Office Parties While Working Virtually

By | November 25th, 2020|Business|

With pandemic restrictions tightening up again across the country and globally, many businesses will be working virtually as we head into holiday season. That means office Christmas parties will be traded for safer ways to celebrate the holidays with employees and coworkers.  Working Virtually Shouldn’t Be Isolating Not everyone enjoys working virtually, especially when they thrive on connecting with their peers face-to-face. For that reason, it’s even more important to check in with your employees and see how they are doing. Make a point of scheduling one-on-one video calls with your staff so they can voice any concerns they have. Show [...]

Understanding the Risk of a Personal Services Business

By | November 18th, 2020|Accounting, Taxes|

It's important to consider the risk of a Personal Services Business (PSB). If the Canada Revenue Agency (CRA) declares your corporation a PSB, you could lose most of your tax deductions. Worse, you may be on the hook for a large tax bill to make up for tax deductions claimed in previous years. What is a Personal Services Business? The CRA considers a business to be a PSB when it exists to provide services to another entity (person, partnership, corporation, etc.) that an officer or employee of that entity would normally perform—essentially an incorporated employee.  To ensure your company stays on [...]

What You Need to Know About 2020 T4 Preparation

By | November 10th, 2020|Accounting, Taxes|

Due to the Covid-19 pandemic, employment income reporting on 2020 T4 slips will be a bit different in 2020. To validate Covid-19 benefits claimed by taxpayers, the Canada Revenue Agency (CRA) is turning to employers for help. When to File 2020 T4 Slips As a reminder, the T4 slip must be completed if you withheld payroll deductions such as Canada Pension Plan, Employment Insurance, Provincial Parental Insurance Plan, or income tax from an employee's pay. Any employee paid more than $500 during the year will also require a T4 slip. Employment income is reported during the year it was paid, not [...]

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