Watch Tim Cestnick and Joseph Devaney discuss items to watch for in the 2021 Federal Budget.

Federal Budget will be released on April 19, 2021. Watch Tim Cestnick, Globe and Mail and Joseph Devaney, Video Tax News discuss items to watch for. Will we see a wealth tax? Tax on luxury purchases? Changes to the Principal Residence Exemption (PRE) or capital gains rates?

Recorded March 24, 2021

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Federal Budget to be released on April 19, 2021

The federal Budget will be released on April 19, 2021. Here is a short interview with Tim Cestnick, columnist with the Globe and Mail, and CEO of Our Family Office Inc. He discusses potential budget inclusions such as changes to the principal residence exemption, capital gains inclusion rates, and wealth taxes. Episode originally presented in the “Canadian Tax” room on the Clubhouse app.

Amending Closed CEWS/CERS Periods

CEWS and CERS periods can be amended after the final due date as long as the claim is being reduced. Amendments to increase cannot be made.

CRA’s online portal now allows for post due date electronic amendments. Previously, applicants had to amend in these cases via phone.

Thank you to Neha Desilets and Dan Wiart of KRP in Edmonton for mentioning this.