Tax Tips: First Quarter 2021 - Buckberger Baerg & Partners LLP

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We provide tax tips on available benefits, CRA policies, and more.

1ST QUARTER 2021 TAX TIPS

Overview

Canada Pension Plan: Costs are increasing in 2021

The maximum pensionable earnings and contribution rate for 2021 have been released.

Canada Emergency Wage Subsidy: Public Listing of Applicants

CRA launched the Canada Emergency Wage Subsidy (CEWS) Employer Search, which allows users to search a listing of 340,000 CEWS applicants.

Canada Emergency Wage Subsidy: More COVID-19 Support

The Canada Emergency Rent Subsidy (CERS) provides a federal subsidization of expenses associated with both commercial rental payments and property ownership.
The deadline for application is 180 days after the end of the qualifying period.

Employees Working from Home During COVID-19: Personal Tax Deductions

On December 15, 2020, CRA released guidance on two new options available for employees claiming expenses related to working from home on their personal tax return.
- Temporary flat rate method – no employer certification required
- Detailed method – employer certification required

Canada Emergency Business Account: Program Expanded

The Canada Emergency Business Account (CEBA) program is intended to support businesses incurring non-deferrable expenses by providing partially forgivable interest-free loans.
An amended agreement which certifies that all expenditures under the program are “eligible nondeferrable expenses” is required to be signed.

Underground Economy: Areas of Focus

CRA recently discussed one of their top priorities; identifying those involved in the underground economy and ensuring that they are satisfying their tax obligations.

Online Activity: CRA Focus on Video Game Streamers and Online Influencers

CRA is reviewing social media accounts to see whether video game streamers’ and online influencers’ income is consistent with paid endorsements and other signs of income online.