Registration is now open for Newbies to Ninjas: Personal Tax 2022!

A T1 General Preparation Course for Newer Preparers

3-hours | Pre-recorded Online | 1-week Access | 2022 Edition

This course will help newer tax preparers turn theoretical knowledge into practical skills.

Information gatherers are your first line of defence. Arm your staff with the tools to organize, assemble and report information, as well as identify potential issues and planning opportunities.

This concise pre-recorded online 3-hour topic-by-topic course will have your newer tax preparers preparing personal tax returns like ninjas!

Update on Canada Covid Supports

On October 21, 2021, the government of Canada made an announcement in respect of the future of various COVID-19 support programs. They include:

  • The general Wage Subsidy (CEWS) and Rent Subsidy (CERS) will expire on October 23, 2021.

  • The Hiring Subsidy (CRHP) will be extended until May 7, 2022 with the subsidy rate to be increased to 50%.

  • Two new versions of the rent and wage subsidies will be introduced and set to expire May 7, 2022:

    • The Tourism and Hospitality Recovery Program, would provide wage and rent subsidies, to hotels, tour operators, travel agencies, and restaurants, with a subsidy rate of up to 75%. Subsidy rates match revenue decline percentages, but only start at 40%.

    • Hardest-Hit Business Recovery Program, would provide wage and rent subsidies to those who have experienced at least a 50% revenue decline, with a subsidy rate of up to 50%.

    • Applicants under these programs will need to demonstrate significant revenue losses over the course of 12 months of the pandemic, as well as revenue losses in the current month. The 12-month revenue decline would be calculated as the average of all revenue decline percentages for eligible organizations from March 2020 to February 2021 (claim periods 1-13, excluding claim period 10 or 11). The actual subsidy rates are a function of the revenue decline calculated using the current month (and not the 12-month decline).

    • Subsidy rates will be cut in half on March 13, 2022.

  • The Caregiving Benefit (CRCB) and the Sickness Benefit (CRSB) will be extended until May 7, 2022.

  • A new Canada Worker Lockdown Benefit will be established, providing $300 a week in income support to workers unable to work due to a local lockdown anytime between October 24, 2021 and May 7, 2022.

    Backgrounder 1: Worker Lockdown Benefit

    Backgrounder 2: Other Supports

    CBC Article


Registration Open for Personal Tax Update 2022

7 hours of practical tax information | 11 virtual live sessions | recording available

Start the personal tax season off right! Are you an accountant or financial professional involved in the planning, preparation or review of personal tax returns? Join Video Tax News and tax professionals from across Canada at Personal Tax Update 2022 to discuss new trends, current issues, hot topics and practical tips!

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Watch! Life in the Tax Lane - October 2021

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This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources:

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2021, All Rights Reserved.

Tax Update 2021

14 hours of practical tax information | 8 virtual live sessions remaining | Recording available

The world has changed, and the pace of tax change has only accelerated. Get up-to-date and relevant tax planning tips and traps for owner-managed businesses with the 37th annual Tax Update seminar.

CEWS/CERS Periods 14 to 17 revenue Comparison Change

The September 1, 2021 Canada Gazette published Regulations (Regulations Subsections 8901.2(2) and (3)) to implement the July 30, 2021 announcement that eligible entities which on March 1, 2019 were not carrying on business, or otherwise not carrying on their ordinary activities, would be permitted to elect to use the alternative approach for periods 14 to 17 (March 14 to July 3, 2021) if they chose the general approach for CEWS or CERS claims in period 5 or later. The 180-day deadline for applications or increases for period 14, which ended on April 10, 2021, will expire on October 7, 2021.