Tax Planning

Medical Expense Tax Credit – Nursing Homes vs. Retirement Homes

Medical Expense Tax Credit – Nursing Homes vs. Retirement Homes

The federal and Ontario governments have tax credits available to taxpayers, including those paid for medical expenses. The Medical Expense Tax Credit (METC) can be claimed for costs associated with nursing and retirement homes that are paid by you or your spouse. METC claims depend on several factors, including the kind of facility you reside in, your medical condition, the level of your income, and dependency on others.

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The Tax Implications of Repatriating to Canada

The Tax Implications of Repatriating to Canada

According to the annual survey conducted by the global consulting firm, The Reputation Institute, Canada ranked second for 2016 out of the top 50 countries deemed to be the most reputable in the world. The list is based on people’s trust, admiration, respect, and affinity for that country. The United States ranked 28th.

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Federal Budget Commentary 2021

Federal Budget Commentary 2021

On April 19, 2021, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, to the House of Commons. No changes were made to personal or corporate tax rates (other than a temporary measure for zero-emission technology manufacturers), nor to the inclusion rate […]

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Claiming Working from Home Expenses

Claiming Working from Home Expenses

By Wendy Wong, CPA, CA, Senior Manager, Tax & Advisory Services For your 2020 personal tax filing, the Canada Revenue Agency has introduced two options that will allow employees to report expenses they incurred while working from home during the pandemic. All eligible members of a household who worked from home can each claim working […]

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GGFL is delighted to announce that Monica Martinez is our new Associate Partner.

GGFL is delighted to announce that Monica Martinez is our new Associate Partner.

Monica Martinez is a specialist in U.S. and Cross-Border Tax & Advisory Services – a fast growing, increasingly complex area of taxation impacting thousands of Canadian businesses and individuals for myriad reasons. The level of cross-border activity has grown exponentially in recent years, said GGFL Managing Partner Josh Engel, and the related domestic and foreign […]

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Nine Ways To Make Your Tax Preparation More Efficient

Nine Ways To Make Your Tax Preparation More Efficient

Gathering all the tax return information to send to your accountant and/or CRA can be unnecessarily time consuming and involve way too much paper. GGFL Associate Partner Jean McDonell offers these tips to make the annual chore a little less . . . well, taxing. Ask your dental professional, pharmacist or other relevant health professional […]

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2021 Tax Facts for Ontario Residents

2021 Tax Facts for Ontario Residents

We’ve updated our Tax Facts for Ontario Residents document to include the new 2019 rates, as well as the 2018 rates.

GGFL’s “go-to” Tax Facts sheet is a quick reference guide on Ontario tax rates, including corporate income, RRSP limits, prescribed interest rates, automobile amounts, personal tax brackets for salary and dividends, TFSA, CPP and EI limits, pension splitting with spouses, Workplace Safety & Insurance Board (WSIB), and clawback of Old Age Security.

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The Impact of Biden Tax Proposals on Canadian Residents

The Impact of Biden Tax Proposals on Canadian Residents

By Monica Martinez, CPA, CA, CPA (Illinois) CRA on the Hunt for Details of Tax Delinquent US Property Owners | The Tax Implications of Repatriating to Canada | Options for Non-compliant US Citizens Facing Increased Scrutiny from the IRS Learn more about our US & Cross-Border Tax Services Joe Biden has been inaugurated as President […]

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CEBA Applications Update

CEBA Applications Update

The application deadline to apply for the CEBA loan was extended to March 31, 2021. We understand that some banks will be opening applications for the additional CEBA loan of $20,000 on December 4th, 2020. CEBA details for new and existing applications are as follows: Existing CEBA clients: Another $20,000 available (in addition to the original […]

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