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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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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Winter wonderland scene wishing clients happy holidays from McCay Duff

Happy Holidays from all of us at McCay Duff LLP!

We hope your holidays will be filled with joy and laughter through the New Year. Please note we will be closed the following days: Thursday, December 24th; Friday, December 25th; Monday, December 28th; Tuesday, December 29th; Wednesday, December 30th; Thursday, December 31th; Friday, January 1st. Our office will re-open for business on January 4th, 2021. We look forward to your questions and inquiries in the New Year, please contact your McCay Duff advisor. Contact Us …

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Canadian loan center for applying for CEBA

What you need to know before applying for the additional $20,000 Canada Emergency Business Account

The Canada Emergency Business Account (CEBA) was launched on April 9, 2020 and provides interest-free loans, guaranteed by the Government of Canada, to small businesses and not-for-profits. As of December 4, 2020, CEBA loans increased from $40,000 to $60,000. If you have already applied for the original $40,000 CEBA loan and are considering applying for the additional $20,000 loan, it is important for you to consider the following information. CEBA Forgiveness Terms Both of the …

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Business owner filing PD27 form before filing T4s.

Mandatory Self Reporting for the 10% Temporary Wage Subsidy (TWS) due Before the Filing of T4s

Important Reminder! Mandatory Self Reporting for the 10% Temporary Wage Subsidy (TWS) due Before the Filing of T4s The Canada Revenue Agency (CRA) is requiring all eligible businesses, partnerships, non-profits, charities and sole proprietors with a payroll account to file an election indicating how they have applied the 10% TWS.   The PD27 10% Temporary Wage Subsidy Self-Identification Form for Employers (PD27) should be filed before the filing of the T4s.  CRA has indicated the PD27 …

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Personal protective equipment available for rebates

Increased Relief for PPE, Property Tax and Energy Costs

The Ontario Government has increased the funding available for the Main Street Grant Relief for Personal Protective Equipment (PPE) and Property Tax and Energy Cost Rebate Grants. Ontario businesses in the retail, accommodation, food service, repair and maintenance, and personal and laundry services sectors with 2 – 9 employees can apply for a grant to cover up to $1,000 of costs for PPE purchased since March 17, 2020. Ontario businesses that have been required to …

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Rent rebates to support business revenue Update

Canada Emergency Rent Subsidy (CERS) – Updated

On November 19, Bill C-9, which creates CERS, received Royal Assent. The CRA launched the application process on Monday November 23, 2020, and provided further information of the program. Updates to our original communication are indicated in blue. How do you qualify for the CERS? Qualifying businesses, non-profits, and charities are those that have suffered a revenue drop, and meet one of the following criteria: Have a payroll account as of March 15, 2020, or …

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