News | Clearly Financials Accounting

Reduced Bare Trust Reporting: Relief for the 2023 Tax Year

Jul 17
3 min

Reduced Bare Trust Reporting: Relief for the 2023 Tax Year

Acknowledging the unintended consequences of the new reporting requirements for bare trusts on Canadians, the Canada Revenue Agency has...

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Petri Vergara

Mar 26
4 min

Work from Home Expenses: 2023 Update

As the new year begins, the remote work landscape is evolving, bringing significant changes to how work from home expenses are...

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Trusts: Understanding the New Trust Reporting Rules

Petri Vergara

Mar 6
6 min

Trusts: Understanding the New Trust Reporting Rules

Trusts have long been integral to tax and estate planning, offering flexibility, control, and asset protection. In a move toward enhanced...

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New Trust Reporting Rules – You might have a Trust

Petri Vergara

Jan 25
4 min

New Trust Reporting Rules – You might have a Trust

Recent changes in Canadian trust reporting rules now require a T3 Trust return for common financial arrangements, including shared...

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Navigating the CEBA Loan Extension: What Businesses Need to Know

Petri Vergara

Jan 10
3 min

Navigating the CEBA Loan Extension: What Businesses Need to Know

In this crucial update, we delve into the recent extensions to the Canada Emergency Business Account (CEBA) loans and their implications...

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Quick Guide to Payroll Timelines for the 2023-2024 Holidays

Petri Vergara

Dec 12, 2023
2 min

Quick Guide to Payroll Timelines for the 2023-2024 Holidays

The holiday season – a time for joy, celebration, and, yes, a bit of extra planning! But worry not; we've got your back. Let's dive into...

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New Underutilized Housing Tax: Are You Affected? Find Out Now!

Kelvin Leung, CPA, CMA

Apr 13, 2023
5 min

New Underutilized Housing Tax: Are You Affected? Find Out Now!

As of January 1, 2022, if you own a residential property that is not your primary residence or own property indirectly, you need to be...

132 views0 comments

Year-End Tax Planning for Business Owners - Consider Taking a Salary

Kelvin Leung, CPA, CMA

Dec 23, 2022
6 min

Year-End Tax Planning for Business Owners - Consider Taking a Salary

Business owners might want to earn a salary from their corporations. Applicable if you have children, are moving, or for CPP disability.

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Year-End Tips and Updates for Your Small Business

Petri Vergara

Dec 15, 2022
5 min

Year-End Tips and Updates for Your Small Business

As 2022 is coming to a close, Clearly Financials would like to support local small businesses in the Edmonton Area with some year-end...

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COVID-19 Benefits: Tax Implications for Individuals

Kelvin Leung, CPA, CMA

Apr 16, 2022
4 min

COVID-19 Benefits: Tax Implications for Individuals

COVID-19 Benefits: Tax Implications for Individuals. How to repay benefits and tax implications of repayments.

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2021 Work from Home (WFH) Personal Tax Deductions

Kelvin Leung, CPA, CMA

Mar 1, 2022
5 min

2021 Work from Home (WFH) Personal Tax Deductions

The work from home (WFH) personal tax claim is back for 2021. Claim home office expenses on your personal tax return.

577 views

Important Changes For Your Business Year End

Kelvin Leung, CPA, CMA

Feb 2, 2022
2 min

Important Changes For Your Business Year End

Changes to compilation engagements will impact the year end financial statement preparation for your business.

91 views

Working Parents Benefit ($561 Per Child)

Kelvin Leung, CPA, CMA

Mar 24, 2021
2 min

Working Parents Benefit ($561 Per Child)

The Alberta Government introduced the new Working Parents Benefit to support working parents who need child care so they continue to work.

81 views

2020 Personal Tax Reminders and Resources

Kelvin Leung, CPA, CMA

Mar 4, 2021
3 min

2020 Personal Tax Reminders and Resources

It's that time of year again! Welcome to the 2020 Personal Tax Season. There is a lot of information to remember for tax time.

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Tax Implications for COVID-19 Aid Recipients (CERB / CRB)

Kelvin Leung, CPA, CMA

Mar 3, 2021
3 min

Tax Implications for COVID-19 Aid Recipients (CERB / CRB)

Most COVID-19 benefits were taxable income. If you received CERB/CRB or other benefits, be prepared to pay tax on these amounts.

109 views1 comment

Working from Home (WFH) Personal Tax Deductions

Kelvin Leung, CPA, CMA

Mar 3, 2021
5 min

Working from Home (WFH) Personal Tax Deductions

You may be able to deduct certain WFH expenses on your 2020 personal tax return. This can make your 2020 personal tax return more complicate

121 views

CERB Extended from 16 Weeks to 24 Weeks and Personal Tax Deadline Extensions

Kelvin Leung, CPA, CMA

Jul 6, 2020
4 min

CERB Extended from 16 Weeks to 24 Weeks and Personal Tax Deadline Extensions

On June 23, the Canada Revenue Agency website was updated to confirm an extension to the CERB program to further support individuals...

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Canada Emergency Response Benefit (CERB) Update and COVID-19 Relief Program Guide - May 5, 2020

Kelvin Leung, CPA, CMA

May 4, 2020
4 min

Canada Emergency Response Benefit (CERB) Update and COVID-19 Relief Program Guide - May 5, 2020

On March 18, 2020 the Government of Canada announced a series of programs to support individuals through the COVID-19 crisis. These...

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COVID-19 Relief Guide For Individuals and Families - April 9, 2020

Kelvin Leung, CPA, CMA

Apr 9, 2020
3 min

COVID-19 Relief Guide For Individuals and Families - April 9, 2020

On March 18, 2020 the Government of Canada announced a series of programs to support individuals, businesses, charities and non-profit organ

117 views0 comments

COVID-19 Relief Guide For Small Businesses - April 9, 2020

Kelvin Leung, CPA, CMA

Apr 9, 2020
3 min

COVID-19 Relief Guide For Small Businesses - April 9, 2020

On March 18, 2020 the Government of Canada announced a series of programs to support individuals, businesses, charities and non-profit organ

86 views0 comments