Tax season is here, and there are a few important updates to keep in mind that could affect your 2024 return and business correspondence with the CRA. Whether you’re preparing your personal taxes, managing your business accounts, or recently moved to Alberta, staying informed can save you time—and money. Here are the key changes and…
In April 2024, the Government of Canada announced a proposed increase to the change in the capital gains “inclusion rate” from ½ to 2/3rds for dispositions on or after June 25, 2024. However, with no legislation on the table in Parliament, and with Parliament currently prorogued, there was uncertainty whether this change would become law,…
On November 21, 2024, the Government of Canada announced a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) relief on select holiday essentials. This measure applies from December 14, 2024, to February 15, 2025, offering temporary support to Canadians by removing GST/HST on specific categories of goods and services. Qualifiying Items The GST/HST relief…
On April 16, 2024, the Minister of Finance tabled the 2024 Federal Budget. While no changes were made to the federal personal or corporate tax rates, there are some key changes to be aware of: Effective June 25, 2024, the inclusion rate on any capital gains in a corporation or trust will increase from 1/2 to 2/3.…
With the release of a new Federal Budget, we wanted to drop a highlight reel of the important changes and new mandates as they relate to business owners (with a few interesting additions). Let’s dive right into the 2022 Federal Budget Breakdown: Increased Threshold for Small Business Capital The taxable capital threshold…
Details on the new federal subsidy programs have been released, and will be backdated to become effective from October 24th, 2021 in order to seamlessly replace the CEWS and CERS programs which ended on October 23rd, 2021. What are the New Subsidy Programs? The new subsidy programs to replace the CEWS and CERS programs are: Tourism…
The second intake for the Alberta Jobs Now program is now open with updated and expanded eligibility and benefits. What is the Alberta Jobs Now Program? The program allows employers to apply for funding to cover the salary and training costs of new hires. It is the largest job training program in Alberta’s history, and…
You may have heard the news: the Federal Government has declared the end of the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS). It is important to note that your claims were not due on October 23. For instance, the claim periods ending on May 8, 2021 are due on November…
What is Bill C-208? On June 29th, the Governor General granted Royal Assent to Bill C-208. The Department of Finance confirmed that the provisions of Bill C-208 will be effective immediately. Upcoming amendments will cover “loopholes” in the legislation. These will become effective on November 1, 2021, or on the date of the publication…
The Alberta government has created a new lottery to encourage COVID-19 vaccinations, by offering several outdoor adventure prizes. Prizes include a lifetime hunting licence, a lifetime sport fishing licence, five Alberta Parks camping experiences, ten Canmore Nordic Centre season ski passes and ten Kananaskis’s conservation annual passes. Albertans who are over 18 and who are…
Update on COVID Subsidies New CEWS upcoming for periods 17 – 22 and CERS for periods 10 – 15 brings a number of changes to the current program. This will bring the subsidy programs up to the period ending November 20, 2021 (Period 22 for CEWS and Period 15 for CERS). CEWS Changes A…
A Quick Reminder As a reminder CEWS Period 10 and CERS Period 3 is due for filing on June 17, 2021 and the next deadline for CEWS Period 11 and CERS Period 4 is due for filing on July 15, 2021. Open for Summer Lottery The Alberta government has created an Open for Summer…
For families with children under the age of 6, the Government of Canada has provided a one time benefit tax-free payment to help supplement expenses for child care during 2020-2021 under the CCB Young Child Supplement Program (CCBYCS). No application is necessary as CRA will determine eligibility based on your 2019 and 2020 Individual…
The Alberta Government has recently released a new grant to help with employers and employees with their training programs related to their job. The grant is available to employers/trainees, once all conditions have been met and can cover up to $300,000 per fiscal year for the company OR a maximum of $10,000 per eligible trainee.…
The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta organizations (businesses, cooperatives and non-profits) that were ordered to close or curtail operations, and that experienced a revenue reduction of at least 30%, as a result of the COVID-19 pandemic. To support businesses affected by the public health measures introduced in April 2021,…
The AB SME Grant has been updated for companies that have incorporated after March 2020, effective Feb 4, 2021. The requirements for the revenue test is March 2020 to October 2020 (pick any of these months as your comparative month) and it will be compared against the November 2020 or December 2020 month. There must…
As the 2020 T4 filing deadline is quickly approaching, we wanted to highlight some changes that will impact ALL employers. The 2020 T4s must include some additional details in response to the COVID-19 programs that have been implemented during the pandemic. For ALL T4s filed, additional boxes must be completed for each employee reporting…
