Kimaadili Accounting & Payroll Services
4544 Sheppard Avenue East M1S1V2 Toronto, ON, Canada

Issues with your T4A slip Call the CRA right away if: Your T4A slip does not show the correct amounts... You did not apply for a COVID-19 benefit, but received a T4A slip Telephone number: 1-800-959-8281

You did not receive a T4A slip If you received benefit payments and did not get a T4A slip before March 10, 2021, you may get your T4A information from CRA My Account or by contacting the CRA. If you applied for a COVID-19 benefit with Service Canada, you will receive a T4E slip instead of a T4A slip. For more information go to Employment Insurance tax slips (T4Es) and itemized statements.

T4A slips for 2020 tax year If you received any of the COVID-19 emergency or recovery benefits, you will get a T4A slip from the Canada Revenue Agency (CRA). Quebec residents will get both a T4A and RL-1 slip. The CRA will provide T4A slips starting in January 2021. You should receive your T4A slip before March 10, 2021.... The COVID-19 benefit payment amounts from your T4A slip must be reported as income on your 2020 income tax and benefit return.

https://www.gofundme.com/f/help-for-fresh-food-for-marginal

CPP is going up in 2021. The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2021 will be $61,600. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. The basic exemption amount for 2021 remains at $3,500. The employee and employer contribution rates will be 5.45% and the self-employed contribution rate will be 10.9%. The increase in contribution rate is due to the continued implementation of the CPP enhancement. The maximum employer and employee contribution to the plan for 2021 will be $3,166.45 each and the maximum self-employed contribution will be $6,332.90.

Nova Scotia Nova Scotia venture capital tax credit The maximum annual eligible investment is $500,000.... Nova Scotia corporation income tax rates Effective April 1, 2020, the lower rate of Nova Scotia corporation income tax decreases from 3% to 2.5% and the higher rate decreases from 16% to 14%. Nova Scotia digital animation tax credit This credit, which was scheduled to end June 30, 2020, is extended five-and-a-half years to December 31, 2025. Nova Scotia digital media tax credit This credit, which was scheduled to end December 31, 2020, is extended five years to December 31, 2025

Saskatchewan corporation income tax Effective October 1, 2020, the government of Saskatchewan lower corporation income tax temporarily from 2% to 0%. It will be restored to 1% effective July 1, 2022, and to 2% effective July 1, 2023.

Great News! Prince Edward Island Effective January 1, 2021, the Prince Edward Island lower tax rate for corporations from 3% to 2%.

Ontario regional opportunities investment tax credit Ontario introduced a new 10% refundable income tax credit for Canadian-controlled private corporations that make qualifying investments that become available for use on or after March 25, 2020, in specified geographic areas of Ontario. Qualifying investments are eligible expenditures for capital property included in capital cost allowance class 1 and class 6. These investments include expenditures for constructing, renovating or acquiring eligible commercial and industrial buildings and other assets. The credit will be available for expenditures of more than $50,000 and up to a limit of $500,000 in the tax year. In general, the qualifying region includes the north, the east (except the Ottawa region) and the south-west of Ontario

Capital cost allowance Zero-emission vehicles The Government proposes to provide a temporary enhanced first-year capital cost allowance (CCA) rate of 100% for eligible zero-emission automotive equipment and vehicles that currently do not benefit from the accelerated rate provided by classes 54 and 55. These vehicles and equipment would be included in new class 56. The enhanced rate would apply only for the tax year in which the equipment or vehicle first becomes available f...or use. It would be subject to the following phase-out: 100% after March 1, 2020 and before 2024 75% after 2023 and before 2026 55% after 2025 and before 2028 See more

Have you been audited and your tax Accountant charged you extra for auditing? At Kimaadili Accounting & Payroll Services, Auditing is free of charge. File with us, you will be glad you made the switch.