Kerr & Company, Chartered Professional Accountant
Landmark 3, Suite 105 1632 Dickson Avenue V1Y 7T2 Kelowna, BC, Canada

It's almost December 31! Click for this year's tax planning checklist. Please contact us if you have any questions.

In a July 23, 2020 Tax Court of Canada case, at issue were a number of expenses claimed by the taxpayers (a corporation and its sole individual shareholder) in respect of the business of selling financial products and providing financial planning advice. Are the amounts taxable to the individual shareholder or deductible to the corporation? Find out more on our blog! ... http://www.kerrtaxcpa.com//commingling-of-personal-expens/

On September 3, 2020, CRA announced that, effective January 1, 2020, the rates allowable under the simplified method related to travel for medical expenses, moving expenses, and the northern residents deduction, as well as meal claims for transport employees, increased to $23 from $17 per meal, for a total of $69/day. Read more on our blog!

Ready to start your business? We can help! Kerr & Company offers business advisory services backed by knowledge we’ve built up over 20 years of serving both individual and corporate clients. We achieve better results financially, save you money on taxes and build more efficient small businesses. We offer the following services plus so much more:... Business number registrations (including HST and payroll) Business acquisition support Setup of tax efficient corporate structures Assistance with financing applications Business plans Assistance with due diligence procedures related to purchase of a new business For more info, visit us online: http://www.kerrtaxcpa.com/business-advisory-kelowna/

Considering whether starting CPP before, after, or at age 65, would be the most advantageous? Find out more on our blog! #CPP #canadianpension #retirementplanning

Counting our blessings this Thanksgiving, and working with all of our amazing clients is one of them. Happy Thanksgiving!

What if I make a clerical, administrative, or system error resulting in a salary overpayment? On April 6, 2020, CRA released the updated guide RC4120 Employers’ Guide Filing the T4 slip and Summary providing detailed instructions on these such issues. Check out our blog for the details!

This year's been a little, uhmm...different. Many us could use a reboot!

This years been a little, uhmm...different. Many us could use a reboot!

What do you think? Is virtual communication going to be utilized more often even post Covid-19? Here are some tips to making it look more professional!

New on the blog! Generally, a reimbursement for a personal purchase of equipment used for working remotely would be a taxable benefit. However, CRA noted that in the context of the COVID-19 pandemic, which has required many employees to work remotely, acquisition of computer equipment may be primarily for the employers benefit. In that context, CRA indicated that no taxable benefit would arise for a reimbursement, supported by actual invoices or receipts, of no more than $500 towards such equipment. Click to read more!

ICYMI - Another change! The CRA has moved their tax payment deadline to September 30th for individuals, corporations and trusts.

A taxpayer CAN operate a business while collecting EI benefits where the business activity is to such a minor extent that a person would not normally rely on that business activity as a principal means of livelihood. This is determined based on specific factors we have listed on our blog www.kerrtaxcpa.com/20//starting-business-not-getting-paid/

In general, gains are fully taxable where the taxpayer buys a property with the intention to sell for a profit (sold on account of income). In other cases, half the gain is taxable (sold on account of capital). When a sale on account of capital involves the sale of a principal residence, the tax may be reduced or eliminated by using the principal residence exemption. Learn more on the blog!

How has COVID-19 impacted the Canadian economy so far?

HOME ACCESSIBILITY RENOVATION CREDIT: Increase in Home Value? When applying for the home accessibility tax credit (HATC), valued at 15% of up to $10,000 in expenditures per year, does it matter if the renovation increases the value of my home? Yes, and No.... Find out more on our blog! http://www.kerrtaxcpa.com//home-accessibility-renovation-/

Happy Canada Day from all of us at Kerr & Company!

With a lot of us using our homes as our new office in recent months...do you know what's allowed? Read more on our blog or contact us for help! http://www.kerrtaxcpa.com///eligible-home-office-expenses/

With a lot of us using our homes as our new office in recent months...do you know whats allowed? Read more on our blog or contact us for help! http://www.kerrtaxcpa.com///eligible-home-office-expenses/

As many businesses are struggling to collect outstanding amounts, it may be worthwhile to identify any receivables which have previously been included in income that can be written off as bad debts. This allows for a deductible expense to reduce taxes but a number of factors should be considered... Read more on our blog! Contact us with your questions.

Thank you moms for everything you do!

Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. On March 18, 2020, the Government of Canada announced a series of measures designed to support the finances of individuals, businesses, charities, and non-profit organizations. Since then, on an almost daily basis, new possibilities have been introduced, and old ones have been adjusted. ... This document aims to provide a consolidated summary of support in their most current state of affairs.

Attention Health Care Workers! Receive a $40 Gift Card just by filing your taxes. In an effort to give back to our local community during these tough times, Kerr & Company, Chartered Professional Accountant would like to give you a break. Bring in or send us your personal tax returns for processing between April 30 and May 31, 2020 and receive a $40 gift certificate for any of the following restaurants take out menus:... DunnEnzies Pizza Co. The Sandwich Company Kb & co Message us for more details! *This offer only applies to those clients NOT currently working with another Chartered Professional Accountant. GC is purchased by Kerr & Co and not sponsored by the restaurants in any way.