Applications are now open for the Canada Emergency Rent Subsidy (CERS). We are able to provide the following update on our original communication from November 12, 2020. If you are an eligible renter, your eligible expenses are: Rent (including rent based on a percentage of sales, profit or similar criteria) Amounts required to be paid or payable by…
The federal government recently introduced more information on the new Canada Emergency Rent Subsidy (CERS). Canada Emergency Rent Subsidy (CERS) The CERS will be available retroactive to September 27, 2020, and runs until June 2021. The government has released details for the first 12 weeks of the program, until December 19, 2020. HGA will update you…
The federal government recently new and expanded COVID-19 government aid measures that will assist small businesses: 1) Canada Emergency Rent Support (CERS) The CERS replaces the previous rent subsidy program (CECRA) and will run until June 2021. In a major improvement from CECRA, CERS will provide rent relief directly to tenants. We are still waiting…
CRA extended the payment due date for income tax returns and instalment payments to September 30, 2020. This deadline is in effect for individuals (your personal tax return), corporations, and trusts. Penalties and interest will not be charged if payments are made and returns are filed by the extended deadline of September 30, 2020. If you or…
The deadline for NEW applicants, and for existing applicants to opt-in for the July and August rental relief program, is now September 30th, 2020. We are also awaiting details on the September extension for rent relief. To apply for CECRA for small business, please visit the CECRA website here. You can visit HGA’s previous blog posts…
The Ontario Chamber of Commerce has created a Canada United Small Business Relief Fund in order to help small businesses with their recovery efforts as a result of COVID-19. Although created by the Ontario Chamber of Commerce, small to medium-sized (SME) companies from all sectors and all regions of Canada are eligible. A company can be receiving…
CEBA The federal government extended the application deadline for the Canada Emergency Business Account (CEBA) from August 31st to October 31st, 2020. The government also announced that they were working on a solution to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that so far have been unable to apply due to…
The federal government announced significant changes to the Canada Emergency Response Benefit (CERB) and the Employment Insurance (EI) programs. CERB will be extended by an additional four weeks, to a new maximum of 28 weeks, and will be available until September 27, 2020. At that time, recipients in continued need of support will move to…
If so, you probably qualify for the wage subsidy under CEWS 2.0. Under CEWS 2.0, claims that cover July 5, 2020 and onwards (periods 5 through 9) do not require a minimum revenue drop to qualify for the wage subsidy. The rate your revenue has dropped is only used to calculate how much subsidy you…
Extended Alberta corporate income tax payment deferral Alberta businesses with corporate income tax balances that become owing on or after March 18, 2020, or instalment payments coming due between March 18, 2020 and September 30, 2020, may defer making these payments until September 30, 2020. This payment date now aligns with the recently extended federal…
There have been a number of changes made by the federal government and CRA which may impact you and your business: CEBA The CEBA website has been quietly updated to now expand on the definition of eligible non-deferrable expense categories, which is relevant for businesses with total employment income paid to employees in 2019 of $20,000 or less, and 2020…
On July 17, the federal Finance Minister outlined the details of the expanded Canada Emergency Wage Subsidy program to December 19, 2020. Here is a summary of the changes: Changes to all previous CEWS periods There have been changes made to corporate amalgamations, adjustments to qualifying revenue for assets sales, and periods to use…
In response to the Corona Virus pandemic the Government of Canada rolled out a number of assistance programs to aid many Canadian individuals and businesses facing financial hardships. One such program, The Canadian Emergency Response Benefit (CERB) gives financial support to employed and self-employed Canadians who are directly affected by COVID-19. If you are one…
The federal government recently announced extensions to the CERB (Canada Emergency Response Benefit) and CECRA (Canada Emergency Commercial Rent Assistance) programs. CERB The CERB has been extended by 8 weeks and is now available for 24 weeks total (previously 16 weeks). The maximum amount a claimant can receive through CERB is $12,000 (previously $8,000). Claimants…
The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta businesses, cooperatives, and non-profit organizations that were ordered to close or curtail operations as a result of public health orders, and that experienced a revenue reduction of at least 50 per cent in April and/or May 2020, due to the COVID-19 pandemic. Eligible organizations can…
On May 19, the Prime Minister announced expanded eligibility of the Canada Emergency Business Account (CEBA), which provides interest-free loans of up to $40,000 to small businesses. These changes create two CEBA application streams: 1) Payroll stream: for businesses with total employment income paid to employees in 2019 greater than $20,000 and less than $1,500,000 (previously announced…
