September 28, 2021

CRA COLLECTIONS: Potential Impact on Business

As some businesses struggle with cash flow, they may be motivated to prioritize suppliers and other creditors ahead of CRA. A recent court case demonstrates CRA’s […]
April 8, 2021

COVID-19 Interest Relief for Personal Taxpayers – But Penalties Still Apply!

Under normal circumstances, CRA will be begin charging compound daily interest starting May 1st, 2021 on unpaid taxes owing for the 2020 tax year. However, due […]
March 17, 2021

Canada Emergency Wage Subsidy “CEWS” more updates…

You need to know how this important subsidy program works for March 14th, 2021 to June 5th, 2021: This is how the revenue declines and the […]
February 11, 2021

Personal Tax Filing Again! What’s NEW!

For many of us, it seems like yesterday that we just filed our 2019 tax returns due to the extended filing and tax payment deadline last […]
February 5, 2021

Work from Home

On 15 December 2020, the Canada Revenue Agency (CRA) released detailed guidance on the home office expense deduction that employees can claim on their 2020 personal […]
January 13, 2021

Canada Emergency Wage Subsidy – Dec 2020 Update

IMPORTANT CEWS Update The Canada Emergency Wage Subsidy, commonly known as “CEWS” has been a lifeline to many businesses. With payroll being one of the largest […]
December 2, 2020

Canada Emergency Rent Subsidy

On November 23, 2020, the government has provided details on the new Canada Emergency Rent Subsidy (CERS). This new subsidy program provides relief to qualifying entities […]
November 20, 2020

2020 – The Best Tax Loss Selling Opportunity In Years

What is tax loss selling anyway? Tax loss selling is a strategy to reduce tax by triggering capital losses now and using them against capital gains. […]
October 20, 2020

Canada Government Subsidy News For Businesses

On October 9, 2020, the Canadian government announced its intention to introduce new, targeted supports to help hard-hit businesses cope with the affects of the pandemic. […]
October 7, 2020

5 Ways That Lead to $avings

“Do not save what is left after spending but spend what is left after saving.” – Warren Buffett An interesting quote indeed! It actually makes a […]
September 22, 2020

Canadian Emergency Wage Subsidy (CEWS) – UPDATE

If you still have questions about the Canadian Emergency Wage Subsidy (CEWS) – you’re not alone. We’ve scratched our heads a few times too! For the […]
September 15, 2020

Wills & Estates – What’s Your Legacy Plan?

It’s been said that nothing is as certain as death and taxes. As CPA’s we might add another certainty – tax implications after your death. However, […]
August 25, 2020

Retirement Planning – Be Future Ready!

Contrary to popular belief, retirement planning should begin as soon as you start working. However, even if you are middle-aged or older, it’s never too late […]
August 19, 2020

HEADS UP – CEWS Eligibility Has Been Expanded!

As we mentioned in our July blog, the Canadian government recently extended the CEWS subsidy program until December 19, 2020. Along with the extension, they have […]
July 29, 2020

Income Tax Payment Deadlines Extended AGAIN!

The New Payment Deadline is now September 30, 2020! The CRA initially extended the payment deadlines for individual, corporate and trust income tax returns to September […]
July 22, 2020

Canadian Emergency Wage Subsidy (CEWS) – Further Extension Announced

The Canadian government has announced an extension to the CEWS subsidy. Eligible employers will now be able to claim this subsidy until December 19, 2020. We […]
July 8, 2020

COVID-19 Home Office Expenses – What You Need to Know

COVID-19 has resulted in many learning curves for 2020. For example, some of us are working from home for the first time. So, it’s not surprising […]
June 16, 2020

The 75% Canadian Emergency Wage Subsidy (CEWS) – EXTENDED to August 29, 2020

As we outlined in our April 9 blog, a Canadian employer whose business has been affected by COVID-19 may be eligible for the Canadian Emergency Wage […]
June 2, 2020

Finding Your Money in Unexpected Places

Most of us are guilty of shoving cash in our pant’s pockets, purses or jackets and then totally forgetting about it. Then, one day we put […]
April 29, 2020

Embrace Technology While Physical Distancing

Physical Distancing has left many of us starved for interaction with our family and friends. To fill this void, many are taking advantage of modern technology […]
April 21, 2020

COVID-19 Updates to Important Subsidy Programs

“75%” Canada Emergency Wage Subsidy (CEWS) The Federal government has passed into law the Canada Emergency Wage Subsidy (CEWS) as well as the 10% Temporary Wage […]
April 9, 2020

COVID-19 Support for Canadian Businesses -April 8, 2020 “75%” CEWS Update and More

Canadian Emergency Wage Subsidy (CEWS) On April 1, 2020 the government provided details on the 12-week wage subsidy. The subsidy is 75% of annual employee salary, […]
April 7, 2020

A Unique, Yet Memorable CO-OP Work Term at SYC

As we find ourselves in the midst of a truly landmark tax season, we can’t help but think appreciatively of our co-op students who, due to […]
April 2, 2020

COVID-19 Support for Canadian Businesses

Our understanding of the most important provision of the current relief programs is summarized below.  This information is currently as of April 1, 2020 only. Canadian […]
March 10, 2020

Corona Virus – Because We Care, We’ll Prepare

On Wedesday, March 11, the World Health Organization declared Coronavirus a Pandemic. Scarrow Yurman & Co. wants to ensure our clients that, while not panicking, we […]
February 11, 2020

Tax Season – Overcome Stress by Being Perpared!

