Introduction – The Canada Emergency Wage Subsidy Many Canadian businesses have been impacted by the ongoing COVID-19 pandemic. While many businesses are experiencing financial hardship, some of them are unable to pay their employee’s wages. In response, the Government of Canada introduced the Canada Emergency Wage Subsidy (CEWS) in...
RRSP and TFSA Over-Contribution Tax Each year individuals have a certain amount they can contribute to their Registered Retirement Savings Plan (“RRSP”) and Tax Free Savings Plans (“TFSA”) for the year known as “contribution room”. If an individual contributes an amount to his or her RRSP or TFSA which...
Introduction: The CRA’s Voluntary Disclosures Program The Voluntary Disclosures Program (VDP), also known as tax amnesty, is a program offered by the Canada Revenue Agency (CRA) that encourages a taxpayer to voluntarily come forward and disclose any inaccurate or unreported information concerning tax filings. A taxpayer who makes a...