Tax Accounting

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How Long Do I Have to Keep My Business Tax Records?

December 6, 2016 by

It’s a simple question, but one you’ve probably heard different answers for. As a business owner, how long do you have to keep your tax records? Is there a statute of limitation of how far back they can go to audit you? Well, here’s the answer, straight from the source. According to the Canada Revenue
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Principal Residence Exemption Changes 2016

November 30, 2016 by

The Canada Revenue Agency (the “CRA”) has recently announced a number of significant changes in relation to the disposition of residences. Section 40(2)(b) of the Income Tax Act provides a possible exemption on the gain when the property is sold. The exemption is applicable when the test in Section 40(2)(b) is satisfied and the property
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Hogg, Shain & Scheck wins the International Finance Awards 2016

October 14, 2016 by

Hogg, Shain & Scheck (HSS) was honoured to be a winner for the 4th Annual International Finance Awards (IFA) 2016. The Award for Excellence in Strategic Financial Accounting – Ontario & Sustained Excellence In Tax Services and the award for Best Auditing & Tax Accounting Firm – Ontario was bestowed upon HSS, putting them at
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Tax Implications of Financing Purchases for Businesses

May 19, 2016 by

If your business needs equipment to operate, the decision to purchase, finance, or lease your business equipment will affect your year-end taxes in different ways. From cash registers to medical equipment and big, heavy equipment like tractors, dump trucks, or even airplanes, the purchase or lease of business equipment must be accounted for on your
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Accounting Differences between Not-for-Profit Organizations and For-Profit Businesses

April 19, 2016 by

There are a number of factors related to for-profit and not-for-profit organization accounting that are virtually the same. For example, payroll taxes and reporting expenses and income are the same regardless of your charitable status.  However, there are also a number of significant differences. These accounting differences are related to the not-for-profit organization’s allocation of
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Tax Credits for Medical Residents

March 10, 2016 by

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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Filing an Information Return Form for a Not-for-Profit Organization

March 4, 2016 by

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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Recent Federal Tax Changes

December 23, 2015 by

On December 7, 2015 the Federal government announced numerous personal and corporate tax changes which become effective January 1, 2016. They include: The Federal personal tax rate for taxable income between $45,282 and $90,563 will be reduced from 22% to 20.5%;   The top Federal personal tax rate of 29% will apply to taxable income
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An Update On Recaptured Input Tax Credits

December 15, 2015 by

Restricted Input Tax Credits The recaptured input tax credit (RITC) rules were introduced with the Ontario and British Columbia Harmonized Sales Tax (HST) on July 1, 2010. Canada Revenue Agency (CRA) has started to audit businesses’ compliance with these rules. As noted in a previous memorandum, large business and certain financial institutions are required to
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5 Ways Your Accountant Can Support You Through The Litigation Process

December 4, 2015 by

Litigation is a complex and nerve-wracking experience, and unless you have expert guidance on your side, your case can be under-researched and underrepresented. The result: financial loss and potential legal implications that can have a significant impact on your life now and in the future. Your accountant can provide critical support throughout the litigation process
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