Tax Accounting

We can help with your accounting needs.
How Can We Help You?

  • This field is for validation purposes and should be left unchanged.

Business Use of a Vehicle in Canada

September 8, 2018 by

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

Key Information on the Canadian Disability Tax Credit

February 8, 2018 by

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

Important Tax Deadlines for 2017 Tax Filing

November 8, 2017 by

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

Documentation of a Gift

August 14, 2017 by

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

March 23, 2017 by

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

CRA’s Annual Audit Letter Campaign

March 11, 2017 by

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 wins Best Tax Services Provider 2017

February 15, 2017 by

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

GST/HST on Completed Construction Contracts

January 12, 2017 by

What Construction Contractors Need To Know About GST/HST According to Construction Accounting Best Practices, every contractor 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
Read More

Audit Engagements vs Review Engagements

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
Read More