Attending Annual General Meetings for clients is a regular occurrence this time of year. Engagement Partner, Jennifer Buchanan, recently enjoyed a tour of the Fanshawe Pioneer Village during their AGM.
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Friends of St. Joseph’s Annual Golf Tournament 2023
On Saturday June 17th, 2023, four GSE employees who are proud St. Joseph’s Catholic High school alumni attended the Friends of St. Joseph’s annual golf tournament held at Kettle Creek Golf & Country Club in Port Stanley, ON. GSE is a proud sponsor of the tournament and enjoyed a great day out on the course along with dinner and prizes afterwards. GSE members included: Aidan Woodhouse, Scott Westelaken, Blake Gough and Nick Boyer.
Wallacetown Optimist Club Golf Tournament 2023
On Saturday May 27th, 2023, GSE firm members attended the annual charitable golf tournament held by the. This event took place at Wardsville Golf Club. GSE was a proud sponsor of the tournament and enjoyed a great day out on the course. GSE members included: Jonathan Zettler and Bailey Sloetjes
Tax Tips & Traps – 2nd Quarter 2023 – Issue 142
Highlights In This Issue:
- Tax Tidbits
- Budget 2023: Top 5 Items for Owner-Managers
- Underused Housing Tax: Increased Disclosures
- TFSA: Carrying on a Business Within It
- Unreported Capital Trades Included on a T5008
- Employment Expenses for Commissioned Employees
- Small Business Succession
- Employee Time Theft Challenges
Tax Party 2023
On Monday May 1st, 2023, Graham Scott Enns LLP held its annual tax party to celebrate the end of personal tax season. The tax party was held at The Club House located at 100 Kellogg Lane in London, Ontario. Our Partners and staff enjoyed a delicious taco bar meal which was followed up by playing a variety of games including mini golf, bocce ball, ladder toss and cornhole. GSE is very thankful to all of our staff for all of their hard work during personal tax season!
Tax Deadline 2023
Friendly reminder that the filing deadline for personal taxes (individuals who are not self-employed) is May 1, 2023 and June 15, 2023 for self-employed individuals. If you owe income taxes, payments are due on May 1, 2023. While the filing deadline for self-employed individuals is June 15, 2023, income tax payments should be paid by May 1st, 2023 to avoid incurring interest on income tax balances that are owing.
Business as Usual
On April 19, 2023, the Public Service Alliance of Canada entered into a general strike. CRA services may be partially or fully disrupted, or they may not be disrupted at all. For more information about the strike and affected services, please see more information here: https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/collective-bargaining/labour-disruptions-impact.html
During this time, services at Graham Scott Enns LLP will continue as usual. The tax deadline has not been extended past the May 1 deadline at this time. Our staff are working diligently to provide our clients with the services expected despite any challenges that we may encounter related to these disruptions.
If you have any questions or concerns regarding your personal taxes, please reach out to your accountant and we would be more than happy to help.
Additional Office Hours – Tax Season 2023
As we get closer to the end of personal tax season, we have added additional office hours to allow our clients to pick up returns or drop off information. In addition to our regular business hours, we will be open as follows:
Saturday April 22nd – 9:00 a.m. to 12:00 p.m.
Wednesday April 26th – open until 7:00 p.m.
Saturday April 29th – 9:00 a.m. to 12:00 p.m.
2023 Federal Budget Commentary
Highlights of the March 28th Federal Budget Commentary Include:
A. Personal Measures
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- Modifications to the alternative minimum tax regime focused on high-income individuals.
- A one-time grocery rebate equal to two quarterly GST/HST credit payments.
- Additional flexibility and possibilities with Registered Disability and Registered Education Savings Plans were introduced.
B. Business Measures
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- Modifications to the intergenerational business transfer rules to set requirements for activity by the children in the business and the transfer of control, equity ownership and management from the parents to the children.
- Introduction of the employee ownership trust structure to provide a mechanism for business owners to transfer ownership in their private corporations to employee groups.
- Several investment tax credits and other incentives were introduced or modified to encourage investment in clean energy.
C. International Measures
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- Confirmation of the government’s intention to introduce legislation implementing the income allocation rule and a domestic minimum top-up tax applicable to Canadian entities of multinational enterprises consistent with the ECD’s BEPS initiatives.
D. Sales and Excise Tax
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- Increasing the air traveler’s security charge, limiting increases to alcohol excise duties for one year and adjusting the cannabis excise duty remittance frequency.
E. Other Measures
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- New income-tested dental care program for uninsured Canadians.
F. Previously Announced Measures
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- Intention to proceed with previously announced measures, including those related to excessive interest and financing expenses limitations; reporting rules for digital platform operators; extension of the residential property flipping rule to assignment sales; substantive Canadian-controlled private corporations; the mandatory disclosure rules; the electronic filing and certification of tax and information returns; and GST/HST changes in respect of cryptoasset mining.
Read the full article below.
GSE Attends Night of Heroes 2023
Last night, GSE Staff and Partners attended the 31st Annual Night of Heroes, hosted by Community Living London! It was a fantastic night full of fun and fashion to celebrate an incredible cause and incredible members of our community! It was great to get back together in person, and support all of the incredible Heroes!
