(updated for announcements made 14 September 2023) If you participated in the Canadian governments COVID business loan program (called the “Canadian Emergency Business Account” or CEBA for short) then you benefited from a loan of up to $60,000 of cash during the pandemic. But like all good things, they come to an end and these loans have an important deadline coming up.  While the loan itself is not due until 31 December 2026 (extended from 31 Dec 2025), if you repay most of the loan by 18 January 2024 (extended from 31 Dec 2022) you will qualify for up to $20,000 in…

  IMPORTANT NOTE: This article discusses Canadian Taxation matters and may not be applicable to those outside of Canada.  Personal circumstances play a significant role in determining your taxation situation and should be discussed with a tax professional to determine your unique situation.  This information is provided for informational purposes only and does not constitute tax advice. SECOND IMPORTANT NOTE: Be careful where you get your tax advice from.  Rules in the US are quite different from rules in Canada, and most stuff you find on the internet is written from a US perspective.  Also, don’t take tax advice from a plumber!…

Most online banking platforms have a Tax Payments module that will allow you to set up your business tax payments.  Please note that most will need payments setup one day in advance of the due date.  Please note that if the due date falls on a Saturday, Sunday or non-banking day then the payment is due on the following banking day. Please note that personal income tax payments are usually handled as a Bill Payment (and not covered in this article).. Setting up your online banking tax payments usually requires two steps: (1) Setup and (2) Payment. IMPORTANT NOTE: Online corporate tax payments…

When you work in the service industry it is common to have to spend money in order to deliver the service to your client. In many cases you may be able to charge these expenses back to your client.  This practice goes by many names, including Reimbursements, Recharges, Billable Expenses, Disbursements etc. The issue comes when you are spending money that you then need to be reimbursed for by a client.  This is complicated when there are multiple sales taxes involved and expense deduction limitations (such as on meals and entertainment).  The question is who claims the sales tax back and…

Canada's Underused Housing Tax requires reporting of many residential properties in Canada and tax payable if the property is vacant.