The government has released a tool that will allow guide individuals and businesses towards which financial help they may qualify for. Simply answering the questions with your relevant details will lead you to a narrowed list of possible support measures available to you or your business. For financial help for individuals, click here. For financial help for businesses,…
Today, the federal government announced that applications for the CECRA will open on May 25, 2020 at 8:00 am EST. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. It offers unsecured, forgivable loans to eligible commercial property owners to: reduce the rent owed…
On May 19, the Prime Minister announced expanded eligibility of the Canada Emergency Business Account (CEBA). The program will now be available to a greater number of businesses that are sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll. The expanded criteria…
The federal government announced additional support for small businesses unable to access existing support measures, such as the CEBA. This additional support is being offered through the Regional Relief and Recovery Fund (RRRF) The RRRF criteria is based on the amount of funding being requested by the business. The intent of the RRRF is to…
On April 24th, the Prime Minister announced further details about the Canada Emergency Commercial Rent Assistance (CECRA) program. This program is designed to reduce small business rent costs by up to 75% and support property owners in covering these costs. The new program is expected to: Provide forgivable loans to qualifying commercial property owners to…
The federal government has announced that applications for the CEWS (75% wage subsidy) opens April 27. This is great news for small businesses in Canada. HGA Recommends Eligibility for the CEWS was discussed in our previous blog post here. We have also provided guidance on how to use Quickbooks Online to pull reports to determine your…
Today, the Prime Minister announced additional support for small businesses facing economic hardship and uncertainty during the COVID-19 pandemic. CEBA Eligibility Expansion The Canada Emergency Business Account (CEBA) has been expanded to include businesses that paid between $20,000 and $1.5 million in total payroll in 2019. This new range will replace the previous one of between $50,000 and $1…
Today, the federal government announced expanded access to the Canada Emergency Response Benefit and support for essential workers. The government will be changing the eligibility rules to: Allow people to earn up to $1,000 per month while also collecting the CERB; Extend the CERB to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their…
The Government of Alberta recently announced temporary changes to employment standards in response to the economic disruption of COVID-19. Some highlights include: Creating a job-protected leave for employees caring for children affected by school and daycare closures or ill or self-isolated family members due to COVID-19 Removing the 24-hour written notice requirement for shift changes Removing the…
Having access to your online CRA account and setting up direct deposit isrequired to access and receive many of the Covid 19 support programs. HGA Recommends: Setting up a CRA online account can take up to several weeks, so we recommend enrolling for online access and setting up direct deposit immediately. CRA My Business Account To register…
As your trusted advisor, HGA has simplified as much as possible the 2 wage subsidies that have been announced by the government. HGA Recommends: Take advantage of the 10% wage subsidy immediately. Doing so will not impact your eligibility to use the below noted 75% wage subsidy. Eligibility: There is NO APPLICATION NECESSARY to use the 10%…
Applications for the CERB are now open, via your online CRA My Account, Service Canada or over the phone. To access the CERB application, you can click here. The Government of Canada has posted some FAQs on the CERB, which align with some of the most common questions HGA has been receiving. Here are some highlights, which answer many questions we…
Many workers, including those who are self-employed or contractors, are not eligible for EI. On April 6, these workers can apply for the Canada Emergency Response Benefit (CERB) via their CRA online account or Service Canada. Prior to April 6, individuals who are without work and eligible for EI should continue to apply for EI. …
Available in early-April, the Canada Emergency Business Account will provide qualifying businesses with access to a $40,000 loan that: is non-interest bearing until Dec 31, 2022; requires no minimum monthly principal payments until December 31, 2022; allows for principal repayments to be made at any time; provides for $10,000 loan forgiveness provided the outstanding balance is fully paid on or before December 31,…
As your trusted advisors, HGA Group wants to keep you apprised of Canada’s and Alberta’s COVID-19 responses which may be relevant to you and your business. We are hosting a Webinar on COVID-19-related employment matters on Thursday, March 26 at 2 pm MDT with Adrian Elmslie. Adrian is the head of Dentons LLP’s Edmonton Labour…
You are invited to a free Webinar hosted by the HGA Group. Join HGA and Adrian Elmslie, head of Dentons LLP’s Edmonton Labour and Employment Group, for strategies and tools for managing employment risks related to COVID-19. Register today to get answers to your most pressing questions on managing employment risk in this unprecedented time.…
