Donovan Scott, CPA, CA, EA

Do you have knowledge of Canadian accounting standards and their application for private enterprises and/or not-for-profit organizations? Or do you regularly review or use their statements to make decisions about Canadian private enterprises or not-for-profit organizations? If the answer is yes to either of these questions, consider volunteering to help shape Canadian accounting standards. https://lnkd.in/gWqdTbKG

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Bare Trusts - administrative questions for CRA CPA Canada Tax provides an important voice for CPAs - from large firms to sole-proprietorships. Thanks to my good friend Joseph Devaney CPA, CA for gathering information from CPAs attending his Video Tax News Tax Update courses, we were able to present a list of questions to CRA inquiring about administrative processes related to bare trusts. CRA responded to us that they will assist in addressing these questions. More information to come... The questions presented to CRA were as follows: (1) Can the CRA provide details on how to efficiently and easily close trust accounts that were originally set-up for bare trusts, but the bare trusts are no longer required to be filed due to one of the following reasons: - An exception now applies based on the proposed legislation, or - The bare trust arrangement was wound-up. Without the requirement to file in the a T3 return in the future, there would be no way of notifying CRA about the wind-up of the trust. (2) Some trust accounts were set-up and bare trust returns filed where the trustee indicated on the T3 return that this was the final return because the bare trust arrangement was formally wound up. Basically it was a one year filing because the trust was wound up in the same year of the filing. Can CRA confirm that no extra step would be required and that the trust account would be closed? (3) Some practitioners filed bare trust returns for 2023 with schedule 15, but there have been changes to schedule 15 information and the trustees want to file for 2024 to ensure CRA has updated schedule 15 information.  Can taxpayers voluntarily file a 2024 trust report with a schedule 15 to show these changes? (4) If a 2024 bare trust is filed, will CRA process the return? (5) With CRA's extension of the 2023 exemption for bare trusts to the 2024 taxation year, is there anything that trustees need to do to ensure they don't get a reminder notice from CRA to file a 2024 return? For CPAs in Ontario and Quebec, please sign-up to CPA Canada to join the other CPAs across Canada in supporting CPA Canada Tax and keeping the communication lines open with Canada Revenue Agency. https://lnkd.in/gsnJGwYG

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ASPE - Accounting for Financial Instruments In case you missed it, CPA Canada posted an update to "Chapter 45 - Financial Instruments" in August this year by issuing an addendum to the original publication. In addition, to the summary of updates, the Addendum, provides some useful guidance how to document your application of professional judgment on the disclosure related to financial risks! Take a look at the primary document, and the addendum. https://lnkd.in/gRmpWBE6

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CPA Canada Tax - Update on CRA administrative position related to ITC's and dentists. See below for CRA's announcement on October 25, 2024 (linked included). I also included a link to an article that I wrote back in 2018 dealing with CRA's administrative position as it related to orthodontists. "This notice announces the revocation of the Canada Revenue Agency’s administrative arrangement with the Canadian Dental Association and explains the input tax credit rules that goods and services tax/harmonized sales tax (GST/HST) registrant dentists must follow." https://lnkd.in/gr7umQbr https://lnkd.in/gPQJzzhx

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Ready to take your accounting firm to new heights with favourable working hours and expert support? 🚀 Clearcut Outsourcing offers favourable working hours and expert support to fuel your success, empowering you to optimize your operations and elevate your firm's performance to unprecedented levels. Click here to learn more: https://lnkd.in/g67-6YFV #ElevateYourPerformance #OptimiseOperations

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The CRA responds to questions from Canada’s CPAs CPA Canada, through its formal framework with CRA, presented a list of questions to CRA. CPA Canada collaborated with all the provinces to canvass CPAs nationwide to gather important questions to be presented to CRA. Our committee of volunteer SMP's reviewed the many questions received - narrowing them down into a single document representing the top questions from CPAs all across Canada. Responses to the top questions have been received. Check out the link to access CRA's responses to our top questions. https://lnkd.in/gN5QTTGZ

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Our podcast series brings together BDO Canada's Tax team to talk about strategies for cross-border tax planning.

