Here is part one of a dozen unusual GST and HST rules from the Excise Tax Act (ETA) — some less well-known than others — that might affect your business. Note that while the GST and HST are administered by the CRA across Canada, they are administered in Quebec by Revenu Québec (RQ). Medical and […]
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 […]
Canada’s Federal and Provincial Budgets Dates for 2021
Canada’s Federal Budget Date – Monday, April 19, 2021 The 1st Federal budget in 2 years will be on Monday April 19, 2021. Finance Minister Chrystia Freeland made that announcement earlier this week in the House of Commons. Will they raise taxes or keep the same to be more competitive to the US should Biden […]
Application Deadline Extended to June 30th for Canada Emergency Business Account
Canada Emergency Business Account (CEBA) Update: Deadline extended: The March 31st, 2021 deadline for applying for the CEBA loan was extended to June 30 2021 per an announcement from the Federal government on Monday, March 22, 2021. Almost $45 billion CEBA loans have been approved to date of the $73 billion program. Canada Emergency Business […]
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 […]
