Under the Income Tax Act, contributions to an RRSP that exceed your RRSP/PRPP deduction limit by more than $2,000 can result in harsh penalties. Generally, the taxpayer will be subject to a tax of 1% per month on the excess amount until the excess amount is withdrawn from the RRSP. In situations where a taxpayer … Read more
March 25: To help workers and businesses keep their employees, the government has proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2000 a month for up to four months for workers who lose their income as a result of COVID-19. This CERB would be simpler and more accessible … Read more
What It Means for Canadian Employers To help employers keep and return workers to their payroll through the challenges posed by the COVID-19 pandemic, the Prime Minister, Justin Trudeau, announced the new Canada Emergency Wage Subsidy on March 27, 2020. This would provide a 75-per-cent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. … Read more
The Auditor General of Canada in its 2016 report indicated that there may be cases where taxpayers disagree with the Canada Revenue Agency’s (CRA) assessment of their tax returns. One of the avenues available to taxpayers to dispute CRA’s assessment is by filing a Notice of Objection through the Appeals Branch. The Auditor General’s findings … Read more