Wishing you a Happy Easter!

Find out who is eligible, how it's calculated and more on our latest blog post. www.kerrtaxcpa.com/20//canada-emergency-wage-subsidy-cews/

Find out who is eligible, how its calculated and more on our latest blog post. www.kerrtaxcpa.com/20//canada-emergency-wage-subsidy-cews/

Tips to keep everyone sane while working from home.

As many of you have heard, there have been some updates to financial support provided by the federal and provincial governments. We dont know all the details at this point but will keep you updated as much as we can. Visit our blog below to see everything we know so far...

Be careful and stay safe!

WHAT IS CANADAS COVID-19 ECONOMIC RESPONSE PLAN? Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. While the first stages focused on public health and safety, in very short order, businesses and personal finances began to be affected. It is clear that these challenges will become worse before they get better. In an effort to combat these effects, the Government of Canada released a series of financial measures in mid-March.... Here are the KEY POINTS for businesses and individuals... www.kerrtaxcpa.com//canadas-covid-19-economic-response-pl/

IMPORTANT NOTICE: The filing due date for individuals (other than trusts) will be deferred until June 1, 2020. For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020. The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well... as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. Please find more info regarding flexibility for taxpayers at the link below. https://bit.ly/2U187zI

Happy International Women's Day! #iwd2020

Please stay safe and healthy everyone!

The tax on split income (TOSI) can subject various income sources, with taxable private corporation dividends being the most common, to personal tax at the highest marginal rate. One of the exceptions from TOSI occurs when the income recipient is actively engaged in the business. An individual will be deemed to be actively engaged in any year in which the individual works in the business at least an average of 20 hours per week during the portion of the taxation year that th...e business operates. Read more on the blog! http://www.kerrtaxcpa.com//tax-on-split-income-the-20-hou/

A good read for anyone trying to create an awesome workplace environment.

Happy International Womens Day! #iwd2020

Here are 3 key challenges businesses can expect to face and how CPAs can assist. https://bit.ly/3bZrTCH

In an August 29, 2019 Tax Court of Canada case, at issue was whether the taxpayer who operated a mobile home/RV park was eligible to claim the small business deduction for the 2012-2014 years. CRA argued that the taxpayer primarily earned its income from the rental of seasonal and extended seasonal campsites and the storage of RVs and, therefore, carried on a specified investment business. Specified investment businesses are not eligible for the small business tax rate. Ins...tead, they are taxed at over 50% in all provinces and territories, although 20.67% may be refunded when dividends are paid. Learn more on our blog! Or, contact us with any questions.

On December 16, 2019, the Department of Finance announced the climate action incentive payment amounts for 2020. These payments are associated with the provinces that are subject to the federal backstop legislation. Click the link to our blog to see the amounts that may be claimed on 2019 personal tax returns: http://www.kerrtaxcpa.com//federal-carbon-tax-costs-and-r/

RRSP season is here!

On September 6, 2019, the IRS announced Relief Procedures for Certain Former Citizens, a new process to facilitate eligible individuals in becoming compliant with their U.S. tax obligations, in conjunction with renouncing their U.S. citizenship (IR-2019-151). There was no announced specified termination date; however, a closing date will be announced in the future. Want to learn more? Visit our blog or contact us for help with this or any other questions you may have. http://www.kerrtaxcpa.com//u-s-expatriates-new-relief-pro/

DID YOU KNOW? There are over 400 different deductions and credits in the Canadian tax system. Whether this is your first year filing a tax return or youre a seasoned pro, having a list of what is needed in order to prepare a proper tax return is essential. Dont leave any money on the table. Click the link to download/print our comprehensive 2019 Personal tax Checklist - https://bit.ly/2GBhNsZ PLEASE INFORM US OF ANY CHANGES SUCH AS:... - Purchase of foreign property - Additions to the family (children) - Did you move in 2019? Do we have your new address? PERSONAL INCOME TAX DEADLINE IS THURSDAY, APRIL 30, 2020!

In a July 8, 2019 Tax Court of Canada case, CRA had reassessed the taxpayer to add loans received from a corporation controlled by her brother and his wife to her income. Special rules apply to loans advanced from a corporation to a shareholder or a connected person (which includes any related person). These rules effectively require an income inclusion in the hands of the borrower if loans are not repaid by the end of the corporations year following the year in which the loan was advanced. Read more on our blog!!

In an August 15, 2019 Tax Court of Canada case, at issue was the deductibility of a number of employment expenses (primarily travel, lodging and motor vehicle expenses) incurred by the taxpayer. While the taxpayer resided in Ottawa, he signed an employment contract with a company based in Regina. Find out what happened on our blog!