Scott Park & Co Inc. Chartered Professional Accountant

SHOUT OUT: We encourage everyone to shop local and support small businesses in your area. If you’re in downtown Port Coquitlam, check out Daniel Le Chocolat Belge. They specialize in unique fine chocolates (made with 100% natural ingredients), candies, specialty coffee, and many more tasty productsgreat place to pickup Christmas gifts for family, friends or business clients #shoplocal #shopsmallbusiness

'Tis the season for giving. What better way than to participate in the London Drugs Stocking Stuffers for Seniors. Scott Park & Co Inc. is proud to be able to contribute to such a worthy cause. We look forward to putting a smile on Amelia and Jacky's face when they open their gifts on Christmas.

Financial support and extension of tax filing deadlines announced https://www.canada.ca//departm/economic-response-plan.html

There are tax benefits of donating shares to charity in lieu of cash. Philanthropy and tax planning go hand in hand. Read our latest Blog for more info and tax tips. http://www.parkandco.ca//tax-benefit-of-donating-shares-to

We Are Moving!...We will be moving into our new office space Monday Dec 2, 2019. Our new address is 212 - 3190 St. Johns Street, Port Moody, BC V3H 2C7 and is only a short 5 minute drive from our current location.

Home Depot customers that have a commercial credit card will be notified that their purchase information between 2013 and 2016 will be handed over to the CRA in efforts to combat the underground economy.

Executors of Estates If an Estate has non-resident beneficiaries, please read our blog which covers important tax rules and related tax filings . .... http://www.parkandco.ca//executors-of-estates-what-you-nee See more

Federally incorporated companies under the CBCA now have to comply with new federal laws that came into effect June 13, 2019. Beneficial ownership registers must be maintained. http://www.parkandco.ca//new-requirements-for-tracking-cor

CRA's Annual T1 Processing Review Program coming soon. The CRA will be starting their annual post-assessment review of individual income tax and benefit returns shortly. A review is not a tax audit. All tax centres will start sending letters to selected taxpayers on June 10, 2019. It is possible that you will receive letters from National Verification and Collections Centres other than those you have dealt with in the past. Please make sure to send the requested information to the originating centre.

Buyer beware when it comes to Health Spending Accounts (HSA's). Some health insurance agents are improperly marketing HSA's to self-employed individuals. Are you self-employed and have a HSA or you're considering a HSA? Here is some helpful info from CRA on this topic . . https://www.canada.ca//warning-buyer-beware-when-it-comes-

The New BC Speculation and Vacancy Tax: Homeowners in Metro Vancouver and other selected areas MUST apply for the exemption by March 31 . . https://www2.gov.bc.ca//proper/speculation-and-vacancy-tax

Could this be of any benefit to your business? GCSurplus, of Public Services and Procurement Canada, sells a wide selection of Government surplus assets to the general public. Register, log in, and bid on a variety of items such as office equipment, hand tools, cars, boats, and airplanes

Tax tip for start-ups: Start-up businesses should register for GST/HST with CRA before incurring leasehold improvements or renovation costs. Don't lose out on potential GST refunds. ... http://www.parkandco.ca//start-ups-leasehold-improvement-c

CRA now offers a mobile web app for small business owners and sole proprietors called "CRA BizApp". You can access CRA BizApp on any mobile device with an Internet browser, no app stores needed. https://www.canada.ca//revenue-/campaigns/cra-bizapp.html

Tax Tip: During the postal disruption at Canada Post, you can get your CRA benefit payments through direct deposit https://www.canada.ca//individuals-you-can-get-your-benefi

Do you have a professional corporation? Designated professionals such as accountants, lawyers, dentists, doctors, veterinarians and chiropractors now have to include the value of their year end WIP into their business income for tax purposes. Here is an insightful article from CPA Canada on how to determine the value of your WIP. https://www.cpacanada.ca//whats-the-value-of-professionals

Back to school tax tips https://www.canada.ca///back-school-tax-tips-parents.html

CRA News Release: Many individuals, businesses and first responders may be unable to file or pay their taxes on time. Those effected by the BC wildfires are encouraged to ask for taxpayer relief by calling 1-800-959-8281 for individual enquiries or 1-800-959-5525 for business enquiries. The CRA will consider requests on a case by case basis. https://www.canada.ca//canada-revenue-agency-offers-taxpay

Work smarter, not harder. Read our blog article which talks about why business owners should consider outsourcing their accounting needs http://www.parkandco.ca//benefits-of-hiring-an-outsourced-

Tri-Cities Chamber members get 10% off our corporate year end packages. #ShopChamber deals save you money!

