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 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 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 […]
July 25, 2017
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 […]
March 20, 2012
If you are entitled to a refund, the earlier you file, the earlier you will get your money back from the Canada Revenue Agency (“the CRA”). The CRA […]