Claiming Medical Expenses – What You Need to Know

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Did you know that you can claim medical expenses on your income tax? In Canada, you can take advantage of the Medical Expense Tax Credit (METC). This is a non-refundable tax credit that allows you to claim eligible medical expenses for yourself, your spouse or your dependents. The process isn’t as straightforward as simply plugging in your numbers, however. First, you need to determine if your expenses are eligible and if you meet the cost threshold to claim them. It can be confusing but, here at Liu & Associates, we want to help you understand the process. Keep reading to ...Read More

What Happens If I Claim No Income On My Taxes?

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Whatever your situation in life, it may be possible that you do not work and earn an income. Perhaps you lost your job or chose to stay home and care for your children. No matter your situation, you’re probably wondering whether or not you have to file your taxes at all.  While federals laws do not require you to file a tax return if you have no income to claim, it’s important to determine if there are other situations that may require you to. The last thing you want is to face an audit or pay the interest and fees ...Read More

2021 Tax Guide: How to Claim Your Home Office and Utilities

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Last year was an interesting one when it came to employment norms. People accustomed to commuting to an office or workplace every day were offered the opportunity to work from home. Likewise, many people also decided to start their own businesses at home. If you fall into either of these categories, your situation drastically changes the way in which you will file your 2020 taxes. Instead of plugging in your T4’s and calling it a day, you now have to consider your home office expenses and what you can claim as deductions on your taxes. The process is fairly straightforward ...Read More

2021 Tax Guide: Keeping Track of your Receipts

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The COVID-19 pandemic certainly threw the way we work into a tailspin as more and more employees found themselves working from home. Thankfully, many individuals were able to take advantage of this situation and continue working in a safe environment. However, this massive shift will change the way in which 2020 taxes will be filed this year. Mainly, individuals are now eligible to claim home office expenses if they were able to work from home. If you are one of these people, you are probably wondering what exactly you need to provide to the CRA to make this happen.  Depending ...Read More

2021 Tax Guide: First Year Working from Home? What to Know

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2020 proved to be an interesting and evolving time as more and more employees worked from home. When you are no longer working in your company’s workspace, the way in which your file your taxes changes drastically. If you worked from home during 2020, you may be eligible to make work-related claims and take advantage of additional deductibles on your taxes. To understand whether you are eligible to claim your home offices expenses, and what you can claim on your 2020 taxes, keep reading our tax guide to your first year working from home: Who Can Claim Home Office Expenses? ...Read More

Tax Implications of the Canadian Emergency Wage Subsidy (CEWS)

The COVID-19 pandemic took the world by storm and placed many businesses, especially small ones, in a precarious position of losing revenue and long-term closures. Luckily, in Canada, the government stepped in and offered the CEWS in order to help businesses keep their heads above water. Now that these relief programs are in full swing, many individuals and business owners are wondering how this benefit money is going to affect their 2020 income tax return. The simple answer for business owners is: The CEWS is taxable income. When it comes to filing time, this money will be included in your ...Read More

Tax Implications of the Canadian Emergency Response Benefit (CERB)

While most people are hoping for brighter prospects in 2021 many Canadians are going to be approaching their taxes with an additional income to consider, which may cause some confusion and financial hardship. The best way to avoid this is to take the time now to consider what implications the CERB will have on your taxes in 2021. With a little foresight and proactivity, you will be better prepared to tackle your 2021 tax return and pay the owing taxes on your CERB payments. In this article, we’re going to go over what the CERB is, how it’s going to ...Read More

How An Accountant Can Help With Shareholder Disputes

Corporations can be complex entities. While setting up a corporation is relatively easy, having “too many cooks in the kitchen”, so to speak, can create disagreements and heated arguments. Whether disputes arise due to the shareholders’ vested interest in the company, or a proverbial “hot head”, dealing with these disputes can be lengthy and costly. With the help of our certified accountants, Liu & Associates can help you navigate these disputes by gathering pertinent information regarding your corporation. Keep reading to learn more about how shareholder disputes are resolved and how an accountant can help: What Happens When Shareholder Disputes ...Read More

How An Accountant Can Help With Strategic Business Planning

Do you know where your business is heading? Every business needs a strategy in order to reach their goals. However, without the proper eyes to oversee the myriad of data involved in growth and development, that path can become confusing and impossible to navigate. That’s why our professional accountants at Liu & Associates want to help you with strategic business planning. Keep reading to find out what strategic business planning is and how an accountant can help you achieve your company’s goals: What is Strategic Business Planning? Strategic business planning focuses on identifying long-term business objectives and ranking them by ...Read More

What is a Joint Venture?

Did you know that the streaming site HULU is a joint venture between NBC and Disney? Or have you ever noticed how there is a Starbucks at every Barnes & Noble? These are examples of popular and successful joint ventures. Any two businesses can enter into a joint venture in order to make a profit, diversify a product line or to simply become competitive in their industry. These types of business alliances are growing in popularity and are gaining importance in the market. If you are a business owner, and curious about how a joint venture works, here is a ...Read More