COVID-19 is causing significant disruption across Canada. We are monitoring the situation closely, but events are changing rapidly day to day. This morning, Ontario and Quebec announced a complete shutdown of non-essential business. We expect Alberta will shortly follow which will likely mean the closure of our physical office and reception. As such, we highly…
As your trusted advisors, HGA Group wants to keep you apprised of Canada’s and Alberta’s COVID-19 responses which may be relevant to you and your business. Federal government aid package and changes On March 18, the federal government announced an $82 billion COVID-19 emergency response package for Canadians and businesses. The aid package includes: •…
Like many of you, HGA has been closely monitoring the evolving COVID-19 situation. In the interest of the health and safety of our clients and staff, the HGA Group is taking the following proactive measures to help prevent the spread of the virus: Our office will remain operational but our staff and partners will be…
The Government of Canada’s new financial year begins on April 1st and by convention the public gets to see the government’s budget mid-March. There are two circumstances that are likely to set this budget apart. First, it’s the first budget on the heels of an election victory, an election in which spending promises were made.…
If you run a small business, you may have heard that the Canada Revenue Agency (“CRA”) allows GST reporting in one of two ways – the Standard Method, or the Quick Method. If your business qualifies for the Quick Method, an election must be filed with the CRA to remit GST under the Quick Method.…
Applying for a business loan may seem daunting, however, our friends at BDC have prepared a guide to preparing a winning loan request. Here is some recommended information/documentation to prepare for an effective loan proposal: 1) Historical financial information: a. Financial statements will help lenders assess the state of your business. 2) Identify your investment…
Everyone loves going on vacation right? Well according to this article, taking vacation can be a source of stress and worry for many employees. The article cites surveys done in both Canada and the U.S. that show that the number of people reporting that they have been made to feel guilty about taking vacation or…
Canadians are losing millions each year to a growing variety of complex scams. Based on a report from the Better Business Bureau, we rounded-up the top five cons in Canada from 2017, ranked by the claimed amount of money lost. WIRE FRAUD AND SPEAR FISHING Financial loss: More than $20-million Various phishing scams have been floating around the…
Be on high alert during #TaxSeason and all year round. Here are some tips to protect yourself and your family from fraud: Keep Your Personals to Yourself Didn’t we hear the words “don’t talk to strangers” our entire lives? If you don’t know who you’re communicating with, and you’ve never met them in person,…
After the outrage by Canadians during the consultation process, the Liberals decided to back down. Instead they have offered to reduce the small business tax rate from 10.5 per cent to 9 per cent by January 1, 2019. Although the Liberals have retracted their changes to the lifetime capital gains exemption (for now), they…
Full the full report from the Fraser Institute here. This year marks the 150th anniversary of Confederation, when Canada came together as a new country and federation. Since then, Canadian prime ministers and their governments have helped shape the country in various ways, many leaving legacies that affect Canadians to this day. Here is an…
In general, most people name their spouse as the beneficiary on their Registered Retirement Savings Plan (“RRSP”). Upon death, the RRSP will transfer to the spouse’s RRSP fund and tax is deferred. What if you also have other assets such as non-registered investments where they have dropped in value and have an unrealized capital…
In 2009, l left a lucrative senior position with a well established and reputable Edmonton CA firm to start my own practice. This was a difficult decision to say the least. Not only did my income stream stop, but considerable capital was required to get things rolling, which I borrowed from a bank along with…
Managing a growing business presents both opportunities and challenges. To avoid future problems, you need a strategic plan supported by a dynamic team to make it happen. Keep these tips in mind when you are trying to juggle a fast-paced and rapidly growing business: Stay focused: The road to success is not always accompanied by…
Currently, workers and employers in Canada pay 4.95% of salaries into the CPP, up to a maximum income level of $55,300 a year. When people retire at the age of 65, they are paid a maximum annual pension of $13,370 under the program. People earning more than $54,900 do not contribute to CPP above that…
Books and records are required to be kept in a way that will ensure the reliability and readability of the information recorded. The Canada Revenue Agency recognizes either of the following as records: 1. traditional books and records (including supporting source documents) produced and retained in paper format; and 2. books and records produced and…
Why is cloud accounting good for business? The use of traditional accounting software is typically regarded as a tedious and time-consuming process, which takes the excitement away from core business operations. Thus, in recent years we have seen a major marketplace movement towards cloud-based accounting software in efforts to streamline the accounting processes. A few…
