February 22, 2023

GST/HST Input Tax Credits: Reasonable Expectation of Profit

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

Executor: Whether to Accept This Role

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

Director Liability: Is Asking About Source Deductions Enough?

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

TFSA Overcontribution: Relying on Information in Your CRA Online Account

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

Tips Collected Electronically: Withholding Requirements

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

Trusts: New and Expanded Disclosure Requirements

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 101

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

Buying and Selling a Home: Budget 2022 Proposals

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

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 […]
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 […]
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 27, 2020

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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 […]
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 […]
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 […]
November 14, 2017

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