Employees vs Contractors. It's an important topic for business owners. Be in the know. Read our blog article for more helpful information. http://www.parkandco.ca/blog/employees-vs-contractors

Happy Canada Day everyone

For those who receive the Canada child benefit (CCB), you will notice changes starting with the payment issued July 20, 2018. CRA uses the info from your most recently filed tax returns to calculate the benefit payments. Tax Tip: All Canadians need to file their taxes and also keep their personal information such as their address and marital status up to date with the CRA to make sure their benefit and credit payments are not interrupted. https://www.canada.ca//changes-your-benefit-credit-payment

Now that the rush of tax season is over, CRA will soon be performing T1 tax return reviews. A review is not a tax audit. CRA reviews approximately 3 million tax returns every year under their income tax review programs. If you’re selected, now what? Here is some info about the process. https://www.canada.ca//tax-tips-/tax-return-reviewed.html

There are many CRA fraud scams out there, including new ones invented daily. Here's another example. Taxpayers should be vigilant when they receive a fraudulent communication that claims to be from CRA requesting personal information, either by telephone, text message or email.

Here's some important information to be aware of when transferring assets from a sole proprietorship to a corporation. Don't forget to transfer the Goodwill that has built up within the sole proprietorship, otherwise it could be a costly mistake. http://www.parkandco.ca//incorporating-your-sole-proprieto

Incorporating a business is an exciting step for any entrepreneur. But beware. Here are some common do-it-yourself pitfalls to avoid when incorporating. http://www.parkandco.ca//avoid-the-do-it-yourself-pitfalls

Here are some top reasons why implementing a good bookkeeping system into your business is so important. http://www.parkandco.ca//top-7-reasons-why-bookkeeping-is-

Update on Split Income rules coming into effect January 1, 2018 http://www.parkandco.ca//update-on-split-income-rules-for- PARKANDCO.CA

After weeks of relentless opposition and a ground-swell of support against the proposed tax changes to private corporations received during the consultation period, the Department of Finance announced changes to the July 18th proposals. http://www.parkandco.ca//update-on-federal-governments-res PARKANDCO.CA

Recent changes in practice at the Canada Revenue Agency has seen rates of approval for the Disability Tax Credit (DTC) for people with diabetes plummet where more than 80 per cent of the applications being received are now being denied, whereas a year ago 80 per cent were being approved. This will also affect individuals with diabetes that already have the DTC certificate. If you or someone you know may be impacted please inform them of these recent changes.... https://www.diabetes.ca//unfair-treatment-from-canada-reve PARKANDCO.CA

Charities and NPO's have tax-exempt status. However, they are not exempt from filing annual information and tax returns with CRA. Failure to do so could result in costly penalties, or even worse, having their status revoked. We help our NPO clients with all their tax filing requirements. http://www.parkandco.ca//tax-filing-requirements-for-npos- PARKANDCO.CA

Certain activities can jeopardize the tax-exempt status for NPO's. We encourage our NPO clients to review their non-profit activities on an annual basis to ensure they don't lose their favorable tax status with CRA. http://www.parkandco.ca//maintaining-tax-exempt-status-for PARKANDCO.CA

New banking rules take aim at non-residents and tax evasion associated with real estate transactions. PARKANDCO.CA

The Canadian government is targeting specific tax strategies used by private corporations. There are significant looming changes on the horizon. Here is what you need to know. http://www.parkandco.ca//tax-planning-using-private-corpor PARKANDCO.CA

Happy Canada Day to everyone. Proud to be Canadian. Celebrating Canada's 150th this long weekend. www.parkandco.ca

CRA releases results of recent audits on real estate transactions cracking down on tax cheats in the Vancouver and Toronto markets. https://www.canada.ca//the_government_ofcanadacracksdownon www.parkandco.ca

The personal tax due date is fast approaching...If you owe tax for 2016 and do not file your return for 2016 on time, CRA will charge you a late-filing penalty. The penalty is 5% of your 2016 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months. http://www.cra-arc.gc.ca///tpcs/ncm-tx/ntrst/menu-eng.html www.parkandco.ca

Attention all Canadian Square users!...are you a small business owner that uses this popular credit card payment processing system? Backed by a recent order issued by the Federal Court of Canada, the Canada Revenue Agency has told Square Canada Inc. that it must hand over sales transaction data for all Canadian sellers who took in more than $20,000 annually in the calendar years between 2012 and 2016. The sweep is part of an ongoing effort by the CRA to crack down on tax avo...iders. Taxpayers may need to consider filing an application under the Voluntary Disclosure Program and amend their prior year tax returns. http://www.theglobeandmail.com//cra-targe/article34550669/ www.parkandco.ca