The U.S. and Canada implemented an agreement to scan passports and share the information to track the time snowbirds spend in the U.S. Currently the number of days allowed is generally 182 days in a single year and less if they meet the “substantial presence test”. A new bill, currently before congress, would allow Canadians…
The 2017 Federal Budget tabled a number of proposals that will impact the financial, tax and estate plans of Canadians. Tuition tax credit – the eligibility criteria for tuition tax credits has been extended to include fees paid to a university, college or other post-secondary institution for occupational skills courses not offered at the post-secondary…
Deadline The deadline for this year’s tax contribution is March 1, 2018. Contributions made in the first 60 days of the year can be applied against the previous taxation year or in any subsequent year. Maximum Contribution Your allowable RRSP contribution for 2017 is the lower of: 18% of your earned income from…
Rumours continue to swirl that the Liberals plan to raise taxes by cutting back on the break Canadians get from capital gains. The current capital gain inclusion rate is 50%. Examples of properties that incur capital gain taxes upon disposition include: secondary properties, like cottages (principal residences are exempt from tax) investments held outside a…
It is almost time to prepare and file your 2016 personal income tax returns. Here are some changes in 2016 to be aware of: The Family Tax Cut has been eliminated for 2016 and later years. This was a $2,000 non-refundable tax credit up to $2,000 for eligible couples with minor children. Children’s Fitness and…
The focus of our firm is to provide our clients with timely service whenever possible. One of the reoccurring frustrations that we are finding both by our clients and our office, are the lengthy CRA processing times. Below we have provided a list of CRA’s standard processing times for some of the more common returns…
Review Letters CRA regularly conducts a number of review activities to ensure compliance with tax laws since Canada’s tax system is based on self-assessment. This means that individuals voluntarily complete their income tax returns to report their annual income and deductions or credits, ultimately leaving individuals to calculate the amount owing or the refund to…
There are many current types of fraud that you need to be aware of. New ones are being invented daily, including a scam that includes fraudulent communication from Canada Revenue Agency (CRA). To identify communication not from CRA, be aware of these guidelines: The CRA will not do the following: threaten with police arrest; use nasty…
Effective January 1, 2017 the Eligible Capital Property regime has been repealed and replaced with new capital cost allowance (CCA) class. Expenditure will be added to the new CCA class and CCA rules will generally apply, including recapture, capital gains, and depreciation. Planning Opportunity Additions to CEC are not subject to half-year rule, but additions…
Generally speaking, taxable Canadian corporations can pay dividends to other taxable Canadian corporations on a tax-free basis. For instance, consider a typical corporate structure where an operating company (Opco) is wholly owned by a parent corporation (Holdco), which in turn is owned by individual shareholders. A common practice used by many accounting practitioners is to…
Effective October 17, 2016, all high-ratio mortgages (those where a borrower puts less than 20% down) must satisfy a mortgage stress test. Essentially, a borrower must now qualify using a higher interest rate notwithstanding the fact that their lender is currently offering mortgages at a lesser rate. Q: What interest rate must now be used…
Prior to the 2016 federal budget there was a perceived abuse that certain corporate groups were benefiting from a multiplication of the small business deduction. To curb this behavior the budget introduced certain measures that aim to, amongst other things, prohibit a corporation from claiming the small business deduction on income received from certain private…
There’s been much discussion south of the border about the clash between the left and the right on the political spectrum. We’ve had similar examinations here in Alberta. I’ve been politically charged at times on various social media platforms. To be frank, I’m not that aligned with the hard right, and I find it unfortunate that…
How much does YOUR family spend in taxes each year? The Fraser Institute calculated that the average Canadian family paid $34,154 in taxes last year. Does that number seem hefty? The calculations include all ranges of taxes from business to goods & services. “The Vancouver-based think-tank estimates that the average bill for income taxes…
The 2016 Federal Budget was released on Tuesday. Many changes and additions to the budget were expected, and many were certainly not. The Federal Budget can affect you, your business, and your family. With many of the tax changes, you need to know which ones to stay on top of. We have outlined many of the…
Since the equalization system began, these are the Federal payment dollars that have gone out to the various provinces. Do you notice? • Quebec has received $198 Billion (half of the total payments) • Alberta has received under $1 Billion According to Gary Lamphier, between 2000 and 2014, on a net basis, Alberta’s individual…
Alberta’s real estate market is bracing for its worst year since the global financial crisis, as hopes dim that an economic recovery can stave off a broad housing correction.
