Uncategorized
Enhanced Trust Reporting Requirements May Affect You
New trust reporting requirements became effective on December 15, 2022 for all trusts with a taxation year ending after December 30, 2023. The enhanced reporting rules now require most trust arrangements to file tax returns or be subject to penalties. This includes bare trusts commonly used in real estate activities and many “in trust for”…
Read MoreBill 27: Working for Workers Act – Policy on Disconnecting from Work
Attention all business owners with a staff greater than 25, as of June 2, 2022. Bill 27: Working for Workers Act requires your company to have a policy on disconnecting from the workplace prepared. According to the Employment Standards Act, 2000 (ESA) disconnecting form work is defined as “not engaging in work-related communications, including emails,…
Read MoreCLIENT UPDATE – Federal Budget 2022
April 8, 2022 On April 7, 2022 (Budget Day) Finance Minister Chrystia Freeland announced the budget, “A Plan to Grow Our Economy and Make Life More Affordable” (Budget 2022). Budget 2022 projects a deficit for the 2022-2023 year of $52.8 billion. The deficit is projected to decline to less than $10 billion over five years.…
Read MoreClient Update – Employment Standards Act, 2000 in Ontario, Infectious Disease Emergency Leave
Employers are beginning to find it difficult to differentiate between COVID-19 sick leave and regular. How do they compensate? Do they have to compensate? It can be very confusing. Read below for our HR Solutions teams summary of the COVID-19 updates top the IDEL and a link to the forms and process released by the…
Read MoreCLIENT UPDATE – February 3, 2022COVID RELIEF PROGRAMS – GRANTS, CEBA LOAN EXTENSION, SUBSIDIES
Recently both the federal and Ontario governments have made announcements regarding new and existing COVID relief programs for businesses. The Ontario government announced two new grants, the Ontario Small Business Relief Grant and the Ontario Business Costs Rebate Program. The federal government provided a one-year extension for Canada Emergency Business Account (CEBA) loan repayments such…
Read MoreOmicron, Inflation and the Impact on Our Investment Strategy
This article is from the Independent Accountants’ Investment Counsel Inc. (IAIC) After bouncing off new all-time highs in early November, the past two weeks saw markets make a U-turn back towards late September levels on news of a new Covid-19 variant and indications from the US Fed that inflation may persist. With the early reports…
Read MoreCPA Canada New Compilation Engagement Summary
For the first time in almost 35 years, CPA Canada has updated the standard under which compilation engagements are to be conducted. We have put together a collection of resources including FAQs to assist with the implementation of this standard Wilkinson & Company New Compilation Engagement Summary CPA Canada Compilation Engagements Management Briefing CPA Canada…
Read MoreUpdate on Canada Covid Supports
On October 21, 2021, the government of Canada made an announcement in respect of the future of various COVID-19 support programs. They include: The general Wage Subsidy (CEWS) and Rent Subsidy (CERS) will expire on October 23, 2021. The Hiring Subsidy (CRHP) will be extended until May 7, 2022 with the subsidy rate to be…
Read MoreCLIENT UPDATE – October 28, 2021 COVID RELIEF PROGRAMS
On October 21, 2021, the federal government announced the next phase of COVID relief programs for both individuals and businesses. For individuals, the Canada Recovery Benefit (CRB) ended October 23, 2021 and is being replaced with the Canada Worker Lockdown Benefit (CWLB) focused on those out of work due to a government-imposed lockdown. The existing…
Read MoreCLIENT UPDATE – October 27, 2021 Action Needed – New Online Ontario Business Portal
This bulletin is inform you of an important change in how Ontario businesses and not-for-profits will be required to deal with the Government of Ontario. Service Ontario has launched an online portal, the Ontario Business Registry, for businesses and not-for-profit corporations that are registered, incorporated, or licensed to carry on business in Ontario. This service…
Read More