www.liptonllp.com

January 2022

18
JAN
2022

Preparing your 2021 T4 Information Returns

In order to facilitate the accurate preparation of your 2021 T4 information returns, we are pleased to enclose a summary of certain taxable benefits that may apply to your employees, including new information for 2021 filings.

For further information, please click here

It should be noted that, as mentioned last year, if you are submitting more than 50 information returns (slips) you are required to file electronically.  If you fail to comply with this requirement, you may be subject to an incorrect filing format penalty. We can assist you in ensuring your compliance with these new rules.

If your T4 information return is being prepared by Lipton LLP, we will be electronically filing all 2021 T4 information returns whenever possible. If you have any questions concerning the preparation of 2021 T4 information returns and slips, please contact your Lipton advisor.

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14
JAN
2022

Canada Emergency Business Account (CEBA) – Government extends loan forgiveness repayment deadline

The federal government has announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022 to December 31, 2023, for all eligible borrowers in good standing.

This extension will support short-term economic recovery and offer greater repayment flexibility to small businesses and not-for-profit organizations, many of which are facing continued challenges due to the pandemic. Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to a third of the value of the loans (meaning up to $20,000).

To read the government’s full release, click here.

For more information, please contact your Lipton advisor.

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13
JAN
2022

Tax Planning Update – RRSP/TFSA

In order to assist with your 2021 and 2022 tax planning, we are pleased to provide you with the following information in connection with Registered Retirement Savings Plans (RRSP) and Tax-Free Savings Accounts (TFSA) as follows:

RRSP

  • The maximum contribution limit for 2021 is $27,830.
  • The deadline for 2021 contributions is March 1, 2022.
  • Your contribution limit for 2021 is noted on your 2020 Notice of Assessment.
  • The maximum contribution limit for 2022 is $29,210.

TFSA

  • The contribution limit for 2022 is $6,000.
  • The cumulative contribution limit from 2009 to 2022 is $81,500.

The rules regarding RRSP and TFSA contributions can be complex. 

Please contact your Lipton LLP advisor if you would like to discuss your particular situation further.

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