Happy New Year. With the New Year come some important changes that as a business owner, you should know about. Canada Pension Plan Not only has the maximum pensionable earnings changed for CPP as of January 1, there is now a second contribution rate. The maximum pensionable earnings has been set at $68,500 and the…
The 2024 Federal Budget was released late this afternoon. While many of the new Federal Government programs were announced in the past few weeks, the Budget contained lots of new tax considerations that individuals and business owners need to be aware of. Lately, there has been talk about the “Positive Sandwich” around the Office. It is…
The New Trust Filing Requirements and Fishers There has been many questions about the new legislation and new filing requirements around something called a Bare Trust. Essentially, this new legislation is wide spread and is making certain situations on how an asset is held to become reportable and the need to file a T3 information tax…
Happy New Year! We have a few changes at ANR to start the New Year. It is important to us for you to know what those changes are and what they mean to you. Kicking off the New Year, we will become ANR Chartered Professional Accountants P.C. Inc., but you can still call us ANR!…
Late last week, the Federal Government passed Bill C-208 which changed the Income Tax Act of Canada is a positive way for small business owners. It allows small business owners easier access to the Lifetime Capital Gains Exemption on the sale of their shares to the next generation. In the past, for a small business…
Update: Yesterday, August 4th, I have purchased a proprietary tool to assist our clients with the calculations of the Canada Emergency Wage subsidy. This tool allows us to stay up to date with all the new changes in the calculations as well as always be up to date with calculations for our clients! The tool…
On Saturday, Parliament passed bill C-14 which included the details of the Canada Emergency Wage Subsidy (CEWS) for businesses across Canada. Below is our overview of the program and how it can help businesses. The program is a 75% wage subsidy for a 12 week period, retroactive to March 15, 2020. Eligible Employers are: Individuals;…
I wanted to provide a quick update on a new program outlined by the Province of New Brunswick yesterday. The Government of New Brunswick Small Business Working Capital program has been released by the Province of NB and will be overseen by the CBDC offices in the various communities. The program can provide working capital…
Some good news to start your Friday. We have been able to obtain a few more details around the Canada Emergency Wage Subsidy and they provide some clarity to the situation. Here is the update: The 75% wage subsidy is available if you meet the Revenue Test. The Revenue Test, is a test where your…
As have many of you, we have been waiting patiently, in anticipation, for the announcement of details of the wage subsidy from the Canada’s Federal Government. At his daily address to the Nation, the Prime Minister was vague, however, the Finance Minister provided a few more pieces of information this afternoon. Here is what we…
Bill C-13 is currently making its way through the Senate as I write this. I have taken an opportunity to review the bill as passed by the House of Commons and this is my summary. If there are any changes to the Bill or additional information becomes available, this post will be updated to reflect…
Approximately an hour ago, like many of you, our team members were watching our Prime Minister deliver news that the Canada/US border was closing to non-essential traffic as well as unveiling the Economic Response Plan. I am going to provide you with my interpretation of the Response Plan based on the facts that are currently…
Over the past two months, I have had the Tax Proposal on my mind and it isn’t simply because I am a Tax Geek. The Proposal from my first read was concerning, not only to me, a Small Business Owner who uses a Private Corporation, but to my Community and the businesses within it. As…
On July 18, 2017, the Department of Finance released the Proposal, Taxation of Private Corporations. The Proposal proposes significant changes to tax legislation that would have a significant effect on almost all of our businesses in Charlotte County. I posted a blog earlier this summer on the details of the Proposal so you can follow…
On July 18, the Federal Government’s Department of Finance released a 63 page proposal on potential tax legislation reform directed at Small Businesses (who utilize a corporation to run their business). The full proposal can be found here: Tax Planning Using Private Corporations. The general public has until October 2nd to provide comments, analysis and…
So it was Federal Budget Day today, a day when tax accountants wait anxiously for the Finance Minister to speak in the House of Commons, allowing all the media outlets to spill the details of the budget, after being in lock up all day reading this year’s 2oo plus page budget. Yes, 200 plus pages,…
I have been asked by many people why I chose to become an Accountant, especially one who specializes in taxation. The obvious answer is the glamour that come with being an Accountant or the excitement of the profession as seen by a new movie coming out, The Accountant starring Ben Affleck. There are two reasons…
The 2016 Federal Budget was tabled today in Ottawa and the Budget included some interesting changes for individuals and businesses. You are probably first questioning why I am so excited when it is Budget Day, whether it be Provincial or Federal. Federal Budget Day is another Super Bowl for Accountants. We have our chips out,…
This past Tuesday, I received word that Brian Parsons passed away. I had known Brian all my life, as his parents and my grandparents were good friends and I grew up with Brian’s children, Jared and Sam. Not only did I know Brian on a personal level, I worked for him during the summers in…
What is more exciting than the 2016/17 New Brunswick Budget? A blog from a Tax Accountant about it! You better believe it. Budget day, whether it be a Federal or Provincial Budget is always a day that is waited for with anticipation as tax announcements can mean significant changes for business owners and individuals. The 2016/2017…
April 30th will be here before we know it, trust us, we know. The months of January through April 30th is a time warp where time speeds up in the ANR office. We sit down at 8:30 and when we look up for the first time, it is 5:30. No we do not work in…
For the past three and a half years, ANR has evolved. From the first meeting in the old office in January 2012, when Dave, Laurie and I met to discuss the idea of me joining the Partnership, none of us imagined the evolution of ANR to happen so quickly. The reality of our evolution struck me…
Since the calendar turned over to February, I thought that I would provide a reminder to everyone of some important dates coming up in respect of various tax compliance because if you miss any of these filing deadlines, the repercussions are similar to forgetting your anniversary, it will cost you some money in order to…
Over the past year, many individuals at business mixers, client meetings and in personal conversation, I get asked the question, “What is a TEP designation”. So I thought that I would wrap the answer to this question into my blog today, along with a couple of ways of how my TEP designation and knowledge can…
The partnership of Archambault, Neathway and Rideout is coming up on its first anniversary in early February. It isn’t the partnership’s first anniversary as Dave and Laurie operated the practice for 6 years prior to me joining last February, it more like my first anniversary. When I joined the Partnership last year, I was looking…
At this point, we are half way through the month of January, although yesterday’s weather would have you believing that it was April and you had to rush to get your personal income tax returns filed. It is never too early to start thinking about last year. What I am referring to is getting ready…