Ryan Livesey Accounting Professional Corporation, CPA

UPDATE ALERT! Check out our updated website. We are excited to announce that we are growing! We have teamed up with Tony Shen Professional Corporation who operates out of Calgary, Alberta. Tony Shen CPA, CA is a chartered professional accountant that provides audit, tax, and advisory services to his clients out of the Calgary, Alberta area. Please contact us if you or anyone you know may require our services in the Calgary Area. Welcome aboard Tony!

Due to Covid-19 pandemic, the CRA modified the 2020 tax-filing and payment deadlines to help taxpayers figure out their finances before paying their taxes. The traditional April deadline was pushed back to September. Businesses and individuals received more time to file their taxes and accumulate money to make payments amid the difficulties caused by the pandemic. With no visible end to the pandemic, our clients were wondering what the tax-deadline situation will look like in... 2021. As of the time of this article, there has been no announcements regarding tax deadlines in 2021, but everybody must be thinking about it as 2020 is coming to a close. Unless the CRA announces anything, we cannot expect any delays in future tax deadlines. For tax accountants, the following dates represent major benchmarks for personal or corporate tax compliance filings. December 31, 2020 - This is the most popular deadline used by corporations. If your company has a corporate tax account number with CRA, your company has 6 months to file a tax return. If your company owes taxes, a tax estimate along with a payment should be filed by March 31, 2020 to avoid penalties. If you made a tax estimate payment in March and had your actual return completed afterwards, you would either pay or receive a refund for the difference. March 1, 2021 - T4 and T5's are due on the last day of February and if the last day is on a weekend, these slips are due on the subsequent business day. February 28, 2021 is on a Sunday, so the actual slips are due 1 day afterwards. If your business stopped operating, these slips are due within 30 days after the operations ceased. March 31, 2021 - Assuming there are no announcements for tax extensions, corporate tax payments are due. If you cannot have your corporate tax return done by this time, we highly recommend completing a tax estimate and make the payment to avoid penalties. April 30, 2021 - Personal tax returns are due. June 15, 2021 - Self-employed returns are due. June 30, 2021 - Corporate tax returns that have a December 31, 2020 year-end date are due. If you have questions regarding these tax deadlines and how to prepare for 2021 taxes, please let us know.

Due to the impact of Covid-19, the Canadian Government has introduced several measures to assist employers during these challenging times. One of the most popular programs for businesses has been the Canada Emergency Wage Subsidy (CEWS). This program allows companies to receive a cash subsidy from the government equivalent to 75% of the employee's wages for the first $58,700 per employee up to a maximum of $847 per week and there is no overall maximum for the employer. CEWS ...is available to employers that are: - Sole Proprietors - Taxable Corporations - Not for profits and charities In order to qualify, businesses first need to assess if their monthly revenue decreased by 30% compared to the same month in the previous year. Some changes were made after May 2020 however, the government still focuses on decrease in sales as their main gauge as to whether or not you qualify for the rebate. For entities that incorporate in 2020, the Canadian Government will allow you to compare monthly income to January or February of 2020. CEWS program officially began in March 2020 and the Canadian government has announced it plans to extend the program until June 2021. Companies who have not filed previous period claims are allowed to file retroactively. What we have noticed is that we have had several clients who were eligible for CEWS however, they did not apply for the program. It is important to note that wage subsidy applications must be made on or before the later of: - January 31, 2021 and - 180 days after the end of the claim period For example, Claim Period #1 is from March 15 to April 11, 2020. The deadline to file the wage subsidy application for this Claim Period is January 31, 2021. As always, please share this post and if you or anyone you may know needs assistance with filing this benefit, please let us know.

SALARY vs. DIVIDEND discussion Good morning Facebook family! A common topic that business owners should frequently visit is whether to pay themselves a salary or dividend. This article will discuss the benefits and pitfalls of each option so owners of private owner-managed companies can compensate themselves accordingly in a way that best suits their current needs....Continue reading

Good morning all, First off, I would like to thank you all for liking my page and visiting my website. Sincerely, I am extremely grateful! We are already over 100 likes and we have only been live for 9 days! Please, keep sharing my page with all your friends and family out there! Let's see how quickly we can get to 1,000 likes! For today's post, we are going to be talking about Sole Proprietorship vs. Corporation. Lately, I have been getting many questions from prospect...ive and current clients asking me things like My friend told me I should incorporate my business, should I? or How should I set up my business and what are the differences. Well, truth be told, there are many pros and cons of being a sole proprietorship or setting up a corporation. I have attached an article from taxtips.ca (I lean on tax tips for any quick information I may need and you should too). While the tax rates may be a bit dated, the points are still very valid and relevant. Choosing your business structure should not be based on one advantage or disadvantage. It is a decision that is carefully made considering all points. Whether you are looking to start up a new business or an established business looking to change structures, please give me a call today and we can make sure you make an informed decision. https://www.taxtips.ca/smallbusiness/incorporate.htm