FREE spreadsheet to help calculate your CEWS and track your records

Please use our FREE spreadsheet to help calculate your CEWS and track your records

CPA ONTARIO LAUNCH FREE TAX HELP FOR ALL ONTARIO HEALTHCARE WORKERS TO GIVE THEM HEARTFELT THANK-YOU

ACCOUNTING FOR BRAVERY

A heartfelt thank-you to all frontline healthcare workers for the courage and commitment you have shown since the beginning of the COVID-19 crisis. While we cannot be on the frontlines with you, Chartered Professional Accountants across Ontario want to do what we can to help.

Help with your Taxes

As a small token of our appreciation, CPAs across the province want to contribute their professional expertise to help prepare frontline healthcare workers’ 2019 taxes. In keeping with social distancing guidelines, there will be no face-to-face meetings – CPAs will receive all documentation electronically.

Eligibility

This program is available to nurses, paramedics, lab technicians, doctors, cleaners, and other healthcare staff on the frontline during COVID-19, who do not have an existing business relationship with a CPA. Because we want to help as many frontline workers as we can, the program will cover basic individual, spousal and dependent children’s tax returns. Please note the program does not include more complex tax returns, such as those involving self-employment income or employment expenses, business or rental income and expenses or foreign property (T1135).

Deadline

To ensure all returns will be ready in time to the meet the June 1 filing deadline, the program will be accepting applications until May 15, 2020.

Sign Up

Please click on the CPA ONTARIO link below and fill out a short intake form. A CPA ONTARIO intake coordinator will be in touch within 72 hours.

HEALTHCARE WORKER INTAKE FORM

New Standard on Compilation Engagements will be issued in February 2020

Finally the new compilation standard CSRS 4200 will be out in February 2020. The AASB (Accounting and Assurance Standard Board) approved a new standard on compilation engagements in October 2019, to be issued in February 2020. The new standard takes effect for compiled financial information for periods ending on or after December 14, 2021, with early application permitted. Its impact could be significant, practitioners will have to start work in 2020 to ensure successful implementation.

The AASB recognized that Section 9200, Compilation Engagements, was outdated. The new standard, Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, will replace Section 9200 and Assurance and Related Service Guideline (AuG) 5, Compilation Engagements – Financial Statement Disclosures. It provides a suite of requirements and guidance for accepting, conducting, and reporting on compilation engagements.

The following are the major improvement designed to respond to stakeholder input and public interest issues per the AASB:

  • A scope clarifies what services are compilation engagements. The new standard clarifies that a bookkeeping service may result in system-generated financial information. Such information is excluded from the scope of the standard if no communication is included or attached to it.

 

  • Specific engagement acceptance considerations that apply when the compiled financial information is intended to be used by a third party. Practitioners may not accept or continue the engagement when the basis of accounting to be applied in the preparation of the financial information is not general purpose financial reporting framework unless the third party can meet one of the following conditions:

(a) The third party is in a position to request and obtain further information from the entity; or

(b) The third party has agreed with management the basis of accounting to be applied in the preparation of the financial information.

 

  • Establish minimum work effort and documentation requirements: refer paragraph 27 to 33 for in the draft for detail.
  • The new compilation engagement report that is more informative and insightful than the current Notice to Reader. It requires that compiled financial information must include a note describing the basis of accounting that was applied.

You can read the draft standard which can be downloaded at here to learn more detail. The AASB will be publishing the standard, guidance and examples in 2020, so stay tuned.

QuickBooks Accounting and Tax Virtual Conference

TO REGISTER: Conference Website

DATE: September  21 – 22, 2016

AGENDA:

20160921-qb-virtual-conference-20160921-agenda_page_1 20160921-qb-virtual-conference-20160921-agenda_page_2

Stephen Harper announced the new imcome-splitting benefit for Canadian families

The federal government has introduced a new income-splitting benefit for couples with children under the age of 18 as part of a series of proposed new tax measures designed to appeal to young families.

