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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…

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…

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…

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…

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…

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…

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…