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What's New by Month

January 2021

Farm Status in BC

Due to the COVID-19 pandemic, there will be no revocations of farm status for the 2021 assessment roll.  For future reference:  There is no deadline for achieving gross annual value requirements for a developing farm, despite the "projected" date for doing this.

Basic Tax Calculator for 2021 and Earlier Years

Shows taxes payable, average and marginal tax rates for all provinces for employment/other income, capital gains, eligible and non-eligible Canadian dividends. Compare 6 years of taxes payable by province.

Investment Income Tax Calculators - All Provinces

See the big difference in taxes payable on different types of investment income.  Print a 1 page summary of results with no ads, in colour.

2020/2021 Canadian Tax and RRSP Savings Calculator

This detailed calculator now includes political contribution tax credits.  Check your 2020 tax return, do your 2021 tax planning!

Working From Home Expenses Calculators

Both CRA and Revenue Quebec have calculators to help you determine the best method to use for claiming home office expenses.

Bitcoin and Barter Transactions

These can result in taxable income, and in sales taxes collectible/payable.  Gain on Bitcoin is also taxable.

When is CEWS Included in Income?

Both CEWS and the Canada Emergency Rent Subsidy (CERS) are included in taxable income immediately before the end of the qualifying period to which they relate. If not done, tax return amendments will be needed.

Disability Insurance Premiums Paid by a Business

These premiums are not deductible by a sole proprietor. They are deductible by an employer as wages expense, but are included as a taxable benefit to the employee.

CEWS Periods and Application Deadlines

The deadline for periods 1 to 5 (ending Aug 1/20) wage subsidy applications is Jan 31/21. See our article for when CEWS is included in income.

Filing T4 Slips

Web Forms will be available for employers to file up to 100 T4 slips starting Jan 11/21. Don't forget about the extra codes for 2020.

RRSP/RRIF Withdrawal Calculator

Use our calculator to determine your 2021 minimum annual withdrawal, and to estimate your earnings and withdrawals for the next 40 years. Works for non-registered also!

Historical Returns on Investments - Stocks, Bonds, T-Bills

2020 was a good year for stocks. See returns for 1/5/10/20/41/50 & 71 years, and the growth of $1,000 invested. Over the past 10 years one would be losing money after inflation by investing in Canadian 3-month T-bills or Canadian government 1-3 year bonds.

Investment Return Calculator

Use our calculator to determine your returns for 2020 or any time period for a particular investment or investment account, or your entire portfolio.

Reporting Foreign Income and Expenses on the Tax Return

All income and expenses must be reported on your tax return in Canadian dollars.  The average US exchange rate for 2020 is 1.3415, which can be used for dividends, but not for purchases and sales.

See also Prior Years:

What's New 2020

What's New 2019

What's New 2018

What's New 2017

What's New 2016

What's New 2015

What's New 2014

What's New 2013

What's New 2012

What's New 2011

What's New 2010

What's New 2009

What's New 2008

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Revised: January 26, 2021

 

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