April Wheeler - CPA, CGA, Author at McCay Duff LLP Chartered Professional Ottawa Accountants

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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Eight Tips for Preventing Fraud in Not-for-Profit Organizations

April Wheeler - CPA, CGA
CRA, Fraud Prevention, Internal Controls, Not-for-Profit Organizations, Tax Tips

Many organizations feel that, due to their small size, they are not susceptible to fraud. Unfortunately, this is not true. Even the smallest of organizations have been, and can be, targets of fraud. In fact, smaller organizations have disproportionately large losses from asset misappropriation, and are much less likely to recover from a fraud. This is due to the fact that they often employ friends, family and other “trusted individuals,” and rely on trust rather …

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COVID-19 Cash Management Options

April Wheeler - CPA, CGA
Announcements

The coronavirus has presented risks not only to our personal health but also to the financial health of many businesses. The provincial and federal government policies to enforce social distancing to #flattenthecurve has led to a sudden fall in revenue for many businesses. Many business owners are asking what they can do to survive the impact of COVID-19. Cash flow management will be important. Here are some cash flow tips to consider: Financing Options Reach …

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What to Expect when the CRA Contacts You

Identifying Legitimate Communications from the Canada Revenue Agency

April Wheeler - CPA, CGA
Tax Planning, Tax Preparation

Scammers posing as Canada Revenue Agency (CRA) employees continue to contact Canadians, misleading them into paying false debts. These persistent scammers have created fear among people who now automatically assume that any communication from someone representing the CRA is not genuine. This article will remind Canadians that the CRA does indeed contact taxpayers by phone, email and mail for legitimate reasons. The following tips will help Canadians identify legitimate communications from the CRA. To identify …

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Can an Owner-Manager Deduct Employment Expenses on their Personal Tax Return?

April Wheeler - CPA, CGA
CRA, Tax Audit, Tax Planning

If you are an employee of a business, you may have the opportunity to deduct expenses on your personal tax return that are required under your contract of employment. To claim work-related expenses, an employee needs to obtain a certified Form T2200 from their employer. If you are a shareholder-employee of the company, can you deduct employment expenses? Based on the Tax Court of Canada’s decision in the 2009 Adler case, the answer appeared to …

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Every Small Company’s Owner Should Understand Their Financial Statements

April Wheeler - CPA, CGA
Accounting, Business Advisory, Financial Reporting, Small Business

Do you review your company’s financial statements regularly? Do you understand what they tell you about your business? If not, you are not alone. Many business owners are focused on starting, growing, or maintaining their businesses. As a result, they do not take the time to understand their financial statements and the vital information they provide about their business. When used effectively, your financial statements are a tool that will help you plan better, address …

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Record Keeping for the Canada Revenue Agency Purposes

April Wheeler - CPA, CGA
Estate Planning, Taxes

The Income Tax Act requires books and records to be kept by every person, partnership, corporation, trust etc. who is required to pay or collect taxes or other amounts. Good financial records are essential for completing personal and corporate income tax returns. Without accurate records you and/or your business may under or over pay taxes or be subject to an audit by the Canada Revenue Agency (CRA) due to insufficient supporting documentation. How long do …

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April Wheeler - CPA, CGA

Ensure 2020 T4 Slips Comply with the 2020 Reporting Requirements

Eight Tips for Preventing Fraud in Not-for-Profit Organizations

COVID-19 Cash Management Options

Identifying Legitimate Communications from the Canada Revenue Agency

Can an Owner-Manager Deduct Employment Expenses on their Personal Tax Return?

Every Small Company’s Owner Should Understand Their Financial Statements

Record Keeping for the Canada Revenue Agency Purposes

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