- Professional Accounting Firm
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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
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 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 […]
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 […]
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 […]
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 […]
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 […]
November 14, 2017