Graham Scott Enns LLP wishes everyone a Happy Pride Month!
GSE is a firm committed to providing an inclusive and supportive environment for all staff and all members of our community.
By participating in Diversity, Equity, Inclusion and Belonging training, GSE strives to live up to our core Firm values of Community-Orientation, Progressiveness, and Integrity.
All are welcome at GSE!
Important Announcement Regarding Bare Trusts
CRA has just announced that bare trusts are exempt from trust reporting requirements for 2023. CRA stated:
“To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.
In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.
Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.”
Please visit the CRA website to learn more: New – Bare trusts are exempt from trust reporting requirements for 2023 – Canada.ca
As cloud-based computing has become more popular, we have had many clients switch over their accounting software to QuickBooks Online. In order to streamline the process of giving Graham Scott Enns access to your QuickBooks Online account, we have created a step-by-step guide on how to give us access, which will prevent you from having to re-send access in the future.
You can check out this, and a bunch of other useful documents for our clients in our Document Library on our website. Visit www.grahamscottenns.com/document-library/ to view this and all other documents!
Inviting GSE to your QuickBooks Online
1. After logging in to QBO for the corporation, click the gear icon at the top right (drop down should show)
2. Click “manage users”. There should be two tabs: the first tab is “users” and the second tab is “accountants”
3. Under the “Users” tab, if Graham Scott Enns or an employee is listed, click on Delete under the “Action” column (click on 3 dots for drop down menu)
4. Click “Accountants” tab
5. If there are already 2 accountants listed, one of them will have to be deleted. Under the “Action” column, delete the current GSE user using the drop down menu.
6. Add the name “Graham Scott Enns LLP” and use kward@grahamscottenns.com as the email
7. Click invite (green button)
In order to talk to the CRA on behalf of our clients, we need to get authorization from them to in order to become representatives. If you have a business, you will need to give us access to your My Business Account with the CRA.
In order to do this, we have complied a list of the steps that you will need to take in order for this process to be completed. You can check out this, and a bunch of other useful documents for our clients in our Document Library on our website. Visit www.grahamscottenns.com/document-library/ to view this and all other documents!
Steps:
1. Log in to My Business Account Canada Revenue Agency – CRA Sign in (cra-arc.gc.ca)
2. On left hand side, click on Profile
3. On right hand side, go to Authorized Representatives and click on Manage authorized representatives
4. Click on Authorize a representative button
5. Enter GSE’s business number 12276 3774
6. Level of authorization should be set to Level 2 Update and view
7. No expiry date
8. Click on All accounts
9. Click on Confirm and submit
On February 22, 2024, a number of GSE firm members attended the 2024 Night of Heroes Fashion Show and Silent Auction presented by Community Living London. It was an amazing night filled with lots of joy and inspiration. Every year, GSE looks forward to supporting these wonderful community members and their local heroes.
New rules originally released in 2018 aimed at providing more transparency on beneficial ownership of assets now require more trusts and estates to file tax returns.
The new rules are broad and include cases where a trust acts as an agent for its beneficiaries. This structure is commonly referred to as a “bare trust”. There is however, no expansion or increase of the tax involved but there is a requirement to file a Trust Tax return in many situations where there was no prior requirement to.
Highlights of this newsletter include commentary on:
Check out the full newsletter below, and please reach out for further information.
Personal Income Tax Season Has Arrived!
For new and existing personal income tax clients, here are some reminders and new information regarding GSE’s personal income tax preparation process.
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b) ST. THOMAS – You may drop off supporting documents to the secure drop box at the South rear entry of the County of Elgin building, door closest to the loading dock. This drop-box is emptied daily and allows us to have fewer clients in our reception area. Alternatively, you may drop off supporting documents at either the County of Elgin reception located in the centre portion of the 1st floor or to the GSE reception located on the 2nd floor. The drop-off hours are 8:30 – 4:30 pm, Monday to Friday.
OR
c) AYLMER – You may drop off supporting documents to the secure drop box located directly outside of our regular main reception lobby door. This drop-box is emptied daily and allows us to have fewer clients in our reception area. If your item is too big for the drop-box, please enter the office and leave with reception. The drop-off hours are 8:30 – 5:00 pm, Monday to Friday.
b) T1 Returning Client Questions – Please complete these questions on an annual basis. Either print and drop them off with your personal taxes or upload your responses to the Portal. These questions help us to ensure we have accurate information about your current tax situation.
c) T1 New Client Questions Form – We highly recommend this Form for new clients or returning clients with changing tax situations. Either print and drop it off with your personal taxes or upload your responses to the Portal.
d) Final Return & Estate Checklist – If you are assisting with the final tax return for someone who has recently passed away, please complete and return this checklist. It outlines some of the additional information we will require.
e) Authorization/Cancellation Request Form – For new clients to allow us to communicate with the Canada Revenue Agency on your behalf.
b) If you have not already told us, we will ask if you would like it back electronically (via our Secure online portal) or a paper copy. Prior to us filing your return, we require a signature – this can be done either via Portal (using an electronic signature – DocuSign), via Portal (with a scanned upload of the signed document), via fax, via mail, via drop-box at our office, or it can be signed in-person at the time of pick-up.
As always, if you have any questions, please reach out to us at (519) 633-0700/ (519) 773-9265 or contact the individual you usually work with.
Happy tax filing!
Please follow us on social media for the latest updates:
After more than 40 years in public practice serving the accounting and taxation needs of his clients in St. Thomas and surrounding area, Brian Lawrence is announcing his retirement and the transition of his practice to Graham Scott Enns LLP.
Brian will be closing his Rosebery Place office on January 19th but clients can continue to reach Brian and Stephanie at 519-633-2955 or at Graham Scott Enns’s St Thomas office at 519-633-0700 or the Aylmer office at 519-773-9265. A Graham Scott Enns partner will be contacting you within a couple weeks for an introductory call and/or meeting.
You can read the full announcement here: Brian D. Lawrence Retirement Announcement
