October 21, 2024
In a recent Tax Tip, CRA stated that an acceptable receipt for income tax purposes must contain all of the following: -the date of the purchase;-the […]
October 4, 2024
CRA uses a combination of risk assessment tools, analytics, leads and third-party data to detect non-compliance in the real estate sector. They have identified ten areas […]
September 27, 2024
An August 30, 2023 Technical Interpretation discussed whether an entity could maintain its status as a non-taxable non-profit organization when investing in a subsidiary. NPOs need […]
September 20, 2024
Under the Competition Act, employees posting reviews online about their employer or the competition must disclose their connection to the business, even if the individual provides […]
September 13, 2024
In 2023, CRA issued Shopify an unnamed persons requirement (UPR) that required Shopify to provide information on more than 121,000 Canadian vendors for the past six […]
September 6, 2024
Reasonable motor vehicle allowances received by employees in the course of employment duties are non-taxable. An allowance is not reasonable (and therefore taxable) if any of […]
August 30, 2024
Directors can be personally liable for payroll source deductions (CPP, EI, and income tax withholdings) and GST/HST unless they are duly diligent in preventing the corporation […]
August 22, 2024
In late 2023, the Federal government announced its intention to deny income tax deductions for expenses by non-compliant operators of short-term rental properties (such as Airbnb […]
August 15, 2024
Due to the proposal to deny deducting expenses related to non-compliant short-term rentals, some owners may consider selling their short-term rental property. While it is widely […]
July 31, 2024
For reporting periods that begin in 2024 and onwards, GST/HST registrants (except charities and selected financial institutions) must file all GST/HST returns with CRA electronically. Registrants […]
July 25, 2024
The 2024 Federal Budget proposed to increase the capital gains inclusion rate from 50% to 2/3 of the actual gain, effective for capital gains realized on […]
July 3, 2024
A November 8, 2023 Tax Court of Canada case considered whether a taxpayer’s losses from farming activities deductible against non-farming income were restricted to the $17,500 […]
June 18, 2024
The $2/day flat rate method available to claim expenses for employees working from home was a temporary administrative measure only available from 2020 to 2022; it […]
June 11, 2024
In general, a personal services business (PSB) exists where the individual performing the work would be considered to be an employee of the payer if it […]
June 4, 2024
Various changes and issues have arisen in respect of T-slips to be filed and processed for the 2023 year. Dental benefitsBeginning with the 2023 year, issuers […]
May 27, 2024
Various automobile deductions and taxable benefit rates are limited to amounts prescribed by the Department of Finance annually. On December 18, 2023, the 2024 limits were […]
May 9, 2024
It’s that time of year again!On April 16, 2024, the Federal Government tabled Budget 2024, which proposed various provisions impacting individuals and businesses. Some of the […]
April 2, 2024
On March 28, 2024, the Canada Revenue Agency (CRA) announced changes to the reporting rules for trusts, bare trusts are exempt from trust reporting requirements for […]
March 7, 2024
On December 11, 2023, Health Canada issued details on the Canada dental care plan that would cover a wide variety of dental services for certain Canadian […]
February 8, 2024
Changes requiring more trusts (and estates) to file tax returns and more information to be disclosed, first proposed in the 2018 Federal Budget, were delayed several […]
February 2, 2024
Starting January 1, 2024, the Canada Revenue Agency (CRA) has implemented a new administrative policy regarding the province or territory of employment (POE) for payroll deduction […]
January 25, 2024
New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch […]
January 16, 2024
Certain non-resident vendors are required to register for and collect GST/HST under a new simplified GST/HST registration regime that commenced July 1, 2021. While the rules […]
January 5, 2024
An August 24, 2023 Federal Court of Canada case reviewed whether the taxpayer’s employment had ceased due to misconduct, which would render the taxpayer ineligible for […]
December 22, 2023
A June 12, 2023 Court of King’s Bench of Alberta case reviewed CRA’s application to revive a corporation dissolved in 2020. The former sole shareholder opposed […]
December 5, 2023
Private corporations incorporated under the Ontario Business Corporations Act (OBCA) must keep and maintain a record of individuals holding significant control (ISCs), effective January 1, 2023. […]
December 1, 2023
As of October 2022, merchants could charge an additional fee for accepting payment via credit card. In a March 28, 2023 Technical Interpretation, CRA opined that […]
November 2, 2023
Over the past several years, several incentives permitting enhanced CCA claims in the year property first becomes available for use have been implemented. Claiming the enhanced […]
October 26, 2023
On September 14, 2023, the Department of Finance provided details on a proposal to enhance the existing GST rental rebate. In general, the existing rebate provides […]
October 18, 2023
On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments, including the following key elements: […]
October 5, 2023
In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1 occurred from […]
September 7, 2023
The tax-free FHSA was introduced in 2023 to help first-time home buyers save up to $40,000 for a home purchase. Individuals eligible to open an FHSA […]
July 5, 2023
With every passing year, technology continues to redefine the legal profession. As a result, firms are looking for new tools, including free case management software solutions. […]
June 8, 2023
Budget 2023 (A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future) was introduced in the House of Commons on March 28, 2023. The top five […]
February 22, 2023
A July 28, 2022 Tax Court of Canada case considered whether input tax credits (ITCs) in respect of a farming operation’s expenditures were available. The farming […]
January 31, 2023
Individuals may be asked to take on various roles in respect of loved ones, friends, clients or others. One role that is particularly riddled with challenges […]
January 17, 2023
Directors can be personally liable for payroll source deductions (CPP, EI and income tax withholdings) and GST/HST unless they exercise due diligence to prevent the corporation […]
January 3, 2023
One challenge when relying on CRA-provided information online in respect of TFSA contribution room is that the information is not updated on a real-time basis due […]
December 12, 2022
Where tips are “paid” by an employer, they are pensionable and insurable. In such cases, the employer must also withhold income tax and report the amounts […]
November 29, 2022
Legislation has been proposed for trusts (including estates) with years ending on December 31, 2023 and onwards that would significantly expand the reporting rules. More trusts […]
November 15, 2022
Cloud accounting software is an easy solution to small business bookkeeping. From collaboration to secure data storage, learn more about cloud accounting. QuickBooks Online is cloud accounting software […]
October 27, 2022
The 2022 Federal Budget included several proposals that would significantly change the taxation environment when buying and selling a home. Broadly, the government proposed various incentives […]
October 18, 2022
The interest rate on overdue taxes for the fourth quarter of 2022 (October 1 – December 31, 2022) has increased by 1% to 7%. Make sure […]
February 11, 2022
Flexible Planning Possibilities A July 21, 2021 Money Sense article (My three kids chose different educational paths. How do I withdraw RESP funds in a way […]
January 14, 2022
As accounting and tax professionals helping clients with their challenges, we don’t often think about our own situation all that much. It’s the old “the cobbler’s […]
November 9, 2021
RRSP designations A May 10, 2021 CBC article demonstrated the importance of reviewing RRSP beneficiary designations. The article discussed the unfortunate cascade of events where, in […]
September 28, 2021
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
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
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
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
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
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
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
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
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
“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
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
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
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
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
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
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 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
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
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
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
“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
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
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
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
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 27, 2020
February 11, 2020
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
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
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
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
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
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
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
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
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
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
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
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
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
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 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
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
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
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
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
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
“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
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
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 14, 2017
November 8, 2017
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
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
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 […]