Dear Client:
Attached are Business Matters for June and August, 2021. As always, a wide variety of interesting material.
June 2021 - Read Here
Covid-19 Support Programs
Coronavirus is not going away any time soon it would seem, however, most of the business support ended Sept. 25, 2021. There is a hiring benefit in place until Nov. 20, 2021. There are several programs in place for individuals the details of which are in the article.
Federal Budget Tax Changes
A number of personal tax changes were included in the budget – most of which are very narrow in scope.
Corporate tax changes include a significant change to capital cost allowance (depreciation) rules. Capital purchases made between April 20/21 and December 31/23 may be immediately expensed (certain long-lived assets such as buildings are excluded). This is a substantial change that will affect many clients. Read on!
Data Privacy and Security
It seems every edition of Business Matters has an article on this topic. Regardless of the size of your businesses or organization data security is important. From the article “it takes time, planning and practice to guard your organization’s data.” Some of the content included in the four-step process will seem too “big company” for you but the basics should be implemented.
FIRE
What is FIRE? Financial Independence Retire Early. Personally, I think I have missed this one! An interesting article. Great quote from Charles Dickens at the end of the article.
August, 2021 - Read Here
Hiring Virtually
If you are starting to hire staff by conducting virtual interviews this article provides some very good information. The last line in the article provides the best advice.
Principal Residence Exemption
A good discussion concerning what properties will or will not qualify for the principal residence exemption. Remember since 2016 Canada Revenue Agency has required the sale of your principal residence to be reported on your tax return. Often the first hint that a client has sold their house is receiving a note that their address has changed! Please let us know if you sell your house during the year.
Departing Canada – Tax Consequences
Emigrating from Canada can have significant income tax consequences. Provide a list of your assets to us before you leave and we can inform you of the different options available to minimize the tax bill. Enough said!
Hacker + Your Phone Number = Problems
The final article concerns different ways hackers can use your phone number and information posted online to perpetrate fraud. The hackers must be making money because the fraud keeps happening. Be careful. Passphrases instead of passwords – I like that!
We hope that everyone is enjoying the great fall weather.
Happy Thanksgiving!
Yours truly,
JIM M. SMITH CHARTERED PROFESSIONAL ACCOUNTANTS INC.
Jim M. Smith, CPA, CA
P.S. Please take precautions against Coronavirus for the sake of your family, friends and co-workers.