Rent rebates to support business revenue Update

Canada Emergency Rent Subsidy (CERS) – Updated


Accounting, Business Advisory, Consulting

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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Rent rebates to support business revenue

Canada Emergency Rent Subsidy (CERS)


Accounting, Business Advisory, Consulting

The new Canada Emergency Rent Subsidy has been introduced by the Government of Canada to provide additional support to those businesses, non-profits, and charities that continue to be financially impacted by the COVID-19 pandemic. The CERS is available retroactive to September 27, 2020, until June 2021. The Government has now provided the proposed details for the first 12 weeks of the program (September 27 to December 19, 2020). The CERS will provide benefits directly to …

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Dianna Larkin inteview with Ottawa Derm Connect

COVID-19 impact on our firm and our clients’ businesses


Accounting, Business Advisory, Consulting

McCay Duff shares this video of a recent interview Dianna Larkin (partner) did with Richard Levesque (owner and managing director of Ottawa Derm Centre) about the impact COVID-19 has had on our firm and our clients’ businesses. During the interview, Dianna talks about personal and professional challenges shared by so many of us and speaks candidly about the challenges that McCay Duff overcame and how quickly the firm pivoted to be able to continue to …

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Understanding your financial statements

Every Small Company’s Owner Should Understand Their Financial Statements


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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Should Not-for-Profit Incorporate?

Should you Incorporate your Not-For-Profit Organization?


Accounting, Business Advisory, Not-for-Profit Organizations, Tax Planning

Incorporation can require a lot of paperwork and involves incurring legal fees, all of which may lead you to ask, is it worth it? No federal or provincial legislation requires a Not-for-Profit Organization (NPO) to incorporate. Like anything in life, there are both benefits and costs associated with incorporation. The answer to whether or not an NPO should incorporate does not have a “one size fits all” solution. Each NPO needs to consider its activities, …

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Business Valuation

Why Knowing the Purpose of the Valuation Engagement is Important


Business Advisory, Business Valuation, Tax Planning

There are many reasons why you may need to determine the value of your business. Some of the more common examples are marital dissolution, litigation and ownership disputes, buy/sell agreements, business and estate planning, and gift and tax planning purposes. Examples of the common users of a valuation report are the company shareholders, potential purchasers, the Courts and the Canada Revenue Agency (“CRA”). A valuation report prepared for one purpose is not necessarily appropriate for …

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Should I Incoporate my Practice

Should I Incorporate my Practice?


Accounting, Business Advisory, Tax Planning

Should I incorporate my practice? This is a common question for medical and dental professionals and it is one that has become increasingly more relevant since the new tax on split income (“TOSI”) rules were introduced in 2017. Determining whether or not incorporation is right for your practice is not straightforward and can be costly if you make the wrong decision. To begin the process of determining whether or not you should incorporate, consider the …

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