Power & Associates Chartered Professional Accountants
84-86 Elizabeth Avenue, Suite 101 Regatta Plaza II A1A 1W7 St. John's, Newfoundland and Labrador, NL, Canada

Congratulations to Ashley! Ashley was nominated by Andrea, our Director of Assurance. Both Andrea and Ashley take great pride in supporting women in our community and women led businesses!

Thinking and buying local applies to professional services as well! #FBF to our Managing Partner appearing and providing small business taxation feedback to the Senate Standing Committee on National Finance. We are your local experts with decades of experience and in depth taxation knowledge.

Please reach out if you have questions regarding today's deadline to pay your 2019 taxes. We are here for you. [email protected]

Please reach out if you have questions regarding your payments, instalments, COVID-19 related programs or other benefits. We are here for you. [email protected]

To our valued clients, colleagues and friends: In the interest of safety of our staff and all in our community, we have moved to a fully operational virtual office setting, with everyone working from home. Please reach out anytime with questions. We will continue to provide exceptional client service as you have been used to. We are filing returns and providing assurance services as normal under these very non-normal circumstances. We encourage all to file both personal and ...corporate income taxes promptly to maximize any enhanced benefits. Our understanding is that our MPs have returned to Parliment to enact measures today. We are thinking of you and your family's well being and wish you well. We will get through this together.

Important news for Canadian charities! Our Charities Directorate has suspended all operations including our call centre, registration, and audit activities un...til further notice. If your charity has a T3010 or Registered Charity Information Return due between March 18th and December 31st, the filing deadline has been extended to December 31st. You can access our digital services for charities using My Business Account and fill out your T1030 there. Haven’t signed up yet? Here’s how: https://www.canada.ca//toolbox-direc/business-account.html

Tax Relief for Commercial and Residential Property Owners City Council is announcing a number of changes to reduce the tax burden on residents and businesses du...ring these challenging times. Effective immediately, the City will not be charging interest on commercial and residential property taxes or water meter tax up to and including August 31, 2020. This relief does not apply to Robin Hood Bay tipping fees, however the scheduled tipping fee increase from $67.60 to $75 has been delayed from April 1, 2020 to August 1, 2020. We recognize the pressure individuals and business owners are currently under and hope that deferring the need to pay tax for a six-month period will alleviate some of that burden, explained Mayor Danny Breen. Learn the complete details at: http://stjohns.ca//tax-relief-commercial-and-residential-p

Memo: Temporary Wage Subsidy for Employers The temporary wage subsidy for employers is a three-month measure that will allow eligible employers to reduce their ...payroll deductions required to be remitted to the Canada Revenue Agency (CRA). This credit is for the employer and is NOT given to the employee. Eligible employers include not-for profit organizations, registered charities and Canadian-controlled private corporations who meet the following requirements; 1. Have an existing business number and payroll program account with CRA on or before March 18, 2020; and 2. Pay salaries, wages, bonuses or other remuneration to an employee. The subsidy is equal to 10% of the remuneration you pay between March 18, 2020 and June 20, 2020 up to a maximum of $1,375 per employee and $25,000 total per employer. The subsidy is calculated manually, by taking 10% of the employee’s salaries, wages, etc. Example: If you have 5 employees earning $3,200 in monthly salaries the subsidy would be 10% of $16,000 or $1,600. The calculated subsidy is then deducted from your remittance of your current federal, provincial or territorial income tax that you send to CRA. Please note that you cannot deduct the subsidy from the Canada Pension Plan contribution or the Employment Insurance Premiums portion of your remittance. If your calculated subisidy exceeds the federal, provincial or territorial tax portion if your remittance, you may use the extra amount to reduce a future remittance. Example 2: If your calculated subsidy is $1,600 and the income tax portion if your remittance is $1,000 you may carry forward $600 to reduce a future remittance. This includes remittances that occur after the June 20, 2020 deadline. You can start reducing your remittances by the calculated subsidy amounts in the first remittance period following March 18, 2020. If you are a monthly remitter, this would be the remittance that is due on April 15, 2020. You will need to keep the following information to support your subsidy calculation in the event that CRA requires supporting documentation. 1. The total remuneration paid between March 18, 2020 and June 20, 2020 2. The federal, provincial and territorial income tax that was deducted from that remuneration and; 3. The number of employees being paid during that time period Please note that this subsidy is considered taxable income and will have to be reported as income in the year which the subsidy is received. If you have any questions regarding the above, please do not hesitate to contact Natasha Tipple ([email protected] ), Lesley Fagan ([email protected]) or any of our other staff.

