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On February 5th, 2015, the accounting professionals at Hogg, Shain & Scheck celebrated it’s 40th year of business at the Ryerson Mattamy Centre. As the night commenced, guests laced up their skates and had the opportunity to skate at the old Maple Leaf Gardens, which is now the home ice of the Ryerson Rams. The
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It’s that time of year again when you have to account for how you did in the previous year to tax authorities. It’s not the most interesting time of the year for most. Preparing ahead of time will help reduce last minute stress. Here are some tips on how to best prepare: 1. Gather
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To avoid financial penalties, small business owners in Canada need to be aware of how to properly file taxes. Below are some of the most common tax questions that small business owners ask our accountants. 1. Will the structure of my business affect the way I file taxes? Yes, how you file taxes will be influenced
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Hogg, Shain & Scheck (HSS) was honoured to be nominated for the Local Economic Impact Award during the 2014 Business Excellence Awards. The Excellence Awards are hosted by the Toronto Region Board of Trade and recognizes the valuable contributions of small and medium businesses and emerging entrepreneurs in the Toronto region business community. Of the
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On November 26, 2014, Hogg, Shain & Scheck (HSS) were pleased to attend the Finance Awards Ceremony for the Ted Rogers School of Business Management & School of Accounting to present the HSS Professional Corporation Award to two deserving undergraduate recipients. The Hogg, Shain & Scheck Professional Corporation Award recognizes full-time students whose major is
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Whether you’re a tenant or landlord who is taking advantage of a rent-free period to secure a new lease on a building or other asset, such as business equipment, you probably have questions on how to account for this rent-free period when it comes time for income reporting to the Canadian Revenue Agency (CRA). What
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If you are a Canadian business owner or manager, you need to make sure that you have a good grasp of fundamental accounting principals. This knowledge is important because it will allow you to analyze your firm’s financial statements, and identify problem areas or areas for improvement. One key thing that needs to be understood
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As the one-year anniversary of my work experience at Hogg, Shain & Scheck arrives I begin to reflect on all the things that I have done during the year. In particular, I look back on my contributions to education. In addition to assisting clients as a full-time accountant, I have also started helping friend, family
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If you are a Canadian business owner considering moving your business to the United States, you probably have questions about how to make a financially successful move. For example, you may have questions pertaining specifically to your business and its employees, such as: purchasing health insurance for you and your employees, investing in property for
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On October 23, 2014, the University of Toronto Scarborough Campus (UTSC) hosted a UTSC alumni networking event called PWR Play at Sassafraz in Yorkville. Having only graduated from UTSC earlier this year, it was the first alumni event I was invited to, and I extended the invite to Brian at HSS, since he also attended
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Today Prime Minister Stephen Harper announced $4.6 billion a year in tax cuts for Canadian families. This will be accomplished by way of income splitting as well as an expansion of the Universal Child Care Benefit. Effective January 1, 2015, the Universal Child Care Benefit will increase to $160 per month for each child under
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Your financial statements play a critical role in your business decisions, and for most business entities, financial reporting is also a legal requirement. While some businesses may require the in-depth analysis of an audit, many smaller, privately held companies can benefit from a less comprehensive compilation. Unlike an audit which requires the auditor to perform,
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