Accounting Archives - McCay Duff LLP Chartered Professional Ottawa Accountants

Condominiums ready for condominium corporation audit

How to Prepare for a Condominium Corporation Audit

Christopher Szubzda - CPA, CA
Accounting, 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 …

How to Prepare for a Condominium Corporation Audit Continue Reading

Employee claiming home office expenses on 2020 tax return

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

April Wheeler - CPA, CGA
Accounting, Tax Planning

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 …

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

Dart in Loan application for Canada HASCAP

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

April Wheeler - CPA, CGA
Accounting, Financial Planning

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 …

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

Money bag for small businesses for COVID-19 Support

New support grant for Ontario Small Businesses

McCay Duff
Accounting, Business Advisory

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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Canadian loan center for applying for CEBA

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

McCay Duff
Accounting, Business Advisory

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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Realtor determining if a Personal Real Estate Corporation right for her

Is a Personal Real Estate Corporation right for me?

Karen Freake - B. COMM, CPA, CA, Partner
Accounting, Business Advisory, Tax Planning

Undoubtedly, for decades to come, 2020 will be talked about as the year of change. We all have learned to do things differently. Some 2020 changes have been welcomed, like the change which now allows Ontario real estate professionals to operate through a Personal Real Estate Corporation (PREC). Whether you are a Real estate agent, Broker real estate agent, Realtor®, Realtor® Broker, or Realtor® Salesperson, this new avenue in which to run your business is …

Is a Personal Real Estate Corporation right for me? Continue Reading

Business owner filing PD27 form before filing T4s.

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

McCay Duff
Accounting, CRA, Tax Planning

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 …

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

Accounting

How to Prepare for a Condominium Corporation Audit

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

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

New support grant for Ontario Small Businesses

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

Is a Personal Real Estate Corporation right for me?

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

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