Kosmos Accounting

The Canada Recovery Benefit and other Covid-related payments are taxable benefits at the hands of the recipients. One strategy to reduce the tax due on those benefits is to contribute to your Registered Retirement Savings Plan. The deadline for 2020 is now passed (March 1st) but it is still useful to understand this strategy if you are receiving these benefit payments in 2021. https://financialpost.com//how-an-rrsp-contribution-can-he

The Government of Canada has announced its intention to increase the number of weeks of benefits for the CRB, CRSB, CRCB and EI programs. Under the proposed changes, the Canada Recovery Benefit (CRB) and Canada Recovery Caregiving Benefit (CRCB) will be extended by 12 weeks, which added to the current maximum duration of 26 weeks, will combine to a new maximum limit of 38 weeks. EI availability will also be increased by 24 additional weeks, or a total of 50 weeks combined. Th...e additional cost of those benefits is expected to exceed $12 Billion. We will be posting more on this once this passes into law on our Facebook page here or on our blog at www.kosmosaccounting.com You can read the official announcement at https://www.canada.ca//emp/news/2021/02/crb-extension.html

Need help migrating your existing accounting software (including Quickbooks Desktop or Sage 50) to an online accounting platform? Kosmos Accounting can help. We have years of experience in migrating to Quickbooks Online, Sage Business Cloud and Zoho Books. Contact us today to receive a free quote. https://www.kosmosaccounting.com/contact-us/

Happy Lunar New Year