Tax Advice

2024 CPP & EI Contributions - Virtus Group LLP
2024 CPP & EI Rates – Changes For The New Year
On November 1, 2024, the Government of Canada announced changes to contributions for both Canada Pension Plan (CPP) and Employment Insurance (EI) for the 2024 calendar year. The changes in how CPP is treated on a personal tax return (which began in 2019) mean that of the $3,867.50 of normal max contribution, $631.00 will be...
Underused-House-Tax-Deadline-Extended-to-April-30-2024
Underused Housing Tax Transitional Relief Period Extended
With only hours to spare, the Minister of National Revenue today announced a further extension of filing deadline for 2022 Underused Housing Tax returns – filing by April 30, 2024 will avoid interest and penalties. The filing deadline had been extended to October 31, 2023 from an original deadline of May 1, 2023. “The Underused...
Canada Revenue Agency National Headquarters sign
Canada Revenue Agency (CRA) Strike
On Wednesday April 19, 2023 the Public Service Alliance of Canada declared a general strike. Bargaining groups including the 39,000 represented employees of the Canada Revenue Agency (CRA), are on strike. The federal government is still in negotiations with the groups. What a CRA strike means At this point, there has been no indication this...
man's hand with calculator and laptop
When can you claim a tax deduction on interest payments?
Paying interest on borrowed funds is an expectation for individuals and businesses alike. Interest payments can add up, but they can also be deductible on your tax return, helping to reduce your tax liability. However, not all interest payments are deductible. There are four specific criteria that must be met in order to claim a...
Person driving vehicle with two hands on steering wheel looking at traffic ahead
Understanding personal & business vehicle use
The distinction between personal and business vehicle use can be confusing at times. Whether you’re self-employed or an employee of a business, it’s crucial to understand the distinction between the two for taxation and compliance purposes. In this article we’ll attempt to provide some clarity as to what is considered “personal use” and what is...
man doing home renovations
Saskatchewan’s Home Renovation Tax Credit
The home renovation tax credit is available for Saskatchewan residents making renovations to their principal residence in 2022. (It was also available for expenses incurred between October 1, 2020 and December 31, 2021, so if you forgot, it’s not too late to adjust your 2021 return!) The 2022 credit is available for expenses incurred above...
2023 Federal Budget Synopsis
Budget Announcement: The 2023 Federal Budget released March 28th was relatively tame compared to the big-spending COVID relief measures of the last few years. There were no widely applicable tax increases or savings to most Canadians. The Finance Minister did her best to walk a fine line of providing support to lower income individuals and...
saskatchewan legislative building
2023 Saskatchewan Budget commentary
On March 22, 2023, Saskatchewan Minister of Finance Donna Harpauer released 2023 Saskatchewan Provincial Budget. A budget surplus is forecasted after increased spending. No significant direct business or tax announcements. Provincial Budget Announcement The 2023 Saskatchewan Budget, titled Growth that Works for Everyone, includes increased funding for health care, education, infrastructure, and social programs. There...
Shared-Custody Parents and the Canada Child Benefit
When parents separate and divorce, typically they are able to agree on an arrangement to share custody of their children. A shared custody agreement is often to the benefit of all involved, especially the children. A shared custody agreement usually makes the most sense from a human perspective, it can cause legal, financial, and tax...
Gold coins stacked in front of brass alarm clock with TAX sticky on face of it
Underused Housing Tax – key information & filing deadlines
Announced in the 2021 Federal Budget, the Underused Housing Tax (UHT) is a tax designed to target underused properties owned by non-residents or non-Canadians. However, many Canadian individuals, corporations, partnerships and trusts will have to file a UHT return in order to avoid significant penalties.  How does the Underused Housing Tax (UHT) work? The expressed...