Why this message to you today? If your current income is being impacted by the Covid-19 health crisis, so too will your tax picture. This could be a positive impact or a negative impact. Understanding how your tax picture might change is extremely important. Here are some examples to consider: Example #1: If … Continued
Why this message to you today? The Canadian Federal Government has launched an initiative for those who are receiving RRIF and LIF payments. For payment amounts not yet received this year (2020), these remaining amounts can be reduced by 25%. The purpose of this is to help reduce the potential negative impact of withdrawing … Continued
Why this message to you today? Have you suffered from a loss of income? Is it helpful to you to delay a payment on your mortgage? Be careful of the implications of this strategy. More Specifically: (source: I have drawn this information from Federal Government website). The Federal Government has announced a plan … Continued
Why this message to you today? The Federal government is providing several supplemental income programs to Canadians during the Covid – 19 crisis. It is important to understand that this IS taxable income and there are no tax-withholdings on the amounts you are receiving. This means that when you file your taxes next year, … Continued
Why this message to you today? The Federal and Provincial Government (Manitoba) have provided the opportunity to delay income tax filings and the payment of other installments. More Specifically: (source: I have drawn this information from Federal Government website). Tax Returns for Individuals: The filing due date for 2019 income tax returns for … Continued
Why this message to you today? Have you seen some additional money added to your bank account recently? The Federal Government, in response to the Covid-19 outbreak and the need for people to stay at home, has provided some supplemental income benefits to those who qualify through the GST tax credits and the Canada … Continued
Topic: Time To Review and Categorize Your Expenses. Why This Topic For You Today? Is it time to review and categorize your expenses? As we look to the weeks and months ahead, for many people it is unknowable how their income and lifestyle may be impacted by the Covid-19 virus. Until such time … Continued
Topic: Time To Review and Categorize Your Income. Why This Topic For You Today? Is it time to review and categorize your income? As we look to the weeks and months ahead, for many people it is unknowable how their income and lifestyle may be impacted by the Covid-19 virus. Until such time … Continued
