Tax Accounting

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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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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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Hogg, Shain & Scheck wins the International Finance Awards 2016

October 14, 2016 by

Hogg, Shain & Scheck (HSS) was honoured to be a winner for the 4th Annual International Finance Awards (IFA) 2016. The Award for Excellence in Strategic Financial Accounting – Ontario & Sustained Excellence In Tax Services and the award for Best Auditing & Tax Accounting Firm – Ontario was bestowed upon HSS, putting them at
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Tax Implications of Financing Purchases for Businesses

Posted in Tax Accounting
May 19, 2016 by

If your business needs equipment to operate, the decision to purchase, finance, or lease your business equipment will affect your year-end taxes in different ways. From cash registers to medical equipment and big, heavy equipment like tractors, dump trucks, or even airplanes, the purchase or lease of business equipment must be accounted for on your
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Not-for-Profit Organizations Accounting versus Normal Business Accounting

Posted in Tax Accounting
April 19, 2016 by

There are a number of factors related to for-profit and not-for-profit business accounting that are virtually the same. For example, payroll taxes and reporting expenses and income are the same regardless of your charitable status.  However, there are also a number of significant differences. These differences are related to the not-for-profit organization’s allocation of resources toward
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Tax Credits for Medical Residents

Posted in Tax Accounting
March 10, 2016 by

Those of us with family members in a medical residency program welcomed the recent technical interpretation (2015-0592051I7) issued by the Canada Revenue Agency (“CRA”).  The CRA has reversed its previous stance and will now allow an individual that is registered in a medical residency program to claim the education and textbook tax credits.  This change
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Recent Federal Tax Changes

Posted in Tax Accounting
December 23, 2015 by

On December 7, 2015 the Federal government announced numerous personal and corporate tax changes which become effective January 1, 2016. They include: The Federal personal tax rate for taxable income between $45,282 and $90,563 will be reduced from 22% to 20.5%;   The top Federal personal tax rate of 29% will apply to taxable income
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An Update On Recaptured Input Tax Credits

Posted in Tax Accounting
December 15, 2015 by

The recaptured input tax credit (RITC) rules were introduced with the Ontario and British Columbia Harmonized Sales Tax (HST) on July 1, 2010. Canada Revenue Agency (CRA) has started to audit businesses’ compliance with these rules. As noted in a previous memorandum, large business and certain financial institutions are required to repay or “recapture” the
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