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Vehicle Expences CRA

Deducting vehicle expenses? Are you ready for a CRA audit? The Canada Revenue Agency (CRA) may finally be done with their professional fees audit project, but they are now on to a new one.  This one is going to be much more onerous for many business owners.  CRA’s new project is the audit of vehicle expenses.  The details being requested are quite extensive.

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Doing Business in Quebec… Are you ready for the new QST rules?

Quebec is extending its sales tax to a broad range of sales of goods, services and intangibles (e.g. software, digitalized products) made from outside the province to customers in Quebec. Essentially, if your business does not have a physical or significant presence in Quebec and you sell goods, services and intangibles to specified Quebec consumers (see How to Identify specified Quebec consumers), you will need to register and remit the QST. There are two registration dates depending on the type of business.

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ANNOUNCEMENTS

We are excited to introduce a new service offering to our clients – the Audit Shield Fee Waiver Service. Simply put, clients that participate in this service will have our fees waived for responding to audits, enquiries, investigations, or reviews instigated by the Canada Revenue Agency (CRA) or other revenue agencies.

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Will I or Won’t I?

You’ve met with your lawyer and drafted your last will and testament. Congratulations – you are doing better than half of your fellow Canadians! But drafting your will should never be a “one and done” exercise. It’s generally best practice to review your will every three to five years, to make sure that it still does what you want it to do. Certain life events should also trigger a review of your will. What are some of those?

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Tax Changes for 2018/19

As you are starting to receive your tax slips and gathering your paperwork together for your  2018 personal tax returns, you may be wondering what changes for 2018 might affect your business. And what other tax changes are coming into effect in 2019?

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There has been some excitement recently at Lott & Co.

Firstly, we would like to congratulate Ms. Julie Zhu on her promotion to Manager, Accounting, Taxation and Business Advisory.  Julie began her career with Lott & Co in 2015 as a staff accountant and she attained her CPA through our CPA training program (our first home-grown CPA!). Julie takes great care in working with our clients and staff and she ...

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Business Matters October 2018

Topics Covered:

  • Taxation: Impending Changes to CPP
  • MANAGEMENT: Maintaining Safety in the Workplace
  • MONEYSAVER: Self-Directed Investments
  • MONEYSAVER: The High Cost of Stress

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September – Start of a new year?

September, at times, feels like a new year starting as summer vacations become wonderful memories, kids are back to school and we return to our routines at work and at home.  As with any new year we review what went well and not so well in the past year and turn our focus to the future.  This is a perfect ...

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Business Matters August 2018

Topics Covered:

  • Management:  Complacency, Every owner-manager has experienced new employees enthusiastically jumping head-first into the task at hand
  • Technology: Electronic Signatures, Owner-managers have adapted quickly to transferring funds electronically, paying invoices online and scanning and sending data to and fro
  • Taxation: TFSA and Death: Have You Planned for What Will Happen With Yours if You Die?
  • Management: Being in Control Comes With its Own Responsibilities

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Business Matters Newsletter June 2018

Topics covered:

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