CRA electronic services back online after internet threat detected. Taxpayers can once again electronically file their returns. http://www.vancouversun.com//threat+ha/13095231/story.html www.parkandco.ca

CRA online services down since Friday. As a result, Canadians are not currently able to file their tax returns electronically until further notice. http://www.cbc.ca//canada-revenue-agency-online-services-d www.parkandco.ca

Get ready to file your 2016 personal income tax return. CRA is now accepting E-FILE tax returns for 2016. For those with children, please remember to file even if you did not have income in the year in order to be eligible for the Canada Child Benefit. If you need help with your personal taxes, contact Scott Park & Co. http://www.cra-arc.gc.ca/gncy/t1gtrdy/menu-eng.html... www.parkandco.ca

New logo/brand & website launched for Scott Park & Co Inc. Tax season is here! If you need help with your taxes, accounting or business advisory check out www.p...arkandco.ca he even gives you his pricing on his site. #websitewednesday . . . . #webdesign #webdesigner #videoweb #logos #cms #webdevelopment #ecommerceweb #creativedesign #SEO #Socialmedia #blogging #wecreatewebsites #vancouverwebdesign #torontowebdesign #tax #accounting #business #advisory See more

Tax season, scam season: Don't fall for CRA income tax email scams http://globalnews.ca//canada-revenue-agency-email-scams-t/ www.parkandco.ca

Are you a business or a non-profit organization that hires students to fill summer job opportunities? You have 2 days left....February 3, 2017 is the deadline to apply for government funding under the Canada Summer Jobs program. Not-for-profit employers are eligible to receive funding for up to 100% of the provincial minimum hourly wage for students they hire under the program. ... Public and private sector employers are eligible to receive funding for up to 50% of the provincial minimum hourly wage for students they hire under the program. If you are an employer, check out the following site to complete your application before the deadline. https://www.canada.ca//servi/funding/youth-summer-job.html www.parkandco.ca

The Tri-Cities Chamber hosts many great events for small businesses. If you are a small business owner, either a new startup or a well established operation, these marketing sessions are highly recommended.

Happy Chinese New Year! Year of the Rooster

Vancouver-based Aurora Cannabis Inc. (TSX-V:ACB) has announced plans to develop the world's largest medical marijuana production facility in Alberta. This will certainly have a positive impact on the Alberta economy from an investment and job creation perspective.

New rules came into effect on Jan. 1, 2017, which require investment firms and advisors to give their clients information on what's in their investment portfolios. Specifically, they have to disclose fees associated with their services and any costs associated with the investments. This is a long overdue step in the right direction. This begs the question, do you know how much you are paying in service fees and investment costs within your portfolio? And are you happy with ...the service you are receiving for those fees? It's always advisable to have both a good accountant and a financial advisor in your corner that you can trust and are comfortable working with to ensure your financial needs are well taken care of. http://www.cbc.ca//business/investment-fees-crm2-1.3908932

Even the CRA is apparently not immune to internal corporate reorganization, which is something not uncommon to businesses in the private sector. The CRA's Surrey Tax Centre has given relocation notices to almost 400 employees under the agency's plan to "streamline" operations. The real question is whether this is a political decision by the federal government or a move that will actually improve services for Canadians.... http://vancouversun.com//surrey-tax-agency-workers-given-r

As personal tax season fast approaches many important changes and improvements were made to CRA's services, tax benefits, and tax credits for Canadians. New for the 2016 tax year, you will now be required to report the sale of your principal residence to claim the full principal residence exemption. Here's what you need to know:... http://www.cra-arc.gc.ca/nwsrm/txtps/2017/tfsk1-eng.html

We're excited to announce that the Tri-Cities Chamber of Commerce is launching a three-part series on marketing essentials for small businesses. Starting on Jan...uary 30, Marketing Mondays will take you through the newest marketing trends, the importance of your target market, and the most effective areas of your website to bring in new business. Attend 1 seminar for $15 or get the most bang for your buck and attend all 3 for only $30! Space is limited, get your spot today! http://business.tricitieschamber.com//marketing-mondays-ma

Looking to make new connections in 2017? Join us at KICKSTART, our most popular networking event hosted from 5:00 - 7:00PM on the last Tuesday of every month. ...This month, we'll be taking over Golds Gym Port Coquitlam! Enjoy a drink and appies while you mix and mingle with over 60 professionals from the Tri-Cities. KICKSTART's always fill up quickly, make sure you register early to avoid disappointment! http://business.tricitieschamber.com//kickstart-gold-s-gym