Phone: (403) 934-3176   Toll Free: 1-866-934-3176   Fax: (403) 934-3182   Client Portal

Gregory, Harriman & Associates LLP Blog

2022 Federal Budget - Important Tax Points


On April 7, 2022, the Federal Government released its 2022 Federal Budget, outlining many proposed economic, social, and income tax measures for 2022 and subsequent years. From an income tax standpoint, most of the proposals outlined were smaller in significance and focused on less specific promises of proposed future tax measures, and the introduction of new boutique tax credits. There were no increases to personal or corporate tax rates.  Nor were there any increases to the capital gains inclusion rate.  The following is a summary of some of the more important tax measures to be aware of and watch for updates on moving forward.

Helpful Hints on Gathering Tax Slips and Other Information for Personal Tax Returns


Now that personal tax season is here you will need to start gathering up all your tax slips to report your income and deductions for 2021.  With a lot of institutions and businesses going paperless you will need to determine what tax slips may be coming by e-mail or that you need to sign into your account to download versus arriving in the mail.

Read more ...

Return of Fuel Charge Proceeds to Farmers Tax Credit – Carbon Tax Rebate Available to Farm Businesses


In its Economic and Fiscal Update for Fall 2021, which was released on December 14, 2021 the Department of Finance introduced a proposed tax credit available to farm businesses with the intention of effectively refunding proceeds from the Federal fuel charge carbon tax program to farmers. The proposed tax credit will be available starting in 2021 to farm businesses in any of the provinces that do not meet the federal stringency requirements (referred to as “backstop jurisdictions”)—currently, Ontario, Manitoba, Saskatchewan and Alberta. 

Read more ...

Update on Home Office Expenses for 2021 and Beyond


In 2020 the Department of Finance introduced several additional tax measures for individuals and businesses in order to address the fact that as a result of COVID-19, a significant portion of Canada’s workforce had begun working from home on a regular basis, and employees are starting to bear some of the additional costs associated with maintaining a workplace in their home.

For 2021, the government has confirmed that some of these measures will continue for the 2021 taxation year, and in some cases for the 2022 taxation year as well. Here is an update on what can be claimed for home office expenses:

Read more ...

New Years Bookkeeping Resolution: Six Easy Tips to Stay on Top of Posting


For many small business owners, staying on top of your posting and keeping your businesses books well organized can be a daunting task. This is often a side of the business that even the most involved owner managers don’t exactly look forward to. For any business owner that feels this way, the start of a new year can be the perfect opportunity to make some easy but important changes to your posting practices.

Guide to the Canada Emergency Business Account (CEBA) Loan for Businesses (Updated January 13, 2022)

This program which will be implemented by eligible financial will provide interest-free loans of up to $60,000 to eligible small businesses (original $40,000 CEBA amount plus expansion amount of $20,000), which must be used to cover their non-deferrable expenses (see list of non-deferrable expenses below).

Read more ...