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A recent decision by the Tax Court of Canada highlights the danger of Section 116 of the Income Tax Act (“ITA”). In the case of Kau v. the Queen, Mr. Kau purchased a condo in Toronto from Mr. Y for $368,000. Mr. Y it turns out was a non-resident for Canadian tax purposes (he had
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This year, Hogg, Shain & Scheck is supporting Gather Women’s 3rd annual National Gathering, Gather: Rise 2018. Gather Women is a Canadian movement that supports and empowers all women to be the influencers in this world and to live with the love for God. The association exists to connect Canadian Christian women, to engage its
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At Hogg, Shain and Scheck we value the impact of the not-for-profit sector on society. This year, we joined KC’s Cancer Cushion Fund and the Ontario Produce Marketing Association for a great season of golf! KC’s Cancer Cushion Fund started with one strong, golden-hearted woman, Kate Coen, fighting breast cancer, and grew to become a
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Have you booked your ticket to the upcoming Seminar hosted by Hogg, Shain & Scheck. Join other charities and not-for-profit organizations at this October program. See below for details. Session 1: Accounting & Auditing Standards Update – There’s a new audit report in Canada. Find out how this change and other standards changes will impact
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Hogg, Shain & Scheck (HSS) is a proud supporter of Nonprofit Driven 2018, an event that brings hundreds of not-for-profit industry leaders and enthusiasts together. Organized by Ontario Nonprofit Network, Nonprofit Driven is a place to exchange valuable knowledge, discuss important changes in the sector and promote a thriving community. The two-day conference is filled
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A fundamental principle of Canada’s tax legislation is that an expenditure should only be deductible if it was incurred for the purposes of gaining or producing income. It holds then that expenditures that are personal in nature can’t be claimed against one’s income. While that sounds simple and straightforward in theory, real life has a
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The Executive Committee (TEC) Canada has released the second TEC Canada CEO Confidence survey, giving valuable insight into today’s business conditions and tomorrow’s business outlook, as seen by TEC Canada’s business community. The survey consists of 243 responses and reflects small to medium business assessment. Economist Dr. Peter Andersen, who analysed the survey, points out
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On June 21st, we were joined by professionals and business owners at the latest Managing for Growth seminar: Increasing Shareholder Value Through Focused Accountability. That morning Neville Joffe, the creator of the AME Learning System, taught us about an innovative and instructional approach that helps accelerate the teaching and learning of foundational finance and accounting
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It’s common for employees to suffer from the “Silo Syndrome”. This means that their only frame of reference relates to the responsibility in their department with little regard to how their actions might impact other areas of the business. Consider this example: sales representatives tend to focus on the value of invoices generated through their
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The 50th annual Ontario Prayer Breakfast, which took place February 21, 2018 at the Sheraton Centre Toronto Hotel, was nothing short of a great success. Politicians, performers, and guests gathered together to support our Members of Provincial Parliament and City Councillors in prayer. Scriptures were read by Kathleen Wynne from the Liberal Party and representatives
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Last fall, the Hogg, Shain & Scheck team attended a play by CORPUS, one of the firms NPO clients. House Guests is an adventurous creation, hosted in the artistic director’s own home. The interactive performance took the team through David Danzon’s home, only to reveal ghosts, childhood games, fairy tales, dreams and much more mysterious
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The Federal Government’s 2018 Budget touts Canada’s strong economic growth over the past two years, including real GDP growth of 3.2 per cent since the second quarter of 2016, an unemployment rate of 5.9 per cent, and significant improvements in average weekly earnings, consumer confidence, and household consumption. Add to first paragraph, after 1st sentence:
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