Debt Forgiveness - CPABC InFocus - Steve Youn

When It Comes to the Debt Forgiveness Rules, Is All Really Forgiven?

Our Tax Partner Steve Youn, CPA, CA has shared some of his expertise on debt-related topics with the Chartered Professional Accountants of British Columbia (CPABC) for publication in their CPABC InFocus magazine, March/April 2021 edition. Read below an excerpt of the article: “The recent economic downturn may bring forth unexpected tax issues. As creditors become […]

New GST Registration Requirement for Non-Residents, Vendors and Digital Platforms

In its 2020 Fall economic statement, the Government of Canada proposed new GST/HST measures for Foreign-based vendors: GST/HST on Cross-Border Digital Products and Cross-Border services; GST/HST on Goods Supplied through Fulfillment Warehouses; GST/HST on Platform-based Short-Term Accommodation. These changes are proposed to be effective July 1,2021. BackgroundUnder the current GST/HST rules, foreign-based vendors without physical […]

Employee Home Office Expenses: New Rules for 2020

In light of COVID-19 many employees have been required to work from home for a large portion of the 2020 calendar year.  As such, new streamlined rules apply for the 2020 taxation year that will allow individuals working from home to claim home office expenses on their personal income tax return. New Temporary Flat Rate […]

Canada Emergency Wage and Rent Subsidies Extensions

March 3, 2021 – Ottawa, Ontario – Department of Finance Canada The Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support have helped protect millions of Canadian jobs and supported businesses of every size across Canada through the COVID-19 pandemic. Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced […]

2020 RRSP Contribution Deadline

TAXES, TAXES, TAXES! Its that time of the year again to get your documents together and file tax returns, and the deadline is approaching to make a final RRSP contribution to reduce your 2020 taxes. Registered retirement savings plans (RRSP) and tax-free savings accounts (TFSA) are tax efficient investment vehicles, and depending on your situation […]

Management’s Discussion and Analysis: Canadian Publicly Listed Companies Perspective

Overview Canadian publicly listed companies are not only required to file financial statements on a quarterly and annual basis, but must provide users with a supplemental management discussion and analysis (“MD&A”).  According to the Form 51-102F1, a “MD&A is a narrative explanation, through the eyes of management, of how a company performed during the period […]

10 Tips for a Successful Not-For-Profit Audit

As accountants and trusted advisors for many not-for-profit organizations and charities, we share your goal of a successful audit. Here are our tips for a successful not-for-profit audit: Review all lease agreements and leasehold improvements. Make sure all leases are readily available for the auditors, especially any new leases signed during the year. Any tenant […]