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  • HSS visits client’s new theatre at Streetcar Crowsnest

    Posted in HSS Blog
    February 16, 2017 by

    Hogg, Shain & Scheck arranged a night out with staff to enjoy an entertaining night of arts and culture at the new performing arts facility, Streetcar Crowsnest. Streetcar Crowsnest is the first professional arts facility in the east end of Toronto. The venue can support many different types of events including community and corporate functions,
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  • Congratulations and Advice to Take into Account

    Posted in HSS Blog
    February 14, 2017 by

    Schools’ out for Lisa Lucchese, who recently completed her CPA Ontario CFE over a three day examination period, but that doesn’t mean the learning stops there, as Lisa reminds us, “It does not mark the end of learning as that is a lifelong process in this career!” After a year long journey with CPA Professional
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  • Ed Scheck delivers keynote for Alumni Roundtable at Ryerson

    Posted in HSS Blog
    February 7, 2017 by

    The Ted Rogers School of Management at Ryerson was honoured to have alumnus Ed Scheck as keynote speaker for the second TRSM Alumni Association Roundtable. On Saturday January 14th, attendees started the afternoon with a lunch before keynote speaker Ed Scheck took to the podium. Ed delivered his best career advice on how to get
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  • TRSM Presents: The Hogg, Shain & Scheck Professional Corporation Award 2016

    Posted in AwardsHSS Blog
    January 27, 2017 by

    Hogg, Shain & Scheck (HSS) have always believed that education plays a fundamental role in any successful business career, so in conjunction with the Ted Rogers School of Management, HSS actively encouraged and celebrated students for their entrepreneurial spirit through scholarships and awards. On November 24, 2016, the Ted Rogers School of Business Management, Accounting
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  • Important Tax Deadlines for 2016 Tax Filing

    Posted in HSS Blog
    January 13, 2017 by

      Important Deadlines in 2017: February 28th: T4, T4A, T5 Filing Deadline March 1st: Last day for 2016 RRSP contributions March 31st: T3 Trust Return Filing Deadline May 1st: Personal Tax Filing Deadline May 1st: Payment Deadline for HST and/or personal taxes owing June 15th: Sole Proprietor Tax Return Filing Deadline    

  • GST/HST on Completed Construction Contracts

    Posted in Tax Accounting
    January 12, 2017 by

    According to Construction Accounting Best Practices, every contactor whose earnings exceed $30,000 in one single quarter or over four consecutive quarters, must register for a General Services Tax (GST) / Harmonized Sales Tax (HST) number in order to collect GST/HST on behalf of the Canadian government.  These collected taxes are not seen as revenue, but
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  • Year-End Considerations for Investors

    Posted in HSS Blog
    December 21, 2016 by

    Review asset mix of your non-registered portfolio. Interest income is the highest taxed of your investment income. Consider restructuring your portfolio so that interest income is earned in a registered plan (RRSP, RRIF, TFSA) where it is tax sheltered. Are you carrying debt that is not tax deductible? Consider reducing this debt with non-registered assets.
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  • What to do With Your Registered Plan Before December 31, 2016

    Posted in HSS Blog
    December 20, 2016 by

    RRSP Contributions In order to obtain a deduction on your 2016 personal income tax return, you must contribute to your RRSP on or before March 1, 2017. As always, consider contributing earlier so that your money is growing tax free as soon as possible. Spousal Contributions Contributions made to a spousal plan before December 31
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  • Audit & Review Engagements

    Posted in Tax Accounting
    December 20, 2016 by

    When an organization is undergoing an audit or a review, it can be difficult to understand the differences between the two; after all both are known as assurance engagements, and need to comply with accounting standards for private enterprises (ASPE). Audits and reviews are closely linked but they fulfill different needs and are associated with different
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  • How Long Do I Have to Keep My Business Tax Records?

    Posted in Tax Accounting
    December 6, 2016 by

    It’s a simple question, but one you’ve probably heard different answers for. As a business owner, how long do you have to keep your tax records? Is there a statute of limitation of how far back they can go to audit you? Well, here’s the answer, straight from the source. According to the Canada Revenue
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  • Principal Residence Exemption Changes 2016

    Posted in HSS Blog
    November 30, 2016 by

    The Canada Revenue Agency (the “CRA”) has recently announced a number of significant changes in relation to the disposition of residences. Section 40(2)(b) of the Income Tax Act provides a possible exemption on the gain when the property is sold. The exemption is applicable when the test in Section 40(2)(b) is satisfied and the property
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