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Year End Checklist - 2020 (Investors)

Tue, 12/15/2020 - 08:55

Author:

Are you coming to the end of the year after unpredictable 2020 investment returns? The most common question of 2020 has been if the government will raise capital gains rates. At this point, there has been no official indication from the government that they will, but there is nothing stopping from them from doing so. Many people believe that they will raise rates because of the federal deficit while others believe they will not as there is a minority government and they do not want to be seen raising taxes during a pandemic (and that the government does not really care about debt).

Year End Checklist - 2020 (Employees and Individuals)

Tue, 12/15/2020 - 08:44

Author:

Michael Sadovnick

year-end checklist; 2020; 0 comments

It is that tiime of year again, 2020 is turning to 2021, and I don't think people have ever been so excited to see a new year. Here are some things to consider as we turn the page on 2020.

EMPLOYEES AND INDIVIDUALS

1. If in 2021 you are expecting a significant income drop, consider timing your income by taking a bonus in 2021 opposed to 2020. If your income is low in 2020 and you expect an increase in 2021, consider taking the bonus in 2020.

Careful of the CEBA Expansion

Mon, 12/07/2020 - 10:59

Author:

Michael Sadovnick

CEBA, COVID, TD 0 comments

On December 4th the terms of the CEBA loan expnasion were released. As a reminder, the original loan was $40,000 for eligible businesses with 25% being forgivable if paid back by the end of 2022. Many businesses applied for the loan as the eligibility criteria was broad. The eligibility has stayed broad since the begining and has expanded (see here for eligibility rules - https://ceba-cuec.ca/) , but the uses of funds has narrowed under the new loan agreements.