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What Construction Contractors Need To Know About GST/HST According to Construction Accounting Best Practices, every contractor whose earnings exceed $30,000 in one single quarter or over four consecutive quarters, must register for a General Services Tax (GST) / Harmonized Sales Tax (HST) number in order to collect GST/HST on behalf of the Canadian government. These collected taxes are
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When an organization is undergoing an audit or a review, it can be difficult to understand the differences between the two; after all, both are known as assurance engagements and need to comply with accounting standards for private enterprises (ASPE). Audits and reviews are closely linked but they fulfill different needs and are associated with different
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It’s a simple question, but one you’ve probably heard different answers for. As a business owner, how long do you have to keep your tax records? Is there a statute of limitation of how far back they can go to audit you? Well, here’s the answer, straight from the source. According to the Canada Revenue
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The Canada Revenue Agency (the “CRA”) has recently announced a number of significant changes in relation to the disposition of residences. Section 40(2)(b) of the Income Tax Act provides a possible exemption on the gain when the property is sold. The exemption is applicable when the test in Section 40(2)(b) is satisfied and the property
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Hogg, Shain & Scheck (HSS) was honoured to be a winner for the 4th Annual International Finance Awards (IFA) 2016. The Award for Excellence in Strategic Financial Accounting – Ontario & Sustained Excellence In Tax Services and the award for Best Auditing & Tax Accounting Firm – Ontario was bestowed upon HSS, putting them at
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If your business needs equipment to operate, the decision to purchase, finance, or lease your business equipment will affect your year-end taxes in different ways. From cash registers to medical equipment and big, heavy equipment like tractors, dump trucks, or even airplanes, the purchase or lease of business equipment must be accounted for on your
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There are a number of factors related to for-profit and not-for-profit organization accounting that are virtually the same. For example, payroll taxes and reporting expenses and income are the same regardless of your charitable status. However, there are also a number of significant differences. These accounting differences are related to the not-for-profit organization’s allocation of
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Are you a Board member, Financial Officer or Treasurer of a not-for-profit organization? Perhaps you are an entrepreneur or owner-manager and have recently opened up your business or looking to start operations. In any of these circumstances, it might be wise to consult with a chartered accountant. Speaking with a chartered accountant could prove to
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Those of us with family members in a medical residency program welcomed the recent technical interpretation (2015-0592051I7) issued by the Canada Revenue Agency (“CRA”). The CRA has reversed its previous stance and will now allow an individual that is registered in a medical residency program to claim the education and textbook tax credits. This change
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Canada makes a specific distinction between charitable organizations and not-for-profit organizations, commonly known as NPOs. NPOs encapsulate a variety of groups such as clubs, societies, and associations as well as agricultural organizations such as farmers markets. Once an organization has filed an NPO information return for a fiscal period, it must file an information return
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A landlord will often use a leasehold inducement to either entice a prospective tenant or to retain an existing one. Tenants like receiving leasehold inducements since it is viewed as “free money”. However, this isn’t really the case since a leasehold inducement can result in taxable income for a tenant and a deduction for the
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On December 7, 2015 the Federal government announced numerous personal and corporate tax changes which become effective January 1, 2016. They include: The Federal personal tax rate for taxable income between $45,282 and $90,563 will be reduced from 22% to 20.5%; The top Federal personal tax rate of 29% will apply to taxable income
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