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CRA Prescribed Rate Rising – What Does it Mean for You?
The impact of rising interest rates by the Bank of Canada are being felt in many places, including the Canada Revenue Agency. Effective October 1st, the CRA prescribed base interest rate will be rising to 3% (currently at 2%) for the fourth quarter of 2022. The
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Electric Vehicle Rebates for Consumers & Businesses Explained
With the high price of gasoline, the COP26 UN Climate Change Conference, and the recent natural disasters in BC fresh in everyone’s mind, many consumers may be considering purchasing an electric vehicle (EV). Buyers may be eligible for an incentive rebate off the
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Highlights from the Ontario Fall Economic Statement
The provincial government released their Fall Economic Statement on Thursday. Billed as a pre-election mini-budget to Build Ontario, the statement proposes a number of investments in infrastructure, health care and skilled trades, but very few income tax initiatives.
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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
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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
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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
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