This is the 2024 Personal Income Tax Checklist:
The checklist has:
- Information that All Clients Must Provide
- Questions to Answer
- Additional Information – New Clients Must Provide
- Other Information
2024 Personal Income Tax Return Checklist
Blog | News
Tax Tips & Traps – 2024 Year End Tax Planning
This is the updated for 2024 Year End Tax Planning Guide!
Highlights:
- Year-End Tax Planning for 2024
- 2024 Remuneration
Tax Tips & Traps – 3rd Quarter 2024 – Issue 147
Highlights In This Issue:
- Tax Tidbits
- Real Estate: CRA Audit Activity
- Business Receipts: What is Sufficient?
- Crypto-Assets: Reviews and Audits
- Canada Pension Plan: Changes to Certain Benefits
- Canada Pension Plan: Timing of Starting Payments
- TFSA: Caution with Overcontributions
- Use Of Corporate Assets By Shareholder: Taxable Benefits?
- CEBA: Collection Process
Closed for the Holidays! See you in 2025!
Happy Holidays! Graham Scott Enns LLP will be closed from noon (12 pm) on December 24th until January 1st to give all staff and partners a much needed break to spend time with their loved ones over this festive season. Both offices will re-open on January 2nd 2025 with regular business hours of 8:30 am to 5:00 pm, daily.
Warm wishes to everyone this holiday season, and see you again in the new year!
Congratulations Heather!
Congratulations Heather Carrel on your acceptance to membership!
The Staff and Partners at GSE would like to congratulate Heather Carrel on receiving her Chartered Professional Accountant designation!
Heather started with GSE as a co-op student in 2020. She graduated from Wilfrid Laurier University in 2022 and started full time with GSE as an Intermediate Staff Accountant in 2023. She successfully wrote the 2023 Fall CFE, and was accepted into membership in September 2024. Heather is involved in our Buddy-Menor Program as well as in assisting other future CPAs as a member of the CFE Study Support Program.
The team at Graham Scott Enns LLP is incredibly proud of her hard work and dedication over these past few years and we would like to congratulate her on achieving this important career milestone!
Important update re: Canada Post strike
Important update re: Canada Post strike:
With the ongoing Canada Post strike, we would like to highlight some potential impacts on services that may affect you.
If you are looking to pay an outstanding invoice, we ask you do so electronically. The preferred method of payment is via e-transfer:
- Simply sign in to your bank or credit union’s online banking system
- In the Bill Payments section, add “payments@grahamscottenns.com”
- Under Payee Account Number, enter the Client Number found at the top right corner of your invoice or statement.
If you bank with RBC Royal Bank, you can set up “Graham Scott Enns” as a payee and complete as above.
If you prefer to pay by cheque, you may drop this off in person at either of our locations, from 8;30am – 5:00pm.
Electronic Funds Transfer is also an option. Email: info@grahamscottenns.com and request our banking information.
Additionally, the Canada Revenue Agency (CRA) has issued an update regarding the implications of the postal strike. Visit the CRA website for more details on impacted services and important information.
If you have any questions or need assistance with setting up a new payment method, please don’t hesitate to reach out to admin team at (519) 633-0700.
Thank you for your understanding and cooperation.
Elgin County Railway Museum’s Community Christmas Tree Spectacular
Huge thanks to our GSE elves for decorating a stunning Grinch-themed tree for the Elgin County Railway Museum’s Community Christmas Tree Spectacular! Check out our tree and over 300 others from Nov 15th to Dec 22nd, with public viewings every Fri, Sat, and Sun.
Other activities that the Elgin County Railway Museum’s is offering during the Christmas Tree Spectacular include photos with Santa, a Christmas Night Market, Hot Chocolate Hut, Letters to Santa Drop-off, and a LEGO winter village display. For more information visit the Elgin County Railway Museum website.
Special shoutout to Brenda Dyson, Tara Lethbridge, Jillian Dolson, Jennifer Buchanan, and Courtney Peters for their amazing work!
St. Thomas-Elgin Public Art Centre’s Fall Art Auction 2024
Graham Scott Enns was once again pleased to sponsor the St. Thomas-Elgin Public Art Centre’s annual Art Auction on Friday, November 1st. Senior Manager Blake Gough and Partner Jen Buchanan had a fantastic time at the event. The live art auction, with Steve Peters as the auctioneer, made for an unforgettable evening.
Check out Courtney Vachon in This Month Elgin (September 2024)
Graham Scott Enns LLP is very proud to share with you that Courtney Vachon, Senior Manager at GSE, was featured in the September 2024 issue of This Month Elgin magazine as part of their Women in Business feature. Courtney is an integral part of our team here at GSE and provides a variety of services including assurance, accounting and tax, in addition to training and mentoring our staff,
2024 Federal Budget Commentary
Highlights of the April 16th Federal Budget Commentary Include:
A. Personal Measures
- An increase to the capital gains inclusion rate to 2/3, however individuals will retain the 1/2 inclusion rate on the first $250,000 of capital gains annually.
- An increase to the lifetime maximum capital gains exemption, and two new incentives on specific types of business sales.
- Modifications to the proposed amendments to focus the alternative minimum tax regime on high-income individuals.
B. Business Measures
- A Canada carbon rebate for small businesses that will begin by delivering payments to eligible CCPCs for five years of carbon tax.
- Accelerated capital cost allowance on purpose-built residential rental properties.
- Immediate expensing of certain productivity-enhancing assets, including computer hardware, acquired on or after April 16, 2024.
C. International Measures
- A crypto-asset reporting framework that will require annual reporting by cryptoasset service providers on their clients’ activities using these assets.
D. Sales and Excise Measures
- Extension of the GST exemption for new purpose-built rental housing projects to not-for-profit universities, public colleges and school authorities.
E. Other Measures
- Details on the Canada disability benefit intended to commence in July 2025.
F. Previously Announced Measures
- Intention to proceed with previously announced measures, including the denial of expenses for non-compliant short-term rental activities; the exemption of certain
services of psychotherapists and counselling therapists from GST/HST; proposals related to the underused housing tax; temporarily pausing the fuel charge on heating oil; various clean energy tax credits; and other initiatives related to the clean economy.
Read the full article here: Commentary on the Federal Budget 2024