Yes, it’s tax season – AGAIN. Navigating the sea of life’s daily stresses can be challenging enough. What can help us cope with the added challenge […]
January 21, 2020

Curb the Clutter Crisis – Start Housekeeping Now!

Regular housekeeping is good for us mentally, physically and emotionally – especially when managing our personal tax paperwork. How so? Well, suppose you got a notice […]
December 9, 2019

Tax Loss Selling – Turn a Loss Into a tax Win!

When it comes to investing let’s face it, you win some, you lose some. While capital gains are always the goal, sometimes selling shares incurs a […]
November 6, 2019

Business Owners – Meet Bookkeepers of the Future!

From self check-out at the grocery store to the convenience of ATMs, many of us have come to appreciate technology that makes our lives easier. If […]
September 18, 2019

Introducing: Plooto!

No, it’s not a planet. But if you’re a small business owner, Plooto may just change your world. Plooto is a cloud-based technology that allows you […]
August 20, 2019

Cloud-Based Payroll Apps – TO THE RESCUE!

We all enjoy getting paid. However, the process to ensure everyone gets paid accurately and on time can be a challenge. If payroll is part of […]
July 30, 2019

Goodbye “Old School” Data Entry – Hello Hubdoc!

Are you up to your eyeballs keeping track of receipts, invoices and bank statements? Business owners know that the CRA requires these supporting documents to be […]
June 12, 2019

What is Cloud Accounting

Cloud accounting software is similar to desktop-based solutions, only they are hosted on the “cloud”. This means users will have access to their data from anywhere […]
May 21, 2019

Should You Steer Clear of Company Owned Vehicles?

It depends on how much business driving you do. In cases where business use is minimal, a company owned vehicle is simply a tax nightmare. The […]
April 9, 2019

The Many Hats of Small Business Owners

If you’re the owner of a small business, to say you multi-task is an understatement! The various “hats” you wear can include accounting, marketing, information technology […]
March 20, 2019

Tax Season – Four Steps to Help You Get Organized

It’s hard to believe that we’ve entered another personal tax season. In fact, April 30th is just 42 days away! To make tax season as stress […]
February 7, 2019

Seniors – The Good, The Bad, and The Blogs

So, you’ve finally entered your “golden years”. It’s a time to enjoy the perks of turning 65 – senior’s days, passes and discounts. You now have […]
January 21, 2019

New Tax Breaks for Equipment Purchases

If your business is considering purchasing office equipment, vehicles, computers, practically any capital asset – we have fantastic news! The Department of Finance announced that as […]
December 18, 2018

CRA – The Dark Side

Is it really surprising that many fall victim to fake CRA collection calls? You know,the ones demanding payment or the CRA will either arrest you or […]
November 14, 2018

Bookkeeping – Working Smart

Bookkeeping is not just entering transactions, reconciling your bank statement and saying, “I’m done!” Bookkeeping lays the foundation for everything that is extracted from your financial […]
October 17, 2018

TFSAs – Do You Have Room?

In November 2016, we blogged about Tax Free Savings Accounts. Since inception, CRA has been auditing TFSA accounts and this has resulted in penalties to taxpayers […]
August 28, 2018

Why Your Retirement Plan Needs a “Checkup”

Let’s face it, your annual physical may not be your idea of a good time. However, regular visits to a GP can help you assess your […]
June 20, 2018

Do You Need a Financial Advisor?

Costco, Superstore and Wal-Mart have got us used to the efficiency and convenience of one stop shopping. However, should this same concept be applied to your […]
May 22, 2018

Passwords Made Easy

Are you up to your eyeballs in passwords that you can’t keep straight? Do you reset your passwords more often than your alarm clock? Then this […]
April 16, 2018

Tax Credits vs Tax Deductions – What’s the Difference?

Although these two terms are used interchangeably, when you’re discussing tax credits and tax deductions you’re not comparing apples to apples. They are very different and […]
March 21, 2018

Personal Tax Season – Overcome Stress By Being Prepared

“By failing to prepare, you are preparing to fail.” With this sobering advice in mind, we have prepared some tips to help you get organized and […]
February 14, 2018

Tax Credit Changes – 2017

CRA giveth and CRA taketh away. Actually, more “taketh” than anything! As you run around getting all your tax slips in order, we wanted you to […]
January 2, 2018

Cloud-based Bookkeeping Software – A Word of Caution

Over the years we’ve learned that: A “server” doesn’t always refer to the person at your favourite restaurant; A “router” isn’t simply a power-tool; and a […]
November 8, 2017

Registered Education Savings Plan (RESP): Withdrawals

So, you did your homework and started a RESP for your child. Bravo! However, now junior is grown up and ready to go off to University […]
September 26, 2017

Fraud – It’s Rampant!

