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Department of Finance temporarily adjusts automobile standby charge for the 2020 and 2021 tax years

The effect the ongoing COVID-19 pandemic has had on businesses by way of lockdowns and declines in general business activity has been immeasurable. As many businesses experience declines in activity, the trickle-down has also impacted employees who have seen a reduction in their business or personal mileage use for their employer-provided automobile. 

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The BC Small and Medium Sized Business Recovery Grant Program Explained

Small and medium-sized businesses fuel British Columbia’s economy. Providing them with the support they need during and after the COVID-19 pandemic is crucial to the province’s economic future. The BC Small and Medium-Sized Business Recovery Grant program does just that by investing up to $300 million in financial support to BC businesses that employ between 2 and 149 BC residents and have experienced a decline in revenue since March 10, 2020.

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New Temporary Flat Rate Method for Claiming the Home Office Expenses Deduction Introduced by the CRA

With more and more Canadians working from home due to the COVID-19 pandemic, the Canada Revenue Agency (CRA) has simplified the way employees can claim the home office expenses deduction on their personal tax return for the 2020 tax year by way of a new temporary flat rate method. Employees with larger claims for their home office can still utilize the detailed method to calculate their home office expenses deduction.

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