The proposal consists of three new measures, including the Family Tax Cut, which will allow a higher earning spouse to transfer up to $50,000 of taxable income to a spouse in a lower income bracket. The measure will provide eligible families with a maximum of $2,000 a year in tax relief.

The Universal Child Care Benefit for children under the age of 6 will also be increased from $100 to $160. A well, a new benefit of $60 per month is being created for children aged six to 17, and will come into effect on Jan 1.

The third new measure will see a $1,000 increase in the maximum amount that can be claimed under the Child Care Expense Deduction.

Prime Minister Stephen Harper announced the new measures Thursday afternoon at a community centre in Vaughan, Ont., just north of Toronto.

Read more: http://www.ctvnews.ca/politics/income-splitting-among-new-tax-breaks-aimed-at-families-1.2079559#ixzz3HfGynQCB

Is your non-profit organization (NPO), charity or public institution federally incorporated under the Canada Corporations Act?

If so, you need to apply for a Certificate of Continuance by October 17, 2014, in order to transition to the Canada Not-for-profit Corporations Act (NFP Act). NPOs, charities and public institutions that are currently incorporated under Part II of the Canada Corporations Act need to apply for a certificate of continuance under the new NFP Act by October 17, 2014.

After that date, NPOs, charities and public institutions that have not continued will have their corporate status dissolved by Corporations Canada. Once an NPO, charity or public institution’s corporate status is dissolved, it ceases to exist as a legal entity. Where the corporation is a registered charity, the Canada Revenue Agency (CRA) will take steps to revoke the charity’s registration under the Income Tax Act. In addition, as a result of a change in legal status, an NPO, charity or public institution’s GST/HST registration status will change and the tax status of supplies and entitlements to recover GST/HST paid on purchases and expenses could change.

For more information on the transition to the new NFP Act for charities and public institutions, go to Transition to the Canada Not-for-profit Corporations Act (NFP Act) on the CRA website For information for NPOs, go to Industry Canada’s Transition Guide found on Industry Canada’s website at www.ic.gc.ca.

Small Business will receive incentive on hiring in 2015 and 2016 – Small Business Job Credit

On September 17, 2014, the Government announced the introduction of the Small Business Job Credit to recognize the important contribution that small businesses across the country make to job creation and economic growth.

The Small Business Job Credit will apply to Employment Insurance (EI) premiums paid by small businesses in 2015 and 2016. The credit will be calculated as the difference between premiums paid at the legislated rate of $1.88 per $100 of insurable earnings and the reduced small business rate of $1.60 per $100 of insurable earnings in each of those years. Since employers pay 1.4 times the legislated rate, this 28-cent reduction in the legislated rate is equivalent to a reduction of 39 cents per $100 of insurable earnings in EI premiums paid by small employers. The 39-cent premium reduction will apply in addition to the premium reduction related to Quebec’s parental insurance plan, the Québec Parental Insurance Plan.

Any firm that pays employer EI premiums equal to or less than $15,000 in 2015 and/or 2016 will be eligible for the credit in those years.

As an example, a small business employing 14 employees, each earning $40,000, would ordinarily pay about $14,740 in EI premiums in 2015. However, since the total EI premiums paid by the employer are less than $15,000, it would be eligible under the Small Business Job Credit for a refund of about $2,200, which is the difference between employer premiums paid at the legislated rate versus the premiums calculated under the reduced small business rate ($12,540).

Businesses will not have to apply. The Small Business Job Credit will be automatically administered by the Canada Revenue Agency, which will determine eligibility and calculate the amount of the credit. Once calculated, the credit will be applied against any outstanding debt and then the remaining amount, if any, will be refunded to the small business.

This measure is expected to save small employers more than $550 million over 2015 and 2016. For detail please go to CRA website: http://www.cra-arc.gc.ca/whtsnw/tms/sbjc-eng.html.

 

 

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