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🏡✨A Cozy Win for a Bed & Breakfast Business! 🏡✨ We recently helped a charming bed and breakfast business set up a proper bookkeeping system & successfully file their backlogged complex tax returns for corporate tax & GST/HST ensuring they could focus on creating memorable guest experiences while we handled the numbers. Here’s how we helped the B&B business: ✔️ Track Income & Expenses: From bookings to maintenance costs to ensure all expenses are properly accounted for. ✔️ Maximize Deductions: Utilities, renovations, supplies, and marketing expenses to qualify for tax savings. ✔️ GST/HST Compliance ✔️ Cash Flow Management 🌟 Challenges We Tackled: ✔️ Managing income from multiple booking platforms ✔️ Maximizing deductions for maintenance, utilities, and guest amenities ✔️Accounting for multi B&B properties in different cities Running a hospitality business is hard work—let us make taxes the easiest part of it! 📞 647 323 3200 Reach out today to learn how we can help your business. #TaxSuccess #BedAndBreakfastBusiness #MississaugaAccountant #SmallBusinessSupport #StressFreeTaxes

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Ready to dig deep on the ongoing adoption of Taskforce on Nature-related Financial Disclosures (TNFD) in Canada? This session hosted by Chartered Professional Accountants of Canada (CPA Canada) promises to be am informative discussion! Register here.

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The CRA just released guidance related to the GST/HST temporary holiday. It is great that CRA was able to respond so quickly with guidance, but this temporary tax measure has now trumped the necessary guidance needed for the administration of the capital gains inclusion rate changes, which we continue to wait for. As a result of this last minute tax policy, the government reprioritized its resources to expedite guidance related to this tax holiday. The government needs to take a principled approach to tax policy based on vision and purpose - not politics. https://lnkd.in/gR9Sb9bc

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Tax season 😣😣 Gauvreau | Accounting Tax Law Advisory helps make it easier, check out this 2024 Tax brief ✅️ We 🩷 Entrepreneurs #accounting #tax #ptbocanada #ptbokawarthas Peterborough and the Kawarthas Chamber of Commerce #taxseason #business #federalbudget

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KPMG in Canada's 2024-2025 edition of Tax Facts is now available. I bookmark this and use it regularly, have a question.. find it here! Gain access to the latest tax figures and information, including the proposed increase to the capital gain inclusion rate: https://lnkd.in/eDCjWwWP

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2025, What Happens Next?  1. Determine your goals. 2. Assess your current skills, strengths, and values.  3. Explore a new #Tax career at Doane Grant Thornton LLP 4. Take Action…Let’s connect about your career journey with us!  5. #Discoveryourpurple   

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Register for our upcoming Canadian Financial Reporting Developments session - link below!

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#KPMGCanada recent Tax News Flash provides a high level summary of 56 pages draft legislation on capital gain rate increase from 50% to 2/3, effective on June 25, 2024. The rules are complex and your KPMG advisors will be ready to help you navigate these changes. #tax #capitalgain #realestate #tech #KPMGCalgary https://lnkd.in/gUM-K_Y9

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This article by Daniel Gaudet, CPA and Courtney Fraser, CPA aims to help you streamline your month-end close process by increasing the efficiency and accuracy of your financial reporting.

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Key Insight from Our Recent Webinar! Delve into the key points from our latest webinar that delved into Canada's 2024 Tax Policy Adjustments, particularly focusing on the impact of the Non Compliance with information request , Avoidance of Tax Debts tactics. We appreciate the valuable contributions of all participants that made the webinar a success. Hitesh Shah | Rahul Shah, CA, | Aagam (Alex) Shah, CA | Aesha Shah, CA, CPA | Aneri Shah | Anandraj Pillai | CA Abhishek Shah . . #TrendingNow #FinanceTips #WebinarHighlight #CanadaBudget2024 #TaxPolicy #FinancialInsights

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