Condominiums ready for condominium corporation audit

How to Prepare for a Condominium Corporation Audit

Policies and Procedures to Ensure a Smooth Audit An audit may seem like a daunting and stressful task to some, but with proper preparation you can make it a walk in the park. There are many things you can do before the auditors even start which could greatly reduce your stress and bring ease to yourself and the auditors. Below are some insights from the perspective of an auditor that could facilitate ‘a walk in …

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Employee claiming home office expenses on 2020 tax return

How to Claim your Home Office Expenses on your 2020 Tax Return

The pandemic has caused a vast number of Canadians to work from home during 2020. As a result, the Canada Revenue Agency (CRA) has released new guidelines for claiming home office expenses on their 2020 personal tax return. Here is what you need to know on how to claim your home office expenses. For the 2020 tax year, the CRA has announced two methods for claiming office expenses: the new temporary flat-rate method and the …

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Best of Accounting Client Satisfaction Award

McCay Duff LLP Wins 2021 Best Of Accounting™ Award for Service of Excellence

McCay Duff LLP is very pleased to announce that we have been awarded the 2021 Best of Accounting Award for providing superior service to our clients. ClearlyRated’s Best of Accounting® Award winners have demonstrated industry leading ratings for superior customer service based entirely on ratings provided by their clients. Based on recipient responses, on average, clients of 2021 Best of Accounting winners are twice as likely to be satisfied than those who work with other …

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Dart in Loan application for Canada HASCAP

Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee has Launched

Applications open February 1, 2021 To assist the small and medium-sized businesses that have been heavily impacted by COVID-19, the Business Development Bank of Canada (BDC) has been mandated by the Government of Canada to provide government guaranteed loans to eligible businesses to help these businesses access additional funds and cover operating costs.  Loans ranging from $25,000 to $1 million will be available to qualifying businesses. Who can apply for HASCAP? Any Canadian business that …

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Form 1040 for U.S. Individual Income Tax Requirements

Things you need to know when it comes to U.S. taxes for individuals: General filing requirements

Author: Cyndy Packard Osode, CPA, CA, CPA (TX, USA), CGMA A U.S. filing requirement generally applies to individuals who are U.S. citizens, U.S. lawful permanent residents, and other individuals who earn income from U.S. sources. Do you fall into any of these categories? If yes, you’ll want to read this third article in our series on U.S. tax filing obligations. U.S. Tax Filing Requirements Many people are now aware that the United States is one …

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T4 slip that need to comply with new CRA reporting requirements

Ensure 2020 T4 Slips Comply with the 2020 Reporting Requirements

The Government’s COVID-19 relief programs have led to the Canada Revenue Agency (CRA) introducing additional reporting for the 2020 T4 slip, Statement of Remuneration Paid. All employers who issue T4s to employees must comply with these new requirements. CRA will use the additional information to be reported on the T4 to validate payments under the Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), and payments made to employers under the Canada Emergency Wage …

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Money bag for small businesses for COVID-19 Support

New support grant for Ontario Small Businesses

The Ontario government has announced the creation of the Ontario Small Business Support Grant for small businesses required to close or restrict services under the Provincewide Shutdown. Small businesses will be able to use the funds in whatever way makes the most sense for their business, such as paying wages, rent or maintaining inventory. Eligible small businesses include those that: Are required to close or significantly restrict services subject to the Provincewide Shutdown effective 12:01 …

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