardship Click below to read more: Life in the Tax Lane April 2021 …

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CPP Retirement Pension Splitting

You may be able to save tax by sharing your CPP retirement pension with a lower-income spouse, but clawbacks of OAS, spousal amount and age amount must also be considered. Click below to read more: CPP Retirement Pension Splitting Source: Tax Tips