-
Cash is King
In the current climate, every business needs cash. If your cash is tied up in accounts receivable and inventory, you are putting the health of your business at risk. Learning about your business’ cash-flow cycle will enable you to maximize new opportunities and allow for flexibility and growth. By following these six strategies, you will…
-
What to do when someone dies
Experiencing the death of a loved one is a difficult thing to go through. Aside from the loss of someone close to you – a family member, friend, co-worker or neighbour, there are plenty of things that need to be dealt with on behalf of the individual’s estate. These include arrangements for a funeral/celebration of…
-
Taking Care of Seniors and Persons with Disabilities
In today’s age, it is becoming increasingly difficult to find suitable housing and support for the seniors and persons with disabilities in our lives. Many families are renovating their homes to accommodate the people they love. To make individual housing more affordable, and to help families take care of eligible family members in their homes,…
-
Where should I invest? RRSPs vs TFSAs
This is the time of year when people consider both RRSPs and TFSAs. It can be a complicated and confusing topic. Let’s dive into each plan, discuss the benefits, and discuss when you might want to choose one over the other for your savings strategy! Registered Retirement Savings Plan (RRSP) RRSPs are an investment strategy…
-
Expanded Trust Reporting Requirements
We would like to make you aware that the Canada Revenue Agency had made significant changes to trust reporting requirements. These requirements are much broader in scope, thereby capturing situations that most taxpayers have not traditionally considered. Effective years ending December 31, 2023 or later, certain trusts are required to file a T3 trust return…
-
Changes coming to T4/T4A reporting Requirements
What employers have to know? Preparing annual T4s and T4As can be stressful for employers and to make the process as smooth as possible, there are some important changes for 2023 T4s and T4As that you should know about. In November of 2022, the first part of the Canadian Dental Care Plan was passed to…
-
Happy Holidays from Accent!
With the holiday season fast approaching and 2023 quickly winding down, we would like to thank all our clients for a wonderful year. We are grateful for your trust and continued support. 2023 brought some big changes to Accent. In March, we brought on a new Associate Partner, Whitney Sharkey, CPA CA. Whitney had been…
-
Personal Taxes: Prepare for the Year Ahead
Preparing for tax filing in Canada can seem daunting, but taking a few simple steps can make the process much smoother. With the right preparation and understanding of the tax filing process, filing your taxes can be a simple process! Here are some tips to help you get started: File on time Make sure to…
-
That’s a Wrap!
As the school year comes to an end and summer begins, it’s time to let loose and enjoy some well-deserved relaxation and fun. Kudos to all the parents and educators for successfully herding the kids through another school year and sports season! Whether you’re planning to travel to a new destination, spend time with friends…
-
5 Common Payroll Mistakes
Of all the responsibilities of an employer, ensuring correct payroll filings is easily one of the most important. Errors in payroll can cause frustrations with employees and can be costly with the CRA. Keep reading to learn about five of the most common payroll mistakes. Not increasing minimum wages or vacation pay when legally required…
-
Fraud and Your Small Business
Business fraud is a scary term, and nobody thinks it can happen to them. Business fraud can be committed by employees, or can be committed against the business as a whole. In either case, this is a serious issue and it is crucial that business owners be aware and mindful of types of fraud in…
-
Should I Incorporate My Business?
Many business owners have the same question at one point in their careers – when do I incorporate? It is not as simple as “when you see profits” although we wish the decision was that easy. For-profit businesses can be structured in one of three ways: To start, lets discuss the benefits of forming a…
-
Underused tax credits
There are tax savings strategies like medical, donations and childcare that everyone tends to know about. But what about those tax deductions that are less common and very useful? Below are a few tax credits that you might find useful to keep in mind as you make your way through 2023! 1. Educator School Supply…
-
We’re Growing!
It has been a long-term goal for our Managing Partner, Howard Wirch, FCPA, FCGA to expand Accent Chartered Professional Accountants into the Brandon Market. This year we are excited to announce that Howard’s goal has become a reality! Accent CPA is now in Brandon! On March 7, we opened the doors to our fourth office…
-
Employee Gifts and Awards
Canada Revenue Agency (CRA) has recently updated its guidance on a number of several employment benefits, which turns out to be good news for employers and employees. One of the changes included is a new policy on fits and awards. CRA has had a long-standing administrative policy that the first $500 of annual gifts and…
-
Underused Housing Tax
When preparing your personal income tax return for 2022, there is a new tax that you should be aware of that may apply to you. The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies…
-
Top 10 List – Personal Tax Savings
With personal tax season fast approaching, we often get asked the question – “What should I be claiming on my income taxes that I don’t know about?” The answer is not necessarily the same for everyone. It depends on their personal situation and what deductions, or credits may be of benefit. There are certain tax…
-
What’s New for 2023 Tax Season
Since the calendar has turned to 2023, it’s hard to believe that tax season is just around the corner. Some of you might be wondering what’s new for filing your 2022 Income Tax return. Here are some of the changes that you should know about. COVID-19 benefits If you received COVID-19 benefits from the Canada…
-
Avoid Being Late with Canada Revenue Agency (Small Business)
If you own a small business in Canada, there are several important deadlines from Canada Revenue Agency (CRA) that you should be aware of. Failure to meet these requirements can result in the penalties and interest assessed by CRA. Payroll Canada Pension Plan (CPP), Employer Insurance (EI) and Income Tax withholdings along with the appropriate…
-
Immediate Expensing of Capital Property
With the calendar turning to 2023, it is a good time to consider tax planning. One of the most interest opportunities for tax planning is Immediate Expensing of Capital Property. The 2021 Federal Budget introduced new rules with respect on immediate expensing of capital assets for Canadian Controlled Private Corporations (CCPCs). This is a temporary…
Serving Southwestern Manitoba and beyond
Serving Southwestern Manitoba and beyond