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Aug 15 2017

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Going Green in the Workplace

Green with envy – move over! We’re green with pride! The same core values Scarrow Yurman & Co. are known for, such as ethics, loyalty and proactiveness has motived our office to make the necessary changes so we can enjoy an echo-friendly workplace. We think deeply about the implications of

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Jul 25 2017

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Cyberattacks – Are You at Risk?

Gone are the days of Sears catalogues, telephone books or TV Guides delivered to our door. The Internet has revolutionized the way we shop, are entertained, research information, connect with friends and family – even pay our bills. However, though we appreciate what we GET from this powerful tool, we

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May 16 2017

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Disability Tax Credit – Are You Eligible?

How do you know if you are eligible for the disability tax credit (DTC)? CRA’s website has a tool available where you can review some questions in order to figure out whether you are eligible to apply for the Disability Tax Credit Certificate. If you want to go through the

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Apr 10 2017

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Personal and Corporate Tax Instalments

An instalment payment is a partial payment of the total amount of tax payable for the year. Instalments are not paid in advance; they are paid during the calendar year in which you are earning the taxable income. Personal Tax Instalments Not every person is subject to paying by instalments. If you have

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Apr 04 2017

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Deadlines and Penalties For Individuals and Families

Filing personal returns on time is crucial. This is especially important when you have a balance owing because the CRA will charge you a late-filing penalty based on that amount. The only time when these penalties can be waived is if there were extraordinary events that are out of your

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Mar 27 2017

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2017 Federal Budget Commentary

The Federal Government’s 2017–18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady deficits, and a touch of caution. Click Here Click here to read our Federal Budget Commentary. For a more detailed budget review visit http://www.budget.gc.ca/2017/home-accueil-en.html.

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Mar 09 2017

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Travel Expenses for Medical Expense

In what situations can you claim? If you drive over 40 kilometers from home to obtain medical treatments, you may be eligible to claim your travel expenses as medical expense. In order to claim the travel expenses as medical expense, the following conditions must be met: Substantially equivalent medical services

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Feb 28 2017

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Registered Education Savings Plans (RESPs)

What is it? A Registered Education Savings Plan (RESP) is a special investment account that helps families plan for post-secondary education funding, and provides future tax-saving and tax-deferring opportunities. Also, the RESP allows access to the Canadian Education Savings Grant (CESG), a government freebee that makes an RESP even more

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Feb 07 2017

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RRSP Season For The 2016 Taxation Year is Ending Soon!

A Registered Retirement Savings Plan (RRSP) is a personal savings account registered with Canada Revenue Agency (CRA) to help you save for retirement and reduce your current income taxes. RRSP contributions are tax deductible and the earnings are tax-free as long as the money stays in the plan. Once the

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Jan 03 2017

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Principal Residence Exemption

The Latest Principal Residence Exemption Rule Affects Every Canadian Homeowner You’ve sold your home and there’s lots of financial matters on your mind – legal fees, moving expenses, renovations. Well, get ready to add one more thing to the list – reporting the sale of your home on your personal

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Nov 16 2016

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Tax Free Savings Accounts (TFSA)

The Tax Free Savings Account (TFSA) is a savings account that allows any individual over the age of 18 and who has a valid Canadian SIN to invest in assets and earn tax-free investment income. Contribution limit, accumulation, and penalties There is a limit to the amount you can

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Sep 22 2016

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CRA Website – Roadmap for Electronic Payments

Whether it is for personal taxes or business taxes, parting with your hard earned money is painful enough without the process being more complicated than it needs to be. Thankfully, CRA has made the process extremely efficient by setting up electronic payment options on their website. Are you new or

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