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Railway City Road Races

Posted on , Updated: by Graham Scott Enns  |  Posted in Community, Graham Scott Enns, News

The Health and Wellness committee at Graham Scott Enns LLP would like to congratulate and thank everyone who took part in The Railway City Road Races on September 25, 2022. The weather certainly did not cooperate, but as they say, it takes rain to make flowers grow and having the determination to run in the rain certainly builds character. GSE would like to give a special mention to Erin, Riley, Lucas, Emma and Oliver (children of GSE Partners and staff members) who also braved the weather to take part in the event.

 

Tax Tips & Traps –3rd Quarter 2022 – Issue 139

Posted on by Graham Scott Enns  |  Posted in News, Tax

Highlights In This Issue:

  • Tax Tidbits
  • Poker Playing: Hobby or Business?
  • Required Travel: Between Home and Work
  • Principal Residence Exemption: Land in Excess of One-half Hectare
  • Personal Services Business (PSB): CRA Education Initiatives
  • TFSA Overcontribution: Information in Your CRA Online Account
  • CPP Disability Benefit: Following the Doctor’s Advice
  • Shared Custody Arrangements: Impact of School Closures

Tax Tips and Traps 139, 2022 – 3rd Quarter (PDF)

Tax Tips & Traps – 2nd Quarter 2022 – Issue 138

Posted on by Graham Scott Enns  |  Posted in News, Tax

Highlights:

Tax Tidbits
Buying and Selling a Home: Budget 2022
Principal Residence Exemption
CERB/CRB: Eligibility Verification
Estimated Sales by CRA: Audit File Selection and Assessment
Auditing Old Tax Returns: CRA Abilities and Limitations
Money Received from Abroad: CRA Reviews
Digital Adoption Program: Grants, Loans and Professional Assistance

Tax Tips and Traps 138, 2022 – 2nd Quarter

Tax Party 2022

Posted on , Updated: by Graham Scott Enns  |  Posted in Community, Graham Scott Enns, News, Tax

This past Monday marked the end of Personal Tax Season for us at Graham Scott Enns LLP. GSE marked the occasion with our usual end of tax season party. This year, we held our tax party at the wonderful Wildflowers Farm in St. Thomas. It was a great opportunity to socialize outside of the workplace and de-stress after a busy few months. There were lots of games, good food and great company. We’ve missed the opportunity to gather as a large group over the last two years, so we all enjoyed the opportunity to spend time together. A big thank you to Wildflowers Farm for hosting our party!

2022 Federal Budget Commentary

Posted on by Graham Scott Enns  |  Posted in News

Tax Highlights of the April 7th 2022 Federal Budget Commentary Include:

A.  Personal Measures
B.  Business Measures
C.  International Measures
D.  Sales and Excise Tax
E. Retirement Plans
F.  Charities Measures
G.  Previously Announced Measures

Read the full article below.

Commentary_on_the_Federal_Budget_2022

Congratulations Jonathan!

Posted on , Updated: by Graham Scott Enns  |  Posted in Graham Scott Enns, News, Tax

The Partners and Staff of Graham Scott Enns LLP would like to congratulate Jonathan Zettler on his promotion to Senior Staff Accountant, effective January 1, 2022!

Jonathan started with GSE as a co-op student in 2019. He then started full time a year later, in 2020, and has been an integral part of the GSE team, focusing on bookkeeping and payroll. Jonathan is currently working towards his Payroll Compliance Practitioner certification, where he can continue to put his payroll skills to great use! He is also highly involved in personal taxes, and compilation engagements, as well as a member of our Health and Wellness Committee.

“Jonathan provides excellent client service and is able to provide guidance on payroll, bookkeeping and personal tax questions. Jonathan embodies professionalism, diligence and technical excellence.”

Courtney Vachon, CPA, CGA & Kelly Ward, CPA, CGA

Managers

Congratulations Jonathan of your promotion to Senior Staff Accountant, and best of luck as you take on this new and exciting opportunity!

GSE Attends Night of Heroes!

