Cfotax247
We provide Tax and Accounting services across North America
With Real Estate soaring prices across Canada, and tightening regulations for borrowing money it may be potentially difficult to arrange lending from financial institutions. In addition to the most of the borrowers face the below issues when they apply for loans Stable source of Income Low Credit Score Low down payment Family Situation The stable source of income is the key factor what influences money lenders decision to approve funding to the borrower....
https://cfotaxnet.wordpress.com/2021/10/31/canada-mortgage/
CANADA MORTGAGE With Real Estate soaring prices across Canada, and tightening regulations for borrowing money it may be potentially difficult to arrange lending from financial institutions. In addition to the most…
COVID19 and Canada Taxes
The government in Canada announced the following benefits in Canada
Benefit/Support for Workers
Canada Child Tax Benefit will top up upto $300 per child
Personal tax return deadline extended till 1 Jun 2020. The deadline to pay personal taxes has been extended to 31 August 2020 without interest and penalties which is due today and before September 2020. However it is encouraged not to delay their filings to receive the new and enhanced benefits
Introduction of Emergency Care benefit upto $900 bi-weekly for up to 15 weeks for staying at home, self employed, Sick with COVID19 or sick dependent, school closures and does not have access to Employment insurance. Application to be available in April 2020
Special Top up payment for GST Credit
Waiver of one week waiting period and medical certificate requirement for employment insurance by one week
Placing six month interest free moratorium on repayment of Canada Student loans
Reducing required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25 % for 2020
Canada large banks support towards mortgage and other credit products offered upto 6 months deferral
Benefits/Support for Business
Providing wage subsidy for three months equal to 10% of remuneration paid during that period upto maximum of $1375 per employee and $25000 per employer
The deadline to pay business taxes has been extended to 31 August 2020 without interest and penalties which is due today and before September 2020. This applies to balances due and installments
CRA to postpone, post assessment/audits for HST/GST and income tax for next four weeks
Increase the credit available to small, medium and large Canadian business
COMMON TAX QUESTIONS
Tax Accounting