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In TBT Personnel Services Inc. vs. Canada, the Federal Court of Appeal revisited how the law distinguishes between an employee and an independent contractor. The impact of an employee determination The employer is required to pay employer portion of Canada Pension Plan and Employment Insurance Premiums and must remit source deductions on a regular basis.
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The Contract Payment Reporting System (CPRS) requires construction companies to record their payments for construction services and to report these payments to the Canada Revenue Agency. If the subcontractor is a resident of Canada, payment information is provided on a Contract Payment Information Return, which consists of a T5018 Information Slip, Statement of Contract Payments
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Approximately 85% of personal tax returns are filed electronically. Canada Revenue Agency processes these returns fairly quickly and many people have received their refunds. However, the process doesn’t end there. Canada Revenue Agency may revisit your return in July and request further information. Since a majority of the personal tax returns are filed electronically, no
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Is accounting software the panacea it’s supposed to be? Good question. Having spent a career spanning some forty years as a “bean counter,” I still frequently get asked to explain and demystify double-entry bookkeeping— even in this current age of highly sophisticated software and technology. There are “those” who would have us believe that modern
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Leaving Canada to live or work abroad? Here is some important information about the reporting requirements for income tax when emigrating from Canada. Determining Your Residency For Tax Purposes Residency status is the primary issue that needs to be established before determining your tax liability to Canada. It’s often very difficult or complex to determine
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Coming up in June another International speaker is traveling to Toronto to discuss the role of innovation in any business. Join Nick Niemann on June 5th as he reviews the essential components of any business model. His session will speak about how developing a clear understanding of the difference between your strategic plan and your
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Corporate restructuring always trigger a domino effect that can be felt in every aspect and every division of your company. The tax consequences can seem daunting, but they can also be deferred or possibly avoided with an appropriate planning strategy. H2: Here are the most common types of corporate reorganizations and their consequences/ requirements:
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The Ontario Not-for-Profit Corporation Act has targeted on July 1, 2013, as the effective date to help make Ontario Not-For-Profit Corporations (NPO) more efficient and effective in their operations and governance. Updates to the Ontario Not-for-Profit Corporations Act NPOs can engage in profit-oriented activities if the revenue is clearly re-invested to advance one or more
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The Canada Not-for-Profit Corporations Act (“Canada NFP Act”) became effective October 17, 2011 and was developed to promote accountability, transparency and good corporate governance for the not-for-profit sector. This was considered a necessary modification, as not-for-profit (NFP) corporations incorporated under federal legislation have been abiding by an act which is approximately 95 years old. The
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The first in the Hogg, Shain and Sheck three-part “Managing for Growth 2013” seminar series took place on March 6th at the Delta Toronto East Hotel and drew a great crowd of participants. The seminar was called “Global Trends 2025: The Changing World Order” and was led by Dr. Carlos Rizowy, political analyst for BBC
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We pride ourselves on offering more than the typical accounting firm. That’s why we’re taking another step beyond tax services and offering a new service called Profit Driver. Profit Driver is a financial software program that allows us to perform various financial scenarios and reports to drive your profits upwards. Benefits of Our Profit Driver
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Our firm has been a proud member of MSI Global Alliance since 1992, and we’re excited to announce they were recently named Association of the Year. They were honoured by The International Accounting Bulletin 2013 IAB awards, which recognizes innovative practices and firms that have risen above their peers in the past 12 months. We
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