Posted on by Graham Scott Enns  |  Posted in Community, Graham Scott Enns, News

Last night GSE staff and Partners attended the 30th Annual Community Living London Night of Heroes! It was an inspiring event full of fun and fashion to celebrate an incredible cause!

Although they could not hold the event in person, it was still fun to watch together virtually and support all of the Heroes!

 

Things to Share with Your Accountant

Posted on , Updated: by Graham Scott Enns  |  Posted in Graham Scott Enns, News, Tax

This personal tax season, here are some things to remember to share with your accountant as you may be eligible for related tax credits.

  • Moving expenses (including for university and college students)
  • Child care expenses (including summer camps)
  • Changes to your health or physical abilities that may result in eligibility for the Disability Tax Credit
  • A relative has moved in with you as they require your care and support (i.e. parent, adult child, grandchild)
  • Home renovations completed to make your house more accessible (i.e. wheelchair ramps, grab bars, etc.)

 

The Canada Revenue Agency requires that all income is reported on your personal tax return. Here are some types of income that you want to remember to talk to your accountant about if they apply to you:

  • COVID government benefits received
  • Income and expenses related to “side hustles” (including Uber, AirBnB, etc.)
  • Cryptocurrency transactions
  • Change in use to a property you own (i.e. renting out all or part of your home)

 

Other items to share:

  • Disposition of your principal residence
  • Change in personal status (i.e. married, common-law, separated, divorced)

 

If you are a GSE client, please complete a client questionnaire and bring it in with your personal tax return – it helps us to identify changes in your life that may impact your personal tax return.

The “2021 Personal Income Tax Return Checklist” also identifies further items to consider and share with your accountant.

 

Both documents can be found in our Client Document Library.

https://www.grahamscottenns.com/document-library/

Congratulations Jason!

Posted on , Updated: by Graham Scott Enns  |  Posted in Community, Graham Scott Enns, News
The Partners and Staff of Graham Scott Enns LLP would like to congratulate Jason Rakowicz on his promotion to Senior Staff Accountant, effective January 1, 2022!
 
Jason started his career at GSE in 2017, when he joined the firm as a co-op student. He started full-time employment in August 2020 and has been a strong member of the team since then! Jason is highly involved in the firm’s Social Committee and Assurance Committee and works on a variety of client engagements across numerous client industries.
 
“Jason has a strong work ethic and continues to build meaningful relationships with our clients, particularly in the industries of non-profit and municipal entities. As a member of the Social committee and the Assurance committee, Jason is heavily involved in the direction of firm’s culture, while also keeping our assurance standards up to date. Jason is a great addition to our senior team.”
 
Blake Gough, CPA, CA
Manager
 
Congratulations Jason on your promotion Senior Staff Accountant, and best of luck as you take on this exciting new opportunity!

Cryptocurrency: Income Tax Considerations

Posted on , Updated: by Graham Scott Enns  |  Posted in Graham Scott Enns, News, Tax

Was 2021 the year you became interested in cryptocurrency? Did you buy and sell to see if you could make some money? Perhaps you decided that mining cryptocurrency would be a good side gig. If you have been involved in cryptocurrency transactions, it is likely these could be taxable transactions.

Transactions involving cryptocurrency that result in income will result in either business income or capital gains, depending on the circumstances.

  • If you are holding cryptocurrencies as an investment (buy, hold, sell), you record and track the cost when you purchase them and calculate a capital gain when you sell. Remember that the cost has to be converted to Canadian dollars at the time of purchase and sale.
  • If you are in the business of buying and selling, or if you are mining cryptocurrency, you will report earnings as business income. If you are holding cryptocurrencies at the end of the tax year, it will be recorded as inventory. You can either value the inventory at the original cost or at the fair market value at the end of the year. Once you select an inventory method, that will be your method going forward.

If you have costs associated with your cryptocurrency business, such as computer hardware used in mining, you should also track those costs and plan to claim them against the related income.

The Canada Revenue Agency’s guidance on cryptocurrency continues to evolve. Please reach out to your trusted tax advisor to discuss your situation in detail and ensure you are appropriately reporting income relating to cryptocurrency transactions.