Staycation Tax Credit Expiring This Month
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The following is a reminder that the Staycation Tax Credit introduced by the provincial government is expiring this month. Staycation Tax Credit The Staycation Tax Credit provides Ontario residents with a 20 per cent refundable tax credit on eligible accommodation expenses incurred from January 1, 2022 to December 31, 2022. This temporary tax credit is designed to encourage Ontarians to […]
Continue Reading2022 Federal Budget Commentary
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On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Canada’s 2022 federal budget: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons. No changes to personal or corporate tax rates, nor changes to the inclusion rate with respect to capital gains were introduced. However, several new […]
Continue ReadingImmediate Expensing of Eligible Property
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The federal government has proposed new measures to provide immediate expensing of eligible property acquired by Canadian-controlled private corporations (CCPCs). This temporary measure will allow CCPCs to immediately expense up to $1.5 million of eligible property per taxation year from April 19, 2021 to December 31, 2023. $1.5 Million Limit The $1.5 million limit would be shared amongst a group […]
Continue ReadingSmall Businesses Air Quality Improvement Tax Credit
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The federal government has announced a new tax credit to assist small businesses in improving their indoor air quality and ventilation. The Small Businesses Air Quality Improvement Tax Credit provides small businesses with a 25 per cent refundable tax credit on eligible air quality improvement expenses incurred from September 1, 2021 to December 31, 2022. Small businesses can claim eligible […]
Continue ReadingOntario Staycation Tax Credit
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The provincial government has announced a new tax credit for Ontarians who plan to take short-term vacations within the province. The Staycation Tax Credit provides Ontario residents with a 20 per cent refundable tax credit on eligible accommodation expenses incurred from January 1, 2022 to December 31, 2022. Ontarians can claim eligible accommodation expenses of up to $1,000 as an […]
Continue Reading2022 Automobile Deduction Limits and Expense Benefit Rates for Business
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The ceiling on the capital cost of passenger vehicles for capital cost allowance purposes will be increased from $30,000 to $34,000 (plus applicable federal and provincial sales taxes) for nonzero emission passenger vehicles purchased on or after January 1, 2022; For eligible zero-emission passenger vehicles, the ceiling on the capital cost of passenger vehicles for capital cost allowance purposes will […]
Continue Reading2021 Federal Budget Tax Highlights
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On April 19, 2021, the Honourable Chrystia Freeland tabled her first budget as federal Minister of Finance. With a projected deficit of $354.2 billion for 2020-21 and $154.7 billion for 2021-22, this spending budget aims to provide more relief to finish the fight against Covid-19 and to create more jobs and prosperity for Canadians in the days and decades to […]
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