Duffin Martin – Page 2 – Duffin Martin Tax & Accounting

Saving for Your First Home? Open Your FHSA Now

In Canada, the struggle to find affordable housing is no secret. Prices seem to continue to rise post-pandemic and more and more people continue to get priced out of the housing market. To combat the housing market crisis, the federal government introduced First Home Savings Account (FHSA) as part of its 2022-23 budget. As of April

2024 RRSPs – How Much Should You Contribute?

What is RRSP? An RRSP, or a Registered Retirement Savings Plan, is a savings plan that you can contribute to over the course of your working life. When you retire, you can convert your account to a Registered Retirement Income Fund (RRIF) and withdraw an income. In the meantime, you can treat your RRSP like a regular

Getting CRA to Waive or Cancel Penalties & Interest

Canada Revenue Agency (CRA), under provisions of the Income Tax Act that are usually referred to as “Taxpayer Relief”, has the discretion to waive any or all amount of penalties and interest. The provisions can protect a taxpayer who is unable to meet their tax obligations due to circumstances beyond their control. However, this comes

5 Bookkeeping Tips to Help You Manage Your Small Business Finances

Managing the financial aspects of your small business can be daunting, but it’s essential for long-term success. Effective bookkeeping not only provides insight into your business’s fiscal well-being but also empowers you to make well-informed decisions. Building a consistent bookkeeping practice can feel daunting, particularly if this is your first rodeo. But it doesn’t have

New CRA Administrative Policy for Employees in Remote Work Arrangements Effective Jan 2024

In Sept 2023, the Canada Revenue Agency (CRA) has introduced a new administrative policy for determining a remote employee’s province of employment for payroll purposes (the New Policy). The new policy is effective January 1, 2024 and may require changes to the payroll tables applied to fully remote workers in 2024 and beyond. Current CRA Guidance Under the existing

Canada Revenue Agency Expected to Pilot a New Automatic System for Tax Year 2024

The Canada Revenue Agency (CRA) is set to pilot a new automatic tax filing system in 2024. This new pilot program was announced in the federal government’s 2023 to 2024 fiscal budget on March 28, 2023, as part of its goal to “Making Life More Affordable” for Canadians. Automatic tax filing is already a reality

Important 2024 Canada Tax Deadlines to Keep in Mind

It’s almost that time of year again: tax season. Many of us put off filing our income tax and benefit returns until the last minute. In this article, we will review all the important tax deadlines. February 19, 2024 – That’s when you can start filing your 2023 tax return That’s the date you can

Government of Canada Extends Deadline for Homeowners to File their Underused Housing Tax Return

The Federal Government of Canada has extended the deadline for homeowners to file their Underused Housing Tax (UHT) return until April 30, 2024. Homeowners affected by the Underused Housing Tax (UHT) will have until April 30, 2024 to file their returns for the 2022 calendar year without being charged penalties or interest. Penalties and interest were previously

Important Tax Deductions & Credits Canadians Can Claim for Tax Year 2023

Over the past year, economic instability has been notable, attributed to the ongoing developments surrounding COVID-19 and heightened inflation and increased cost of living. In this article, we will share some of the tax credits and deductions that you may be able to claim on your income tax return this year to help you save

All You Need to Know About Navigating the CEBA Loan Repayment Extension

Program Overview The federal government introduced the Canada Emergency Business Account (CEBA) in April 2020 as part of its COVID-19 pandemic relief initiatives. CEBA program initially offered interest-free loans of up to $40,000, to eligible small businesses or not-for-profit organizations. Eligible CEBA loan holders were later offered an expansion of up to $20,000 (i.e., for a

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