Help is on its way for individuals and businesses that are facing difficult financial times due to the COVID-19 virus. The Prime Minister has made a number of announcements this morning. Let’s walk through some of the announcements: Flexibility for Taxpayers The deadline for filing your 2019 personal income taxes has been deferred from April 30, 2020 to June 1, ...
We are all concerned about the spread of the COVID-19 virus and the measures in place are unprecedented and continue to change. We, at Lott & Company, are closely following the new developments regarding the spread and impact of the COVID-19 virus and are committed to being responsive as the situation evolves. The health and safety of our clients and ...
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.
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.
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.
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.
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?
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?
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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