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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Business people planning to buy a business

Business Matters

This month covers some best practices for buying a business and tax planning: Management – Buying a Business: A Little Planning Goes a Long Way Taxation – Voluntary Disclosures Program Technology – What Is Blockchain, and Why Do You Need to Know What It Is? Wealth Management – Babies: The Cost and How to Plan for It   Management Buying a Business: A Little Planning Goes a Long Way Christene H. Hirschfeld, Q.C., ICD.D Last …

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COVID-19 scam alert and how to avoid them

Business Matters

This month covers some best practices to protect your business during COVID-19 and electronic signatures: Management – How to avoid common scams during COVID-19; Taxation – Understanding COVID-19 federal government support; Technology – Understanding digital and electronic signatures; Wealth Management – Investment market update: What happened?   Management How to avoid common scams during COVID-19 Imran Ahmad, LL.B, LL.M As most of the Canadian workforce has now moved to remote work in response to the …

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

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

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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Beware of telephone scams

Beware of New Telephone Scams

The Canada Revenue Agency (CRA) is noting an increase in telephone scams where the caller claims to be from the CRA but is not, and is asking Canadians to beware—these calls are fraudulent and could result in identity and financial theft. The following article is based on information from the CRA website. Some recent telephone scams involve threatening taxpayers or using aggressive and forceful language to scare them into paying fictitious debt to the CRA. Victims receive …

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

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

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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Contracting services via a corporation - CRA impact

Do you provide contracting services via a corporation? Do you understand the personal services business rules?

In recent years there has been a trend for businesses to hire contractors to fulfill long-term positions rather than offering permanent employment. Individual contractors who provide their services through a corporation need to understand the risk that the Canada Revenue Agency (CRA) may assess their corporation to be a personal service business (PSB), especially if they are providing services to just one client. What is a PSB? In its simplest terms, a PSB exists where …

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