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Exciting times @ Lott & Company

We are so excited to share some news.  Over the past couple of months, three of our students attained their CPA designation. Join us in congratulating Damon Wan, Liji Chen, and Dennis Luk who are now Chartered Professional Accountants.  Certainly, a testament to their hard work and dedication.

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2021 Personal Tax Season

We hope you are all doing well and managing through another year of the pandemic.  As we are, hopefully, nearing the end of the pandemic, we remind you that personal tax season is around the corner.  There are a few things that we need you to do prior to sending in your information.

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COVID -19 Financial Update

Repayment Deadline for CEBA loans extended The Canada Emergency Business Account (CEBA) program provides interest-free, partially forgivable loans to small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient.  However, the Omicron variant has delayed the recovery for businesses in many parts of the country.

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Are you ready for the New Trust Reporting Requirements?

The federal government proposed new trust reporting rules in the 2018 Federal Budget to improve the collection of beneficial ownership information with respect to trusts.   The new trust reporting rules will apply to tax years ending on and after December 31, 2021.  These changes to the reporting requirements are considerable for trust returns with the penalties for non-compliance being significant.

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Part Three – Family Trust Structure

In this three-part series, Lott and Company outlines initiatives that you can proactively take now to protect and safeguard against future threats to corporate assets and retained earnings of your company.   If you have not yet reviewed part one where we covered the advantages and limitations of using shareholder loan structure, we encourage you to read it here.

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Part Two – Holding Company Structure

In this three-part series, Lott and Company outlines initiatives that you can proactively take now to protect and safeguard against future threats to corporate assets and retained earnings of your company.    If you have not yet reviewed part one where we covered the advantages and limitations of using shareholder loan structure, we encourage you to read it here.

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Options to structure your company to protect corporate assets.

You’ve worked hard.  Your company has grown.  It’s profitable.  Retained earnings are growing, which means the company has accumulated profits.  Future growth is expected.  The bank is happy with the company’s financial statements.  Everything looks great. Congratulations, you’re all set! But… are you REALLY all set?

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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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