RLB Blog

On December 22, 2017, President Trump signed into law H.R. 1 (originally known as the “Tax Cuts and Jobs Act”). Included are some of the most extensive changes to the US tax reform in years, discussed below.

Accounting standards for review engagements have been established and utilized for over 25 years. However, the current set of standards in use for review engagements is set to change for entities with financial statement dates ending December 14, 2017 or later. In order to better align Canadian financial statements with international standards, enabling better, more consistent reporting domestically and abroad, our governing bodies have taken steps to expand the review standards to fit better with International Standard on Review Engagements (ISRE). The result is the new Canadian Standard on Review Engagements (CSRE 2400).

With the newly elected Liberal government Canada’s personal taxation system will be experiencing significant changes.   Provided below is a brief summary of the key changes that all individuals should be aware of and a discussion of how these changes may affect you.

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Taxes can be confusing…now add in the complexity of filing a U.S. tax return.  At RLB, our specialized team of accountants in our U.S. tax department often get asked this question.  Here are some questions you should ask yourself to determine whether you may be required to file a U.S. tax return.

The Quick Method is a simplified way to calculate HST for small businesses.  Instead of totalling Input Tax Credits (ITCs) on all expenses and subtracting them from HST collected on sales, the Quick Method allows HST payable to be calculated based on a percentage of sales.