We had a wonderful time celebrating the newest CPAs in our profession Saturday evening. Congratulations to all grads and our new FCPAs and Early Achievement Award recipients. To those in the program: the hard work is worth it!

When thinking of ways to #shoplocalnl don't forget to #supportlocalnl as well! Let's tag some locally owned service companies to show them some love! Tax time i...s just around the corner and Power & Associates Chartered Professional Accountants can take care of all of your personal and business tax, accounting and advisory needs! If struggling with your debts S.R. Stack & Company is a locally owned insolvency trustee that can help! Many other fantastic local service firms including Mark Kibyuk Natural Health Services @East Coast Mortgage Brokers CrossFit 709 @Perfect Day Advertising @Carvel & Helm Design Group @QuikPrint Services @Simply For Life and the list goes on and on!

We are back in the office today and will be back fully functional on Monday. A couple of things we wanted to share: - Our renovated, bright and modern office sp...ace is ready. We are just across the hall from our old space. Please use the main entrance of Regatta Plaza II. We are looking forward to seeing you! - If you had an opportunity to organise your tax information over the break, we are certainly ready to assist. - We realise with the State of Emergency, perhaps you are behind schedule with T4 preparation, year-end bookkeeping etc. If you would like us to get you up and running quickly, please reach out. - I am sure people have been thinking about their businesses and other opportunities over the break. if you would like advice, please do not hesitate to reach out. - Lastly, thank you to our valued clients for your patience during the State of Emergency. We are eager to assist you!

Local Businesses and Organizations to Prepare for Operation All businesses and other community organizations in St. John’s will be allowed to access their premi...ses as of 6 a.m. on Friday, Jan. 24 for the purposes of preparing to reopen. The City of St. John’s hopes to be in a position to lift the State of Emergency on Saturday, Jan. 25; a decision on this will be announced on Friday. Effective Friday, Jan. 24 at 6 a.m. all businesses and community organizations may: call in staff have suppliers make deliveries procure any and all technical or supportive services required to reopen Businesses and organizations are reminded that they are not permitted to open to clients/customers until the State of Emergency is lifted.

Power & Associates will remain closed until current State of Emergency is lifted. Thank you for your patience; we will be working hard as soon as we can get back in the office. Stay safe!

As the State of Emergency remains in effect on Monday, January 20, we will remain closed. Thank you to all our essential workers, the City of St. John's and the Province for their excellent work and communication throughout the storm. We will get through this together! Stay safe everyone.

Due to the impending storm, Power & Associates will be closed Friday, January 17th. Please prepare and be safe!

Have a safe and wonderful Holiday Season! We will be enjoying time with our families as of December 24th, and reopening January 2nd.

Power & Associates Chartered Professional Accountants is delighted to welcome Andrea G. White, CPA, CA to our team as our Director of Assurance. Bringing over 17 years of experience with her, Andrea has a long history of experience in leading and managing audit engagements including large and complex public companies, private companies, public sector and government not-for-profit organizations. She is a member of the Canadian Institute of Chartered Accountants and the Charter...ed Professional Accountants of Newfoundland and Labrador. Andrea has broad experience across several industries including fisheries, utilities, telecommunications, manufacturing, oil and gas, technology, and real estate. She has a strong understanding of internal controls, accounting systems and has assisted clients under numerous financial reporting standards including accounting standards for private enterprises, public sector accounting standards, not-for-profit accounting, IFRS, and US GAAP. As a fully integrated professional services firm of Chartered Professional Accountants, we are thrilled to have Andrea join us in serving our valued clients!

**EDIT** Thankfully the phone lines have been restored in our area! Please call 579-1069 to speak with one of our team members! As always we are also available via [email protected]

Wondering how much RSP contribution room you have? Contact us today to maximize your refund. As a reminder, your 2018 RSP contribution deadline is March 1st.

Last evening we celebrated the newest CPA graduates, new FCPA recipient and our very own Early Achievement Award recipient. We are proud of Ashley and all the wonderful things our Partners and Staff accomplish at Power & Associates.

Congratulations to all of the new CPA graduates. Hard work pays off!

We had a wonderful experience on Out of the Fog talking about the importance of sound accounting and financial advice.

Here are a few key dates for your personal tax calendar: February 28: Deadline to file T4s for any employees March 1: 2018 RRSP contribution deadline... March 15: First 2019 tax instalment due April 30: 2018 T1s due April 30: 2018 Tax balance due June 17: 2018 T1s for self employed individuals due and foreign reporting (T1135) due If you have questions, please contact us today: [email protected] (709) 579-1069