Yue Fang Chartered Professional Accountant
500 - 7030 Woodbine Ave. L3R6G2 Markham, ON, Canada

February 16, 2018 Happy New Year!

Is this the time of the year that all accountants like me feeling stressed out I hope clients can give me everything in November

Guest speaker at Omni to talk about first time overnight interest rate hike in 7 years. http://www.omnitv.ca//%e5%a4%ae%e8%a1%8c%e8%b0%83%e9%ab%9/

CFOs fall along a spectrum of readiness to drive business value for their companies. At one end, some are still challenged to develop needed foundational capabilities. Others have taken advantage of digital and other new technologies, as well as operating models, to drive process improvements and efficiencies. A small group of CFOs have elevated the role of finance in their organizations by improving finance processes on a global scale, i.e., by leveraging enterprise resource planning (ERP) and shared services. These advances also allowed finance to be fully integrated with other business functions, from procurement and supply chain to HR and operations.

Fund raising events are booming in Chinese Community. After hours hard work to put everything together, have you thought of the tax issues around fund raising? Contact us if you want to know more.

The next GST/HST credit payment is on July 5. Do you know that you can check your benefits online? Need more information? Contact us for details.

Why is employment status important Employment status affects a person's entitlement to employment insurance (EI) benefits under the Employment Insurance Act. It can also affect how a worker is treated under other legislation such as the Canada Pension Plan and the Income Tax Act.

What is a Personal Serivce Business (PSB)? 1. A business that provides services to another entity 2. An employee of that business would usually perform the duties. 3. If the business employs more than five full-time employees, it is not a personal service business.

Self Employment of Employee? Based on the findings and conclusions of this examination, the following recommendations are made to the Minister of National Revenue: 1. The Taxpayers’ Ombudsman recommends that the Canada Revenue Agency provide information in the Canada Pension Plan(CPP) and Employment Insurance (EI) rulings letters that workers and payers have the right to request a copy of the CPP/EIRulings Report, and provide instructions on how to request it.... 2. The Taxpayers’ Ombudsman recommends that, where applicable, the Canada Pension Plan and Employment Insurance rulings letters inform the workers and payers that an amount owing or over-contribution may result from the decision. 3. The Taxpayers’ Ombudsman recommends that the Canada Revenue Agency updates the relevant sections of its publications and webpages to clearly communicate with the workers and payers involved in a Canada Pension Plan (CPP) and Employment Insurance (EI) ruling about what they need to do after a ruling is made, including the steps required by workers and payers to pay any outstanding CPP contributions and/or EI premiums. 4. The Taxpayers’ Ombudsman recommends that the Canada Revenue Agency continue to include in their Canada Pension Plan (CPP) and Employment Insurance (EI) rulings letters: the name and telephone number of the rulings officer and an invitation to contact the rulings officer to receive an explanation of the rationale behind the decision; and reference to the "Have you received a CPP/EI ruling?" website. 5. The Taxpayers’ Ombudsman recommends that the Canada Revenue Agency determine whether changes can be made to increase efficiencies to allow for the inclusion of an explanation of the relevant factors within each rulings letter. See more