Your Legacy Bookkeeping

Reminder….. minimum wage goes up to $16.55 tomorrow.

Canadians are eligible for the tax deduction, under the “temporary flat rate method,” if they worked from home more than 50 percent of the time for at least four consecutive weeks in 2022.

Still working from home? Don’t miss out on these valuable tax deductions this year Canadians may be eligible to receive up to a $500 tax deduction through the federal government’s temporary flat rate method home office expenses claim.

The one-time top-up to the Canada Housing Benefit aims to help low-income renters with the cost of renting. You may be eligible for a tax-free one-time payment of $500 if your income and the amount that you pay on rent qualify.

Think you might be eligible for the one-time top-up to the Canada Housing Benefit?

Make sure you’ve filed your 2021 tax return!

Learn more about eligibility and how to apply: http://ow.ly/lgCO50MVRqc

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If you have the ability to sponsor or donate, your business will receive either a charitable tax receipt ( donation) or a business receipt (sponsorship).

Remember that all donations over $20 will be issued a charitable tax receipt! www.glowingheartscharity.org/initiatives

Paying off debt ... which method is better for you? The avalanche method (focus on the highest interest debt first which will likely cost you less in the long run), or the snowball method (focus on the lowest balance debt for ‘faster gratification’ and motivation)....

Fifty-four years to pay off your credit card debt? Here’s what to do if you find yourself in way over your head When Angela Bratton’s credit card statement told her it would take 54 years to pay off her bill, it was the wake-up call she needed. How the ‘avalanch...

CEWS expanded & the new Canada Recovery Hiring Program (CRHP), will pay 50 per cent of an eligible employee’s salary in June, July and August, 40 per cent in September, 30 per cent in October, and then 20 per cent in November. Companies can choose to collect whichever program would pay them more — CEWS or CRHP.

Government announces hiring credits for businesses, aid programs for the hard-hit tourism and arts industries Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy expanded beyond June 5 deadline but will be gradually phased out by end of September.

Things you need to know if you collected CERB in 2020. CERB recipients who made less than 75K may be able to defer paying some taxes until 2022.

Sponsored | Things you need to know if you collected CERB in 2020 If you received Canada Emergency Response Benefits in 2020, here’s what you need to know when filing your tax return