Apply now for the Canada Emergency Rent Subsidy (CERS)
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…
Canada Emergency Rent Subsidy (CERS) Update
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…
New business supports announced
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…
Urgent reminder! Taxes are due September 30
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…
CECRA IS OPEN FOR NEW APPLICATIONS AGAIN! DEADLINE SEPTEMBER 30
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…
CANADA SMALL BUSINESS RELIEF FUND
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…
COVID-19 FINANCIAL ASSISTANCE UPDATE – CEBA, CECRA, ALBERTA RE-LAUNCH GRANT
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…
BIG CHANGES TO CERB AND EI
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…
HAS YOUR REVENUE DECREASED? – CEWS 2.0
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…
TAX PAYMENT DEADLINE EXTENSION AND CECRA EXTENSION
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…
CEBA UPDATE AND TAX PAYMENT DEADLINE EXTENSIONS
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…
CANADA EMERGENCY WAGE SUBSIDY (CEWS) EXPANSION TO DECEMBER 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…
TAX IMPLICATIONS OF THE CANADIAN EMERGENCY RESPONSE BENEFIT (CERB)
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…
CERB AND CECRA EXTENSION
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…
ALBERTA SMALL AND MEDIUM ENTERPRISE RELAUNCH GRANT
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…
EXPANDED CEBA ELIGIBILITY APPLICATIONS OPEN FRIDAY
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…
FIND FINANCIAL HELP DURING COVID-19
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,…
CECRA applications open May 25, 2020
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…
Changes to CEBA (Canada Emergency Business Account) eligibility
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…
Additional small business assistance is here
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…
Canada Emergency Commercial Rent Assistance for small businesses (CECRA)
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…
Canada Emergency Wage Subsidy (CEWS)
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…
Additional support for small businesses
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…
CERB – it’s time to re-apply, and eligibility expansion
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…
Temporary changes to Alberta employment standards
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…
CRA Online Access
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…
Wage Subsidies
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%…
Canada Emergency Response Benefit (CERB) – April 6, 2020 update
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…
Canada Emergency Response Benefit (CERB)
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. …
Canada Emergency Business Account (Interest-Free Loans)
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,…
COVID-19 Update: March 25, 2020
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…
COVID-19 Employment Matters Webinar: March 24, 2020
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.…
Paper Records: March 23, 2020
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…
COVID-19 Update: March 18th, 2020
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: •…
An update from the HGA Group
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 2020 Federal Budget: What can we expect?
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.…
Is the GST ‘Quick Method’ right for your small business?
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.…
Business Loans – how to prepare a winning loan request
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…
Vacation Shaming: You deserve a break today!
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…
5 scams that took the most money out of Canadian pockets last year
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…
Protect yourself from Identity Fraud
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,…
HGA Update on Proposed Tax Changes
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…
An Analysis of Federal Debt in Canada by Prime Ministers Since Confederation
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…
Estate Planning & RRSP’s
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…
Times have changed: The Liberals’ Attack on Small Business
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…
How to manage your expanding business
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…
Proposed Changes to CPP
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…
Record Retention
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…
Online Accounting Software
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…
Potential Changes for Canadian Snowbirds
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…
2017 Federal Budget
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…
RRSP Contribution Deadlines and Maximums
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…
Is the Tax on Capital Gains going to Increase?
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…
Personal Income Tax Changes!
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…
CRA Processing Times
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…
CRA Review Letters and Initiatives: What is required?
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…
CRA Fraudulent Calls: How do you protect yourself?
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…
Eligible Capital Property
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…
Does your operating corporation pay dividends to a parent (holding) corporation?
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…
Do the new mortgage rules affect you?
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…
Is your corporation still eligible for the small business deduction?
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…
A Note from Quentin D. Gardiner
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…
What did the average Canadian family pay in taxes last year?
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…
2016 Federal Budget – What you need to know!
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…
How much as Alberta really given to the Federal Government?
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 housing market braces for most painful year since crisis
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.
Moving Day
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 🙂
Bank of Canada keeps key rate on hold at 0.5 per cent
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…
Congratulations!!!!!!
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.
Economy shrinks in second quarter, pushes Canada into technical recession
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…
Governments will learn the hard way that raising corporate taxes doesn’t fill their coffers-
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,…
Taxes eat up 42% of average Canadian family’s income: Fraser Institute
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…
Slump in economy, collapse of oil prices won’t derail royalty review: Notley
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…
TSX falls on concerns over China’s economy
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…
Loonie slides towards $0.76
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:…
Canadian dollar makes up lost ground, North American markets fall sharply.
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…
Fraudulent CRA calls
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…
Time Requirements for Tax Records
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…
Federal Election 2015
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…
Big Congratulations!
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!
Increases to Alberta Tax Rates
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.…
Where Is The Dollar Heading?
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)…
4 Key Strategies For Managing Growth
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…
7 Mistakes to Avoid When Borrowing Money For Your Business
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…
Economic Growth – Not As Fast But Perhaps More Sustainable
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,…
Options available for post-startup for young companies.
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…
Making a difference in our communities!
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…
Proudly Supporting Crime Stoppers
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
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,…
4 Tips for a growing and thriving family Business
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…
Congratulations!!!!!
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 🙂
Exciting happenings within our team of professionals!
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.
A very big congratulations!
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…
Beware of phishing emails – CRA does not email taxpayers!
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
New Small Business Job Credit
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…
What you should know about Digital Currency
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…
December year end?
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…
How your tax dollar was spent in 2011-2012
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…
Personal Tax Claims
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…
Who are Canada’s top 1%
Our last Blog was a quick snippet showing you some statistics on really rich Albertan’s so I felt compelled to share this latest piece of information posted by the CBC today on the same subject. https://www.cbc.ca/news/canada/story/2013/09/12/f-income-one-percent.html?cmp=rss According to the National Household survey, released this week, we are able to take a closer look at Canada’s…
Really Rich Albertans
According to The Maclean’s Book of Lists, Vol. 2 Alberta is home to some of the richest people in Canada. Does this surprise you? With a wealth of oilfield workers we boast 6 of the top 10 Canadian cities with the highest concentration of people earning over $250,000 a year. Statistics acquired from Stats Canada…
Proposal to US Immigration changes, good news for Canadians
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!
“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…
CPP Contribution Changes – Do they affect you?
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…
Fraudulent CRA emails – Beware!
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…
Amending a Personal Tax Return
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…
Counterfeiting and Canada’s new polymer banknotes
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…
Businessman jailed for failing to file tax returns
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…
Tradesperson tax credit (tool purchases)
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…
Children’s Arts Tax Credit
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…
2012 Personal Tax Credits
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…
Canada Revenue Agency announces maximum pensionable earnings for 2013
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…
$3.6M on Cigarette Labels, Custom’s guards firearm training cost $143M
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,…
Some Interesting Trivia Facts about Canadian Business
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…