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Estate Planning Series – Part Three

In this three-part series Lott and Company outlines the why, what, how and who around the essentials of creating an estate plan that effectively preserves, manages and distributes your personal and business assets after death. For small business owners, estate planning can be especially critical as the majority of their family assets and income sources may be tied up in the business.

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Estate Planning Series – Part Two

In this three-part series, Lott and Company outlines the why, what, how and who around the essentials of creating an estate plan that effectively preserves, manages and distributes your personal and business assets after death. If you have not yet reviewed part one, we encourage you to visit www.lottaccounting.ca where  we covered why an estate plan is essential and what strategies are available to meet your personal and business goals. In this second part we will cover how to lay the foundation to support an effective estate plan.

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Personal Taxes

It is that time of year again when you start receiving slips from your employer, government, banks, investment advisors etc. Please visit our Resources Section for forms and tools that will help you organize all your documentation quickly and with ease.

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Understanding new options to claiming home office deductions due to COVID-19

From March 2020 forward there has been a previously unimaginable, monumental shift on how business is carried out. To have all, or a significant portion of a workforce move offsite and perform duties from home for extended periods of time was not in any business plan. And it certainly had staff members unexpectedly scrambling to set up makeshift home offices that enabled them to continue their work.

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Estate Planning Series – Part One

In this three-part series, Lott and Company outline the why, what, how and who around the essentials of creating an estate plan that effectively preserves, manages and distributes your personal and business assets after death. For small business owners, estate planning can be especially critical as the majority of their family assets and income sources may be tied up in the business.

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Government Emergency Programs

Over the past number of months, there have been a number of government subsidy programs announced, changed and extended.  There is a lot of information to digest for small business owners.  The rules are complex and it can be difficult to determine which programs your business qualifies for.  We hope the following summary of the government subsidy programs announced by the Federal Government helps with determining what your business is eligible to claim.

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Wage Subsidy Updates

CEWS Eligibility has been expanded and there is a new form to file for the Temporary Wage Subsidy Temporary 10% Wage Subsidy – a new form to file If you claimed the 10% wage subsidy on the remuneration paid from March 18 to June 19, 2020, there is a requirement to complete and file a Self-Identification Form (form PD27) to the Canada Revenue Agency.  This information will be used to reconcile the subsidy on the employer’s payroll account and should be submitted before the end of the calendar year to ensure you do not receive a discrepancy notice.

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That’s a wrap for another year. Thank You!

Another personal tax season is done. It certainly was an interesting and a long one from our standpoint, anyways.  Please remember that if you have a balance owing to the CRA, you need to make the payment before September 1, 2020 to avoid interest and penalties. We are happy to announce we will be donating $4,500 to our local Food Banks. If you need assistance with the government programs or other financial matters, please feel free to give us a call.

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