Think fraud can never happen to your company? Think again! Fraud can cost business owners a ton of money and time! We’ve seen it happen! The […]
August 15, 2017

Going Green in the Workplace

Green with envy – move over! We’re green with pride! The same core values Scarrow Yurman & Co. are known for, such as ethics, loyalty and […]
July 25, 2017

Cyberattacks – Are You at Risk?

Gone are the days of Sears catalogues, telephone books or TV Guides delivered to our door. The Internet has revolutionized the way we shop, are entertained, […]
May 16, 2017

Disability Tax Credit – Are You Eligible?

How do you know if you are eligible for the disability tax credit (DTC)? CRA’s website has a tool available where you can review some questions […]
April 10, 2017

Personal and Corporate Tax Instalments

An instalment payment is a partial payment of the total amount of tax payable for the year.  Instalments are not paid in advance; they are paid […]
April 4, 2017

Deadlines and Penalties For Individuals and Families

Filing personal returns on time is crucial. This is especially important when you have a balance owing because the CRA will charge you a late-filing penalty […]
March 27, 2017

2017 Federal Budget Commentary

The Federal Government’s 2017–18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady […]
March 9, 2017

Travel Expenses for Medical Expense

In what situations can you claim? If you drive over 40 kilometers from home to obtain medical treatments, you may be eligible to claim your travel […]
February 28, 2017

Registered Education Savings Plans (RESPs)

What is it? A Registered Education Savings Plan (RESP) is a special investment account that helps families plan for post-secondary education funding, and provides future tax-saving […]
February 7, 2017

RRSP Season For The 2016 Taxation Year is Ending Soon!

A Registered Retirement Savings Plan (RRSP) is a personal savings account registered with Canada Revenue Agency (CRA) to help you save for retirement and reduce your […]
January 3, 2017

Principal Residence Exemption

The Latest Principal Residence Exemption Rule Affects Every Canadian Homeowner You’ve sold your home and there’s lots of financial matters on your mind – legal fees, […]
November 16, 2016

Tax Free Savings Accounts (TFSA)

The Tax Free Savings Account (TFSA) is a savings account that allows any individual over the age of 18 and who has a valid Canadian SIN […]
September 22, 2016

CRA Website – Roadmap for Electronic Payments

Whether it is for personal taxes or business taxes, parting with your hard earned money is painful enough without the process being more complicated than it […]
September 8, 2016

CRA / IRS Fraud Alert – Part 1

You may or may not be aware of the fraudulent Canada Revenue Agency (CRA) phone calls, emails and letters circulating at this time. CRA usually contacts […]
September 7, 2016

CRA / IRS Fraud Alert – Part 2

Further to our blog of April 16, 2016, we wanted to keep you informed of the latest in a string of scams that use the identity […]
July 21, 2016

Medical Expenses

It is quite well-known that medical expenses can be claimed as a tax credit, but what is less known is just how such a tax credit […]
April 11, 2016

T1135 New Simplified Reporting Method

Commencing in 2015, the Canada Revenue Agency has implemented changes to reporting foreign property on Form T1135. The changes include a simplified method for reporting foreign […]
April 6, 2016

Tax Rates Effective March 2016

On February 15, 2016, Finance Minister Charles Sousa delivered the 2016 Ontario Budget. Please find below some highlights from that release that we thought would be […]
April 10, 2014

8 Ways to Become Your Accountant’s Fav Client

1. Collect all your stuff in a shoebox – the older the better. You want her to spend all her time sorting through your receipts at […]
July 23, 2013

The Benefits of Job Costing

An important costing technique that can make your bookkeeping easier is job costing. But what, you may ask, is job costing? It is a costing technique […]
June 14, 2013

Adoption Tax Credit

For individuals considering adoption or currently involved in the adoption process CRA offers an Adoption Tax Credit. Adoption period: begins at the earlier of : the […]
May 17, 2013

Moving Expenses Deduction

If you move to a new location, you may be eligible to deduct your moving expenses. The general rules are you may deduct moving expenses from […]
April 3, 2013

Obtaining Online Access to Accounts at Canada Revenue

Something that has become popular in the past few years and we would certainly recommend, is obtaining online access to all the information held by CRA […]
March 8, 2013

Mandatory Requirements For Efiling Personal & Corporate Tax Returns

Starting in January 2013, CRA requires tax returns to be filed electronically. This applies to both T1 individual income tax returns and T2 corporation income tax […]
February 7, 2013

How RRSP Contributions Work

A registered retirement savings plan (RRSP) is an account you can set up to save money for the future. There are immediate tax benefits in the […]
January 9, 2013

Incorporation Of The Business; The Advantages

limited liability – separates your personal assets from business and limits legal liability exposure to business assets only. Becomes even stronger factor if consider expanding the […]
December 10, 2012

Year End Tax Loss Selling

One often reads or hears about year end tax loss selling and the deadline to execute these kinds of trades that comes along each December.  Here’s […]
November 23, 2012

A Business Use For GPS Systems

Normally you would think of a GPS system as a useful tool in your own vehicle to get you where you are going. GPS systems have […]