SCARROW YURMAN & CO - Professional Accounting Firm

Sep 15 2020

Wills & Estates – What’s Your Legacy Plan?

It’s been said that nothing is as certain as death and taxes. As CPA’s we might add another certainty – tax implications after your death. However, being aware of the inevitable does not automatically prepare us for the inevitable. Our experience has taught us that the legacy people leave for

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Aug 25 2020

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Retirement Planning – Be Future Ready!

Contrary to popular belief, retirement planning should begin as soon as you start working. However, even if you are middle-aged or older, it’s never too late to start taking control of this important planning. 2020 is a sobering reminder of how unsettling not being prepared can feel. While we cannot

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Aug 19 2020

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HEADS UP – CEWS Eligibility Has Been Expanded!

As we mentioned in our July blog, the Canadian government recently extended the CEWS subsidy program until December 19, 2020. Along with the extension, they have dramatically expanded the eligibility requirement for the subsidy. Employers who have not qualified in the past may now be eligible under the new requirements.

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Jul 29 2020

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Income Tax Payment Deadlines Extended AGAIN!

The New Payment Deadline is now September 30, 2020! The CRA initially extended the payment deadlines for individual, corporate and trust income tax returns to September 1, 2020. The CRA has now extended the payment deadlines once again to September 30, 2020. That means the CRA will waive any late

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Jul 22 2020

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Canadian Emergency Wage Subsidy (CEWS) – Further Extension Announced

The Canadian government has announced an extension to the CEWS subsidy. Eligible employers will now be able to claim this subsidy until December 19, 2020. We thought it appropriate to give you a heads up as they have also announced proposed changes to the CEWS as follows: Starting with the

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Jul 08 2020

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COVID-19 Home Office Expenses – What You Need to Know

COVID-19 has resulted in many learning curves for 2020. For example, some of us are working from home for the first time. So, it’s not surprising that we’ve been asked by many clients if and how they can claim home office expenses. As you would imagine, it’s tricky. Here’s what

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Jun 16 2020

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The 75% Canadian Emergency Wage Subsidy (CEWS) – EXTENDED to August 29, 2020

As we outlined in our April 9 blog, a Canadian employer whose business has been affected by COVID-19 may be eligible for the Canadian Emergency Wage Subsidy (CEWS). On Monday, May 15, the Government of Canada announced that this subsidy (which has been available from March 15, 2020) has now

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Jun 02 2020

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Finding Your Money in Unexpected Places

Most of us are guilty of shoving cash in our pant’s pockets, purses or jackets and then totally forgetting about it. Then, one day we put on a pair of jeans we have not wore in a while and “voila” – 20 bucks we forgot about. NICE! Finding money unexpectedly,

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Apr 29 2020

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Embrace Technology While Physical Distancing

Physical Distancing has left many of us starved for interaction with our family and friends. To fill this void, many are taking advantage of modern technology to help stay connected. Even folks who are not technically inclined are embracing Social Media, Video Conferencing, and WhatsApp for the first time –

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Apr 21 2020

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COVID-19 Updates to Important Subsidy Programs

“75%” Canada Emergency Wage Subsidy (CEWS) The Federal government has passed into law the Canada Emergency Wage Subsidy (CEWS) as well as the 10% Temporary Wage Subsidy. As we noted before, the CEWS provides for an amount to employers equal to 75% of employees’ remuneration paid, up to a maximum

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Apr 09 2020

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COVID-19 Support for Canadian Businesses -April 8, 2020 “75%” CEWS Update and More

Canadian Emergency Wage Subsidy (CEWS) On April 1, 2020 the government provided details on the 12-week wage subsidy. The subsidy is 75% of annual employee salary, up to an annual salary of $58,700 for a maximum weekly subsidy of $847. Here are some new important details. Eligibility update As of

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Apr 07 2020

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A Unique, Yet Memorable CO-OP Work Term at SYC

As we find ourselves in the midst of a truly landmark tax season, we can’t help but think appreciatively of our co-op students who, due to the threat of COVID-19, were not able to complete their January to April work term at SYC. Even though our time with them was

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