Brock-Simcoe Accounting Professional Corporation

The CRA has increased the amount from $17 to $23 that employers can use for overtime meals or allowances, the meal portion of a travel allowance, and the rate at which transport employees and other individuals can claim meal expenses using the simplified method (a flat rate per person). These increases are effective immediately and retroactive to January 1, 2020.

To ensure support continues for Canadians whose employment has been impacted by #COVID19, the Canada Emergency Response Benefit (CERB) will be extended by an additional 4 weeks to a maximum of 28 weeks. Learn more: http://ow.ly/BLKS50B5yqW #EconomicResponse

Our online services are now back up and running. Thank you for your patience!

We’re working to resolve the issue, thanks for your patience. We anticipate that our online portals will be available once again in the coming days. Please stay tuned for updates. We’ll post here on Facebook.

The Government of Canada has announced a one-time payment of $600 to help persons living with disabilities, in recognition of some of the extraordinary expenses they have encountered during the COVID-19 pandemic. Individuals who are determined to be eligible for the disability tax credit (DTC) or certain other disability-related benefit programs, may be entitled to receive the payment. Canadians living with disabilities who are eligible for the DTC but who have not yet appl...ied, will have until September 25, 2020 to do so. For more information on how to apply for the DTC, please visit: http://www.canada.ca/disability-tax-credit. Recipients of the payment are encouraged to make sure their address and banking information is up to date in order to receive prompt payment. For callers who need help with changing their address, updating direct deposit, accessing My Account, or questions related to the DTC or their application, they can call CRA’s Individual Enquiries Line at 1-800-959-8281 (English) and 1-800-959-7383 (French) between 9:00 a.m. to 5:00 p.m. (local time) Monday to Friday. If you want to know more about the One-time payment support for Canadians living with disabilities, please visit: https://www.canada.ca//one-time-payment-persons-disabiliti

CRA is providing an updated online calculator to assist employers in determining the updated CEWS filing. https://www.canada.ca///cews-calculate-subsidy-amount.html

CRA has released a new form for those who have or will claim the three month 10% wage subsidy. This form confirms eligibility for the temporary subsidy and also allows a mechanism for employers with insufficient income tax withholdings to obtain a direct payment from CRA for the 10% subsidy. https://www.canada.ca//formspubs/pbg/pd27/pd27-fill-20e.pdf

Enhancements to the Canada Emergency Wage Subsidy. Not only is it extended to the end of the calendar year but there are changes which will allow employers to be eligible for varying degrees of subsidy even though their revenues have no longer dropped 30% over the base period. Remember that even if you have not applied for the CEWS you may do so retroactively. Also remember that these changes do not affect the 10% wage subsidy amount which ended in early June. There is also a special "top up" for harder hit employers who continue to see substantial drops in revenue. https://www.canada.ca//supporting-canadian-workers-and-bus

So you think you can beat the "taxman" by inflating those business expenses? Rika Lavigne may have thought the same thing. However, she suffered an audit for 2010 and 2011 where many fictitious, inflated, or personal expenses were discovered for her mortgage broker business. When appearing in front of the Judge in the case it became very clear that many so-called expenses had no basis in reality or were not business related. Not only did she have to pay the resulting inco...me taxes but she was hit with penalties for gross negligence. Gross negligence penalties can be as high as 50% of the incremental taxes and it's a hell of a black mark on your tax file records with CRA. Fighting the penalties can also be a costly adventure with very steep legal fees. In the end.... keep good records, make sure you know what you can claim as a business expense, maintain receipts, and most importantly..... don't be an idiot. Business owners are expected to act with due care and they are very much expected to take measures so they know the rules and law governing accounting and taxation.... or they are expected to hire professionals to assist them. See more

Please note that in accordance with local health department requirements and in recognition of best practices all persons visiting our offices are required to use non-medical face masks or face coverings of some kind (except in permitted circumstances). Thank you for your cooperation.

Please note that both of our offices will be closed Thursday July 16 for staff meetings and staff training.

Finance Minister Bill Morneau said Wednesday the federal government's deficit is expected to hit $343 billion this year brought on by federal spending at a level not seen since the Second World War. To read more: https://www.cbc.ca/1.5641864

Changes announced for the CEWS (wage subsidy) to permit more people to claim it and have alternate calculations for the base earnings including adjustments to cover seasonal workers and employers.

As Covid-19 protocols remain at both of our offices we will posting regular updates to any "wait times" our clients may experience waiting to enter our offices. Granted that there has not been a line at our offices like there has at many retail locations but we feel this is something that should be implemented in our current "normal" if businesses are going to ask customers to wait before entering business establishments. Approximate wait times will be posted on our website and if deemed necessary will be posted on our social media.

Be ready for the reopening of the economy. Register to our webinar and learn how to address the new operational and financial challenges that businesses face.

Both of our offices will be closed on Monday May 18 for Victoria Day long weekend. Stay safe and stay healthy.

Attn: frontline healthcare workers in Ontario. The federal tax deadline is right around the corner. Let CPAs across the province help you prepare your 2019 taxes, free of charge. Act fast as the deadline is May 15. Register for #AccoutningforBravery today: bit.ly/2S3aPTJ

A special thank you to our essential workers at both of our offices. While our staff are not making sure you have toilet paper or the other necessities of life during this time of nonsense they are hard at work in this service industry deemed essential by The Province. They are hard at work assisting clients with tax returns and benefit applications during this extended tax season. Making sure clients get their ROEs filed for their employees that have had to be furloughed.... Making sure payrolls are processed for clients still operating. Making sure problems with CRA are addressed for clients. Making sure that clients meet their filing deadlines for remittances, GST/HST, WSIB, and so on. Making sure that clients needing assistance with Wage Subsidy applications and other emergency benefits are taken care of. And the list goes on and on. Doing all of this amidst COVID-19 protocols at both of our offices. To all of our staff and many like them out there.... Thank You! Walter Schummer, CPA, CMA Brock-Simcoe Accounting Professional Corporation

As we enter the last month of this very extended T1 Season we would like to remind our clients that both of our offices are open. We have special COVID-19 protocols. Both offices will also be open Saturday May 9 from 9am to 12 pm. See our website for more information or call our offices. www.wgscma.ca

Did you purchase computer equipment for yourself so you could work from home? Your employer can reimburse you and up to $500 of it would be a tax-free benefit.

If you work on the frontline in hospitals or nursing homes battling #COVID19, our Ontario CPAs want to help by doing your 2019 simple tax returns, free of charge. For information and to register, visit the link below.