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THINK Insights

Check out the latest articles from our CPA team, focusing on providing the most relevant accounting and tax advice for individuals, families, and businesses.

CEBA Loan Extension: Read The Fine Print

CEBA Loan Extension: Read The Fine Print

In yesterday's announcement, the Canadian government introduced extended deadlines and added flexibilities for the Canada Emergency Business Account (CEBA) loan repayments. The CEBA Loan Extension is a move aimed at providing relief to...

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Foreign Tax Credits In Canada – Eligibility, How To Claim, and How Much Can You Claim?

Foreign Tax Credits In Canada – Eligibility, How To Claim, and How Much Can You Claim?

Foreign tax credits in Canada are a way for Canadian taxpayers to reduce the amount of tax they owe on foreign income. To claim foreign tax credits, taxpayers must complete and file Form T2209: Federal Foreign Tax Credits and provide supporting documentation. Only taxes similar to Canadian taxes are eligible for foreign tax credits, and the amount of foreign tax credits that a taxpayer can claim is limited to the amount of Canadian tax payable on the foreign income.

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A Primer On Estate Planning

A Primer On Estate Planning

Meet Bob. Bob is a divorced 64-year-old man living in Caledon, Ontario. Bob has five kids who are all over the age of 18. Two of those children are married and he is a recent and proud grandfather to a new little baby girl. Bob retired six months ago and is enjoying spending more time up at the cottage in the Muskokas, as well as taking a little day trips to historic sites around Ontario. He’s a huge history buff! Bob had a Will drafted with his ex-wife over 30 years ago now.

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CEWS Extension – Details and Takeaways

CEWS Extension – Details and Takeaways

Backgrounder: CEWS Extension - Speech from the Throne: Commitment to extend the Canada Emergency Wage Subsidy (CEWS) The government’s Speech from the Throne confirmed its intention to extend the CEWS until June 2021;On October 14, 2020,...

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GST/HST Quick Method – Simplicity and Savings!

GST/HST Quick Method – Simplicity and Savings!

When you use the GST/HST quick method for your business, you still charge the applicable GST and HST on your supplies of taxable goods and services. However, to calculate the amount of GST/HST payable, multiply the revenue from your supplies (including the GST/HST) for the reporting period by the quick method remittance rate, or rates, that apply to your situation.

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