How to respond to a tax instalment notice Sometime during the month of February, millions of Canadians will receive some unexpected mail from the Canada Revenue Agency (CRA). That mail, entitled simply “Instalment Reminder”, will set out the amount of instalment payments of income tax to be paid by the recipient taxpayer by March 15 […]
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Figuring out when you can afford to retire While almost everyone looks forward to retirement and an end to the day-to-day demands of working life, there’s also no question but that the decision to give up a regular paycheque is a stressful one. Particularly when the cost of life’s necessities – especially food and housing
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Canada Pension Plan Contributions Changes made to the Canada Pension Plan (CPP) beginning in the 2024 calendar year will create a two-tier contribution structure. First-tier contributions for 2024 are set at 5.95% of pensionable earnings between $3,500 and $68,500. Second-tier contributions for 2024 are set at 4.0% of pensionable earnings between $68,500 and $73,200. The
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Figuring out whether you can afford to retire now (December 2023) While almost everyone looks forward to retirement and an end to the day-to-day demands of working life, there’s also no question but that the decision to give up a regular paycheque is a stressful one. Particularly when the cost of life’s necessities – groceries,
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Potential tax consequences of holiday gifts and celebrations During the month of December, it’s customary for employers to provide something “extra” for their employees, whether it’s a compensation bonus, a gift, or an employer-sponsored social event – or all three. And, given the current labour shortages in many sectors, employers may be particularly motivated this
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Planning for home office expense claims for 2023 When the pandemic struck in March of 2020 and public health lockdowns were imposed, virtually all Canadian employees were required to work from home, most for the first time. In the nearly four years since then, the work landscape has shifted, as many employees continue to work
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