News

Government help to help businesses and their workers - in response to question by a client - what does it all mean?

Helping Businesses Keep their Workers To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy…

Filing dates, electronic sigs, tax payment deferrals

Flexibility for TaxpayersIn order to provide greater flexibility to Canadians who may be experiencing hardships during the COVID-19 outbreak, the Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals, including certain trusts. For individuals (other than trusts), the return filing due date will be deferred until June 1,…

IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts

Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…

I am moving and joining Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants

I am pleased to announce that I will be joining the firm of Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants, effective February 1, 2020, at Suite 102, 150 Chippewa Road.  https://www.holtzmanllp.com/contact_us.html Most importantly, I want to assure you that you will continue to receive reliable and timely accounting services in the years ahead.  I am not…

Tips and gratuities

IntroductionEmployer responsibilitiesIs income from tips and gratuities part of an employee’s pensionable or insurable earnings, or both?Controlled tipsDirect tipsDeclared tips (in the province of Quebec only)More informationLegislative references Introduction This article is for employers and their employees who receive tips and gratuities. It explains how to treat tips and gratuities for purposes of the Canada…