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As a not-for-profit organization you have a mandate to achieve certain goals. The money that is available to your not-for-profit organization is essential for reaching the goals, and a quality bookkeeping system is essential to keep track of and manage that money. Since the funds are such an essential part of keeping your organization running, it
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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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Canada makes a specific distinction between charitable organizations and not-for-profit organizations, commonly known as NPOs. NPOs encapsulate a variety of groups such as clubs, societies, and associations as well as agricultural organizations such as farmers markets. Once an organization has filed an NPO information return for a fiscal period, it must file an information return
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A landlord will often use a leasehold inducement to either entice a prospective tenant or to retain an existing one. Tenants like receiving leasehold inducements since it is viewed as “free money”. However, this isn’t really the case since a leasehold inducement can result in taxable income for a tenant and a deduction for the
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Ontario Budget Commentary, February 25, 2016 If you have any questions regarding the Ontario Budget or its impact on you or your business, please contact us. We hope you find our Commentary informative. Introduction On February 25, 2016 Finance Minister Charles Sousa tabled his fourth Budget. The deficit for the 2015-16 fiscal year is projected
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As the wave of baby boomers start to retire and have more free time, one’s thoughts might be spent more on travelling than ever before. Whether it’s a Mediterranean cruise, scuba diving in the Caribbean or just exploring our neighbours to the south, one desire for many Canadians is to escape our winter’s bitter cold.
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Understanding Capital Asset Accounting for Manufacturers Capital assets are the tangible items such as buildings, equipment, and property used by a business to manufacture, supply, or rent items to others. In manufacturing, these can include machines, tools, warehouses, trucks, computers, and more. It is critical that business owners understand why capital asset management is important
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Many employers are aware of some of the more prominent grants and investment tax credits (“ITCs”) available in Canada, such as the Scientific Research and Experimental Develop Tax Credit and the Federal Apprenticeship Job Creation Tax Credit. However, this is just scratching the surface of the lucrative grants and ITCs that may be available to
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Hogg, Shain & Scheck welcomes new employees in 2016! We’re pleased to announce that our team is growing. We’d like to welcome our new hires Philip Varmuza, Taylor Davis and Alex Briganti to the Hogg, Shain & Scheck team! We’d like to welcome Taylor Davis to Hogg, Shain & Scheck as of March 16, 2016.
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Business owners in Ontario often find themselves having to make choices with important financial consequences for their companies. A poorly thought out decision could lock a company into an unfavourable agreement or contract for a very long time. On the other hand, a good decision could provide a firm with a long-term strategic advantage, which
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When top business executives are asked to recall an experience when they and their management team were performing at their best, their answers often include the same themes: At the top of their game, the team worked intensely to achieve a shared, deeply meaningful business objective. The executives often speak of enjoying open communication with
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The topic of accounting for leases is a wide and potentially complicated field. One of the reasons is the fact that no two leases are alike. Each lease is the product of negotiation between the lessor, who generally owns the property, and the lessee, who is generally looking to rent the property. Therefore, each lease
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