We can help with your accounting needs.
How Can We Help You?
March 19, 2019 CPA Canada Federal Budget Commentary Finance Minister Bill Morneau’s message with Budget 2019 is that, thanks to the Federal Government’s investments over the past three years, things are going well — especially for the middle class: more Canadians have full-time jobs, unemployment is at historic lows, wages are growing, consumers and businesses
Read More
Due Dates for 2019 and Tax Deadlines for 2018 Tax Filing in Canada February 28: T4,T4A,T5 slips and summaries March 1: Last day for 2018 RRSP contribution April 30: Personal Tax Filing Deadline April 30: Payment Deadline for Individuals and Sole Proprietor June 17: Sole Proprietor (and spouse) and Partnership Return Filing Deadline – (April 1: Partnership
Read More
Have you booked your ticket to the upcoming Seminar hosted by Hogg, Shain & Scheck. Join other charities and not-for-profit organizations at this October program. See below for details. Session 1: Accounting & Auditing Standards Update – There’s a new audit report in Canada. Find out how this change and other standards changes will impact
Read More
A fundamental principle of Canada’s tax legislation is that an expenditure should only be deductible if it was incurred for the purposes of gaining or producing income. It holds then that expenditures that are personal in nature can’t be claimed against one’s income. While that sounds simple and straightforward in theory, real life has a
Read More
Firstly, the following personal tax credits have been eliminated for Federal tax purposes: The Education and Textbook tax credit; The children’s fitness and arts tax credits; and, The public transit tax credit – this credit was eliminated effective July 1, 2017. Therefore, one can make a claim for the period January 1, 2017 to June
Read More
The disability tax credit (the “DTC”) is a non-refundable tax credit designed to help defray the unavoidable costs associated with an individual’s disability. The DTC is available either to the person with the disability, or to a person supporting the disabled person. For the 2018 year, the federal disability amount is expected to be approximately
Read More
On October 16, 2017 the Federal Government announced a number of proposed changes affecting small business corporations. First, the small business tax rate will be reduced from 10.5% to 10%, effective January 1, 2018 and to 9%, effective January 1, 2019. Second, the government intends to proceed with the proposed income sprinkling rules, although with
Read More
February 28: T4,T4A,T5 slips and summaries March 1: Last day for 2017 RRSP contribution April 30: Personal Tax Filing Deadline April 30: Payment Deadline for Individuals and Sole Proprietor June 15: Sole Proprietor and Partnership Return Filing Deadline T3 Trust Return Filing Deadline: 90 days after the trust’s tax year-end Corporate Tax Returns are due
Read More
The recent case of McMurtry V McMurtry (2016 ONSC 2853) highlights the importance of proper documentation of a gift. The wife of the deceased claimed that she was the owner of certain shares of a family corporation (worth several million dollars) that had belonged to her late husband. She argued that the shares had passed
Read More
Federal Budget Commentary Article If you have any questions regarding the Federal Budget or its impact on you or your business, please contact us. We hope you find our Commentary informative. To assist you with other budget-related inquiries, please call our Federal Budget Hotline at (416) 499-3101. March 22, 2017 CPA Canada: Federal Budget Commentary
Read More
The Canada Revenue Agency (CRA) annually sends audit letters to selected taxpayers. Letters sent in early 2017 will mark the eighth annual audit letter campaign initiated by CRA. This year the CRA will send approximately 30,000 “intent to audit” letters to individual taxpayers and business owners who continually report business and rental losses. They are
Read More
Hogg, Shain & Scheck (HSS) are extremely pleased to announce that they have won in the Best Tax Services – Toronto sector, of the 2017 Acquisition International Accounting, Audit and Tax Awards. The awards put the spotlight on leaders within their fields and are nominated by internal Acquisition International experts, but also by clients and
Read More