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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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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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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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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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The Canada Emergency Commercial Rent Assistance Program (CERCA)

The Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. The goal of this subsidy is to provide unsecured, forgivable loans to eligible commercial property owners in order to reduce the rent owed by their impacted small business tenants and to meet operating expenses on commercial properties.

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