It's a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:
- Year-end tax checklist
- Business tax
http://chartwellfinancial.com/wp-content/uploads/2020/12/Business-Owners_-2020-Tax-Planning-Tips.png5631000Chartwell Financial Grouphttp://chartwellfinancial.com/wp-content/uploads/2018/05/chartwell_New_LOGO-300x189.jpgChartwell Financial Group2020-12-11 06:00:552020-12-11 14:42:24Business Owners: 2020 Tax Planning Tips for the End of the Year
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.
http://chartwellfinancial.com/wp-content/uploads/2020/12/Highlights-of-the-2020-Federal-Fall-Economic-Statement@1000px.png5631000Chartwell Financial Grouphttp://chartwellfinancial.com/wp-content/uploads/2018/05/chartwell_New_LOGO-300x189.jpgChartwell Financial Group2020-12-07 15:42:082020-12-08 01:15:26Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:
• Details about the different COVID-19 benefits programs and the tax ramifications of them
• Information about family tax issues including the Canada Child Benefits and tips on how to split income.
• Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.
• Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.
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Insurance products, including segregated fund policies and health insurance are offered through Chartwell Financial, and Investment Representatives Steve Cameron, Gail Winzoski, Rochelle Noren, Terry Sorensen and Bharpur Singh Gill offer mutual funds through Quadrus Investment Services Ltd.
Quadrus Investment Services Ltd. and design are trademarks of Quadrus Investment Services Ltd. Used with permission.