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Cash vs. Accrual: Understanding Financial Record Keeping

Cash vs. Accrual: Understanding Financial Record Keeping
March 6, 2024

Many people are unaware that there is more than one way to prepare financial records. There are two methods: cash accounting which involves recording revenue and expenses at the time they are paid, and accrual accounting which records revenue and expenses in the period that services are applicable to. Although cash accounting can be easier than accrual accounting, it does not provide an accurate picture of a corporation’s annual revenue and expenses. Accrual accounting not only gives a more accurate picture of the corporation’s revenue, expenses, assets, and liabilities, it is also required under the Generally Accepted Accounting Principles (GAAP). This means that auditors only audit based on the accrual method, therefore, if cash accounting was used to prepare the financial records, the books must be updated to reflect accrual accounting before having an audit completed.

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Updates to the Underused Housing Tax (UHT) Requirements

Updates to the Underused Housing Tax (UHT) Requirements
December 18, 2023

Initially proposed during the 2021 Federal Budget, the Underused Housing Tax (“UHT”) and the commentary around it has continued to evolve over recent months. Intended as a tax on vacant or underused housing in Canada owned by non-residents, the UHT has attracted a lot of additional attention primarily due to its wide-reaching filing requirements and severe late filing penalties. 

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Underused Housing Tax for Condominium Corporations

Underused Housing Tax for Condominium Corporations
March 22, 2023

The Underused Housing Tax Act (the “UHTA”) came into effect from January 1, 2022. The rules for UHTA were enacted June 9, 2022, for residential properties owned on December 31 each year starting December 31, 2022. The Underused Housing Tax (“UHT”) rules require residential property owners to file an annual return, unless certain exemptions apply, even if no tax is due.

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Streamlining Data with Web Forms

Streamlining Data with Web Forms
March 21, 2023

This article was originally written for and published in the GVCA Journal (Mar-Apr 2023 - Issue 2).

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Underused Housing Tax (UHT)

Underused Housing Tax (UHT)
February 13, 2023

As part of the 2021 Federal Budget, the Government of Canada announced plans to add an annual tax of 1% on the value of residential real estate owned by any non-resident, non-Canadian that is considered vacant or underused. The rules for UHT were enacted June 9, 2022 for residential properties owned at December 31st each year starting December 31st, 2022.

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Changes to Compilation Engagement

Changes to Compilation Engagement
February 1, 2022

A compilation engagement (previously referred to as a notice to reader) will be going through some changes this year. This is the first time in over 30 years that the Auditing and Assurance Standards Board has issued a new standard. For those who manage a business and engage a practitioner to compile your financial information, these changes should be taken note of.

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Fraud Awareness Week

Fraud Awareness Week

November 14th marks the beginning of Fraud Awareness Week. Are you or your business vulnerable to fraud? What is it and what should you look out for? Let’s take a look at the “Fraud Triangle”. 

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Post-Election Tax Update – What Changes?

Post-Election Tax Update – What Changes?
September 22, 2021

The results of the 2021 Federal election have left many Canadians wondering, ‘What Changes?’ While there may have been a few surprises and changes from the election results, the overall picture looks very much the same – the Liberal party forming a minority government, a Conservative party opposition, and the BQ or NDP holding enough seats to possibly boost the Liberal agenda provided they can work together to do so.

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2021 Federal Budget – Digging Deeper for a Recovery Plan

2021 Federal Budget – Digging Deeper for a Recovery Plan

On Monday, April 19, 2021, Minister of Finance Chrystia Freeland released the 2021 Canadian federal budget. This is very likely the last budget before the next federal election. The minority Liberal government proposed measures encouraging support from other parties and included something for almost every potential voter.

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Beware of Fraud: Tips for Avoiding Scams

Beware of Fraud: Tips for Avoiding Scams
April 5, 2021

Ever had a threatening phone message supposedly left by the CRA? Read news stories about an unsuspecting senior bulk-purchasing iTunes gift cards to avoid more severe penalties? The truth is new ways to scam Canadians pop up daily. Robot voicemails and requests for gift cards are still happening in our communities – but there are many more scams running that you might not know. Beware of fraud! Do you know how to protect yourself and your loved ones from some of the less obvious scam attempts?

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