We have officially moved to our new location. We are now located at 17229-103 Ave NW. Don’t let the curiosity get the better of you, come visit and say hello 🙂
OTTAWA — The Bank of Canada kept its key interest rate on hold at 0.5 per cent on Wednesday and said the country’s resource sector continues to adjust to lower prices for oil and other commodities. “These adjustments are complex and are expected to take considerable time,” the central bank said in its interest rate…
Yes it’s true our family at HGA has grown again! We would all like to send a very big congratulations to Tyson, Kim and Lily Breitkreutz on the arrival of their precious bundle of joy Quinn Marie.
OTTAWA – Canada’s economy hit reverse for the second straight quarter of 2015 — knocking the country backwards into its first technical recession in six years, fresh Statistics Canada data revealed Tuesday. But the data suggests the recessionary dip could, perhaps, already be something of the past. The federal agency said real gross domestic product…
Recently, a number of readers asked me to explain the reported impact of Alberta’s corporate tax increase on recent company earnings. It is not exactly the most exciting topic for around-the-cooler debate but it is an important one since it has meaningful implications for investors, the economy and government resources. Even in this federal election,…
TORONTO – Canadians retain just 21% of their income after paying the taxman and covering the cost of necessities, according to a Fraser Institute study. Taxes gobble up a whopping 42% of the average Canadian family’s income. About 37% of income goes to cover housing, food and clothing. “We’ve found … that over the last…
Alberta will move forward with its royalty review and corporate tax hike despite oil prices falling to a six-year low and the provincial economy slumping, Premier Rachel Notley said Friday. The premier rejected opposition and oil industry calls to defer the tax hike and royalty review after attending a ceremony to mark the anniversary of…
TORONTO — The Toronto Stock Exchange took at triple-digit plunge early Tuesday amid concern about the strength of China’s economy. The S&P/TSX composite index was down 110.35 points or about 0.79 per cent to 14,141.18, following the lead of overseas markets. The Shanghai market in China dropped more than six per cent earlier and Hong…
TORONTO – North American stock markets started the week lower and the Canadian dollar fell nearly one-quarter of a U.S. cent on Monday. The loonie traded at 76.16 cents US, down 0.22 of a U.S. cent from Friday. The S&P/TSX composite index was down 76.07 points at 14,201.8, adding to last week’s 227-point decline. MORE:…
TORONTO – The Canadian dollar was up more than three-quarters of a U.S. cent this morning, making up for Tuesday’s loss when currency markets responded to a sudden devaluation of China’s yuan. The loonie traded at 77.11 cents US, up 0.80 of a U.S. cent from the previous close after a decline of 0.61 on…
It has been brought to our attention that there are fraudulent calls being made by people claiming to be with the Canada Revenue Agency; making claims that there are warrants being placed by the RCMP due to unpaid taxes. The callers are requesting payment be made immediately by online banking in order to have the…
The rule for retaining tax returns and documents supporting the return is six years from the end of the tax year to which they apply. Your 2010 return and its supporting documents, for example, are safe to destroy at the en of 2016. There are situations that alter this rule. If you have filed late…
OTTAWA — Prime Minister Stephen Harper may request a federal election call as early as Sunday, Aug. 2. Sources tell The Huffington Post Canada that the Conservative Party is planning a rally in Montreal Sunday evening — a natural stopover for Harper after taking a stroll to the Governor General’s residence in Ottawa and asking…
Everyone at HGA would like to extend a very big congratulations to Yvonne Blowers and her entire family, in the birth of her first grandchild Christopher Robert Douglas Wyllie!
