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.
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.
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.
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.
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.
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?
Understanding the new Canada Recovery Hiring Program (CRHP) and the extension of the Canada Emergency Business Account (CEBA) Does your company qualify and how can these programs assist you?
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.
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.
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.
