Tax Tips: Fourth Quarter 2020 - Buckberger Baerg & Partners LLP

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4TH QUARTER 2020 TAX TIPS

Overview

CPP: When to Apply?

While the normal age to begin receiving regular CPP is 65, individuals can apply to start receiving earlier at a cost, or later for a greater benefit.

Reasonable Meal Allowances: Moving, Medical and More!

CRA announced that, effective January 1, 2020, the rates allowable under the simplified method related to meal claims for transport employees increased.

Commingling of Personal Expenses in the Business: The Cost Could Be Very High

Deducting personal expenses in a corporation can lead to a very costly bill, well in excess of the tax should the amounts have been reported correctly.

Unreported Income: Statute-Barred Periods

In a French Court of Quebec case, the taxpayer had been assessed with unreported income for 2004, 2005 and 2006, respectively, all beyond the normal reassessment period.

Unremitted GST/HST or Source Deductions: Directors Can be Personally Liable

Directors can be personally liable for employee source deductions and GST/HST unless they exercise due diligence to prevent failure of the corporation to remit these amounts on a timely basis.