For better or worse, on June 18, 2015, Alberta’s newly elected NDP provincial government released Bill 2, which immediately received First Reading in the Legislature and passed. Even though the Bill is still not law, it will undoubtedly pass into law soon. Bill 2 contains corporate and personal tax increases that are, quite frankly, shocking.…
In late 2012, the Loonie was about par with the U.S. Dollar before sliding to about 80 cents today. That’s the lowest level it’s been at since the recession. Why is the dollar weaker? What should we expect for the remainder of 2015? – There are three factors that have driven the dollar downward; 1)…
1) Look at your strategic plan and the current state of your business. What will be your key needs in terms of systems and processes going forward? Get started on implementing them right now. 2) Make sure to introduce sound financial management practices. These include making financial projections and then monitoring actual performance closely to…
Getting a business loan can be the fuel your business needs to reach the next level of success. Joanne MacKean, a BDC Senior Account Manager in Winnipeg, had loaned money to hundreds of businesses for such projects as buying equipment, real estate and technology. She sees many entrepreneurs making these common mistakes. 1. Borrowing Too…
After reading the April 2015 BDC Economic Letter you would be left with the feeling that while the growth is not happening at a speed to the finish line pace, the pace that it is happening at is definitely one that we can sustain. GDP shrinks somewhat – Real GDP shrank by 0.1% in January,…
When looking into ways for young companies to raise the much needed cash they need for start up; here are four options when looking into the avenue of Grants: 1) SR&ED Tax Credits – The Scientific Research and Experimental Development tax credits are available to all companies in all provinces but are administered based on…
HGA is proud to support the Crime Stoppers Association of Edmonton and Northern Alberta in their first annual Caught by Crime Stoppers Jail Bailout. On Thursday, May 28, members of the Edmonton Police Service will be “arresting” Edmontonians around the city and bringing them to a mock jail at Southgate Centre where they will be…
At HGA we believe in promoting safety, and showing our support to programs like Crime Stoppers. Crime Stoppers would not exist without the help of individuals and businesses in the community, and we are proud to do our part to keep this program alive and help make our communities safer places to live. We’re looking…
The Minister of National Revenue announces appointment of the new Taxpayers’ Ombudsman New Ombudsman brings a wealth of experience in dispute resolution to the role April 10, 2015 – Ottawa – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today announced the appointment of the new Taxpayers’ Ombudsman,…
The keys to a successful family business are trust, openness and involvement of younger generations, says BDC’s Bettie Johnston. Here are some of her tips to making it work. 1) Involve the entire family in strategic planning. This builds consensus for the company’s vision and a road-map to the future. 2) Define clear roles for…
A very big congratulations to Shawn and Leah Tully on the early arrival of their beautiful bundle of joy, Keira Liv Tully! Everyone at the firm is extremely happy for you both 🙂
Sara Johnston joined our firm on February 3, 2014 shortly after relocating to Edmonton from New Brunswick. She has very quickly become an integral part of the HGA team, we would like to send out a very big congratulations to Sara on her promotion to Manager.
