Transfer Certificate Filing Requirements

Posted by on Jan 25, 2021 in 2021 Articles | 0 comments

Transfer Certificate Filing Requirements

Transfer Certificate Filing Requirements for the Estates of Non-residents Citizens of the U.S.

Transfer Certificate Filing Requirements for the Estates of Non-residents not Citizens of the U.S.

You may be aware that U.S. citizens regardless of their residency must file IRS Form 706 (Estate tax return) if their taxable estate exceeds $11.58K (2020). Likewise, non-residents who are not U.S. citizens must file IRS Form 706-NA (Estate tax return) if the…

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CEBA Loan tax implication rules

Posted by on Jan 18, 2021 in 2021 Articles | 0 comments

CEBA Loan tax implication rules

Under The Canada Emergency Business Account, a number of business received the $40K loans of which up to $10K is forgivable if the loan is repaid by December 31, 2022.

Paragraph 12(1)(x) of the Income Tax Act (“ITA”) requires any government assistance to be included in income by virtue of subparagraph 12(1)(x)(iv).  The inclusion of the potential forgivable amount is requiredregardless if it is actually forgiven. Therefore the $10K…

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Home office expense claim due to COVID-19

Posted by on Jan 18, 2021 in 2021 Articles | 0 comments

Home office expenses are claimed on the employment expense claim form, CRA Form T777 with their eligibility for the deduction provided by the employer on CRA Form T2200. The T2200 also outlines the eligibility for an employee to claim other employment expenses including unreimbursed auto expenses.
Home office expenses are deductible provided the employer states that you had to use a home office. This is generally the case where you are working in…

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