Balanced Books and Taxes

A reminder that today is your last day to contribute to your 2020 RRSP deduction

This is a good read to see if you qualify for any of the new tax benefits.

The government has just announced that they are extending their emergency benefits by another 12 weeks for the CRB and CRCB, which brings it to a total of 38 weeks. And extending the EI benefit another 24 weeks, which means you’d be entitled to a total of 50 weeks.

The Government has announced there will be interest relief to those who received COVID related income support benefits and had a total taxable income of $75,000 or less. This means if you have an amount owing and fit that criteria, you will not be charged any interest until April 30, 2022.

This is great news for those Small Businesses that received a letter stating they were not entitled to CERB. You will not have to repay your CERB as long as you met the qualifications.