Everyone would like to send a very big congratulations to Yvonnne Blowers for her big win of a Red 2014 Ford V6 Coupe Mustang. This winning came from the Kids Kottage Foundation Raffle. Yvonne is a Staff Accountant here at HGA. Please join us in very warm, early Merry Christmas for Yvonne and her husband…
CRA does not send emails to tax payers. If you get an email like the below, delete and disregard. For more information see: https://www.cra-arc.gc.ca/nwsrm/lrts/2013/l131210-eng.html
Minister of Finance Joe Oliver announced more action by the Harper Government to create jobs, growth and long-term prosperity: the introduction of the new Small Business Job Credit which is expected to save small businesses more than $550 million over the next two years. The Small Business Job Credit will effectively lower small businesses’ Employment…
With digital currency, such as Bitcoins, gaining in popularity as a form of financial currency, it’s important to understand the implication it has on income tax. The CRA has released a Bulletin addressing some of these concerns; in essence, it reminds stakeholders that tax rules apply when digital currency is used. The full release is…
Are you one of the majority of business owners who have chosen a December year end for their corporate tax year? As you are probably aware this is a hectic time of year for accounting firms! A December year end for most Canadian corporations means taxes are due at the end of March and filing…
Have you ever wondered exactly where your tax dollar’s go? A new slideshow from the CRA shows exactly what percentage of your taxes went where! During the 2011 – 2012 year the federal government had expenses totaling $271.4 Billion. A brief summary of federal spending for 2011–12. Canada Health Transfer (10 cents) Canada Revenue Agency (3 cents) Canada Social…
What do I need to keep for personal tax season? Many people each year file their personal taxes without considering the many deductions, credits, expenses and claims they can make simply because they didn’t know they could claim them! Our advice, keep a folder where you can file away anything that comes in through-out the…
A proposal to US immigration and the JOLT Act in the USA could mean big changes for Canadians over 55 who prefer to trade the Canadian Winter for an American sun spot. Increase from 180 days to 240 days for Canadian visitors over 55. Under the proposed JOLT Act, Canadians age 55 or older who…
“Personal Tax Freedom Day” in Canada has been picking up popularity in recent years. The Fraser Institute has come up with a fantastic calculator to help you determine what day you stopped working for your tax money and started working for yourself based on your annual income. Click through and enjoy a bit of fun…
Do you employ anyone over 60 years of age? You may need to make changes to your payroll! New CPP contribution changes mean that you could be assessed for penalties and interest charges in the event that you are not complying with the new legislation. Previous rules Before January 1, 2012, as an employer you…
Spam and fraud have become a part of daily e-mail life it seems and fraudsters are finding new and improved ways of grabbing your attention. As trends change online, we find ourselves asking more and more “Is this Junk Mail?” When it comes to e-mails from the CRA you simply need to ask yourself “Have…
Have you just received a tax slip you had forgotten about? Or forgotten to claim a donation receipt or other deduction? Making changes to your tax returns is simple with CRA’s online services. The CRA has a matching program which would catch these missing tax slips but this program can also result in large penalties if…
Canada has come a long way in the fight against counterfeiting. We have already seen the release of the polymer $20, $50 and $100 bills and come November, the new $5 and $10 plastic bills will be finding a home in your wallet. The technology used in these new bills is expected to have a…
Surrey, British Columbia, May 14, 2013… The Canada Revenue Agency (CRA) announced today that Sooke businessman N. Lawrence Moss, also known as Larry Moss, plead guilty and was sentenced in Victoria Provincial Court on May 8, 2013, to one count of failing to comply with a Compliance Order to file his 2003 to 2006 personal…
If you were an employed tradesperson in 2012 (including an eligible apprentice mechanic), you may be able to deduct up to $500 of the cost of eligible tools bought to earn your employment income. Important facts An eligible tool is a tool (including associated equipment such as a toolbox) that: you bought to use in your job…
Is your child a budding artist or musician? If your child attends programs that contribute to his or her development, you may be eligible for a break at tax time. Important facts If your child participated in an eligible program of artistic, cultural, recreational, or developmental activity, you may be able to claim up to…
Do any of these apply to you? Let us know! The Family Caregiver Tax Credit – Is a 15 per cent non-refundable tax credit on an amount of $2,000 that provides tax relief to caregivers of infirm dependant relatives. This includes, for the first time, infirm spouses, common-law partners, and minor children. Canadians can claim this…
Ottawa, Ontario, November 1, 2012… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2013 will be $51,100—up from $50,100 in 2012. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in…
According to an article in the Edmonton Sun, Health Canada spent more then $3.6 Million developing new warning labels for cigarette packages. And there is dispute over whether the new labels will even make it onto the packs! From 2004 to 2010, Health Canada spent almost $1.9 million on public opinion research, like focus groups,…
1.) Income Tax: 95 Years Young Canadians paid no income tax until 1917. Nothing. Not the rich, the poor, or the corporations. Temporary tax measures brought in near the end of the war were largely seen as a way to nab a few war profiteers were made permanent and increased as the government increased…
