SCARROW YURMAN & CO - Professional Accounting Firm

Feb 11 2022

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WITHDRAWING FROM FAMILY RESPs

Flexible Planning Possibilities A July 21, 2021 Money Sense article (My three kids chose different educational paths. How do I withdraw RESP funds in a way that’s fair to them and avoids unnecessary taxes?, Allan Norman) considered some possibilities and strategies to discuss when withdrawing funds from a single RESP

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Jan 14 2022

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Retirement Planning – Did I practice what I preached?

As accounting and tax professionals helping clients with their challenges, we don’t often think about our own situation all that much. It’s the old “the cobbler’s children go shoeless” situation. And I find myself in that position now as I go into retirement. If you don’t have a clear idea

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Nov 09 2021

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WILL AND BENEFICIARY DESIGNATIONS: Are they current?

RRSP designations A May 10, 2021 CBC article demonstrated the importance of reviewing RRSP beneficiary designations. The article discussed the unfortunate cascade of events where, in 2018, a 50-year-old individual went to the hospital for stomach pain and was diagnosed with cancer. He passed away three weeks later, leaving a

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Sep 28 2021

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CRA COLLECTIONS: Potential Impact on Business

As some businesses struggle with cash flow, they may be motivated to prioritize suppliers and other creditors ahead of CRA. A recent court case demonstrates CRA’s power to collect tax arrears and the impact of CRA exercising this power on a business. In a June 11, 2021 Court of Queen’s

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Apr 08 2021

COVID-19 Interest Relief for Personal Taxpayers – But Penalties Still Apply!

Under normal circumstances, CRA will be begin charging compound daily interest starting May 1st, 2021 on unpaid taxes owing for the 2020 tax year. However, due to COVID-19, CRA introduced temporary interest relief if all eligibility criteria listed below are met. If eligible, you will not have to pay interest

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Mar 17 2021

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Canada Emergency Wage Subsidy “CEWS” more updates…

You need to know how this important subsidy program works for March 14th, 2021 to June 5th, 2021: This is how the revenue declines and the subsidy rates tie together: Revenue DeclineCEWS Subsidy Rate70% and over75%50-69%40% + (revenue decline – 50%) X 1.751-49%Revenue decline X 0.8 The Reference Periods starting

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Feb 11 2021

Personal Tax Filing Again! What’s NEW!

For many of us, it seems like yesterday that we just filed our 2019 tax returns due to the extended filing and tax payment deadline last year. Although, we do not know if CRA will extend the 2020 tax return filing deadline, we are prepared for a back to normal

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Feb 05 2021

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Work from Home

On 15 December 2020, the Canada Revenue Agency (CRA) released detailed guidance on the home office expense deduction that employees can claim on their 2020 personal income tax return. For 2020, there will be two alternate methods by which employees may be able to claim home office expenses: The new

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Jan 13 2021

Canada Emergency Wage Subsidy – Dec 2020 Update

IMPORTANT CEWS Update The Canada Emergency Wage Subsidy, commonly known as “CEWS” has been a lifeline to many businesses. With payroll being one of the largest costs for Canadian businesses, the federal government introduced this subsidy at the beginning of the COVID-19 Pandemic. As businesses continuing to struggle from the

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Dec 02 2020

Canada Emergency Rent Subsidy

On November 23, 2020, the government has provided details on the new Canada Emergency Rent Subsidy (CERS). This new subsidy program provides relief to qualifying entities who were negatively affected by COVID-19. The CERS covers up to a maximum 65% of eligible expenses if your business has experienced a revenue

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Nov 20 2020

2020 – The Best Tax Loss Selling Opportunity In Years

What is tax loss selling anyway? Tax loss selling is a strategy to reduce tax by triggering capital losses now and using them against capital gains. If you have realized capital gains this year, in any of the past 3 tax years or expect to realize gains in the near

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Oct 20 2020

Canada Government Subsidy News For Businesses

On October 9, 2020, the Canadian government announced its intention to introduce new, targeted supports to help hard-hit businesses cope with the affects of the pandemic. It is hoped that this support will assist businesses navigate through the second wave and end up in a good position for a strong

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