Announcements

 

Get caught up with Andrews & Co.

Whether it's tax season or welcoming new team members, we have a lot going on at our firm. We'll keep you connected by sharing our ongoing news.

  • Changes to retirement pension plans:
    Posted

    On Tuesday June 21st, Kathleen Wynne announced there is no longer the need for Ontario to proceed with the proposed retirement plan that was promised as part of her 2014 victory.

    An agreement was reached a day earlier between the Federal and Provincial governments which resulted in a new and enhanced Canada Pension Plan.

    This agreement will see the following changes go into effect January 1, 2019:

    • Increase the income replacement from 1/4 to 1/3 of pensionable earnings
      • E.g.: Individual with $52,400 in constant earnings throughout their working life would now receive an annual pension of approximately $17,460 instead of the current $13,110
    • Increase to the maximum amount of income subject to CPP of 14%
      • Current projection results in this maximum being $82,700 in 2025 – the current maximum is $54,900
    • Changes will be phased-in gradually over 7 years to allow businesses more time to adjust

    The main advantage of the enhanced CPP when compared to the Ontario Retirement Pension Plan is that it will apply across Canada thereby benefiting more individuals.

     

     

    This publication is produced by Andrews & Co. as an information service to clients and friends of the firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors.

    On Tuesday June 21st, Kathleen Wynne announced there is no longer the need for Ontario to proceed with the proposed retirement plan that was promised as part of her 2014 victory.

    An agreement was reached a day earlier between the Federal and Provincial governments which resulted in a new and enhanced Canada Pension Plan.

    This agreement will see the following changes go into effect January 1, 2019:

    • Increase the income replacement from 1/4 to 1/3 of pensionable earnings
      • E.g.: Individual with $52,400 in constant earnings throughout their working life would now receive an annual pension of approximately $17,460 instead of the current $13,110
    • Increase to the maximum amount of income subject to CPP of 14%
      • Current projection results in this maximum being $82,700 in 2025 – the current maximum is $54,900
    • Changes will be phased-in gradually over 7 years to allow businesses more time to adjust

    The main advantage of the enhanced CPP when compared to the Ontario Retirement Pension Plan is that it will apply across Canada thereby benefiting more individuals.

     

     

    This publication is produced by Andrews & Co. as an information service to clients and friends of the firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors.

    Read More
  • CAMELOT MEMORIAL BRIDGE
    Posted

    Andrews & Co is pleased to announce the official opening of the new footbridge on the 2nd hole at Camelot Golf and Country Club.

    To commemorate  the life of our partner Andrew S. Foreman, a beautifully engraved stone was installed on the bridge.  The opening of the bridge coincides with the 25th anniversary of this wonderful course.

    IMG_0988          IMG_0990

    Andrews & Co is pleased to announce the official opening of the new footbridge on the 2nd hole at Camelot Golf and Country Club.

    To commemorate  the life of our partner Andrew S. Foreman, a beautifully engraved stone was installed on the bridge.  The opening of the bridge coincides with the 25th anniversary of this wonderful course.

    IMG_0988          IMG_0990

    Read More
  • CHANGES TO CHILD BENEFITS
    Posted

    Starting July 2016, the Universal Child Care Benefit (UCCB) and Child Tax Benefit (CTB) will be replaced with the Canada Child Benefit (CCB).

    The CCB is a monthly benefit paid to Canadian families with children under the age of 18 and is based on income level.

    Some quick facts about the new benefit include:

    • Canada Child Benefit is entirely tax-free
    • Maximum annual benefit per child under the age of 6 is $6,400
    • Maximum annual benefit per child between the ages of 6 through 17 is $5,400
    • Families with less than $30,000 will receive the maximum benefit

     

    The Government of Canada has a benefit calculator which provides an estimate of the child benefits a family could receive: http://www.budget.gc.ca/2016/tool-outil/ccb-ace-en.html

     

     

     

     

    This publication is produced by Andrews & Co. as an information service to clients and friends of the firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors.

    Starting July 2016, the Universal Child Care Benefit (UCCB) and Child Tax Benefit (CTB) will be replaced with the Canada Child Benefit (CCB).

    The CCB is a monthly benefit paid to Canadian families with children under the age of 18 and is based on income level.

    Some quick facts about the new benefit include:

    • Canada Child Benefit is entirely tax-free
    • Maximum annual benefit per child under the age of 6 is $6,400
    • Maximum annual benefit per child between the ages of 6 through 17 is $5,400
    • Families with less than $30,000 will receive the maximum benefit

     

    The Government of Canada has a benefit calculator which provides an estimate of the child benefits a family could receive: http://www.budget.gc.ca/2016/tool-outil/ccb-ace-en.html

     

     

     

     

    This publication is produced by Andrews & Co. as an information service to clients and friends of the firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors.

    Read More
  • SPARTAN RACE
    Posted

    Our staff accountant, Mayra Petit, competed in the 2016 Ottawa Spartan Race on Saturday, June 18, 2016.

    The Spartan Sprint, which spans more than 5 kilometres and has over 15 different obstacles was the most difficult race she has competed in. The high temperature level and numerous hills did not help, but she still had lots of fun and will be taking part in another obstacle race – the 2016 Dead End Race in September. We cannot wait to see her next accomplishment!

     

    Spartan Race

    Our staff accountant, Mayra Petit, competed in the 2016 Ottawa Spartan Race on Saturday, June 18, 2016.

    The Spartan Sprint, which spans more than 5 kilometres and has over 15 different obstacles was the most difficult race she has competed in. The high temperature level and numerous hills did not help, but she still had lots of fun and will be taking part in another obstacle race – the 2016 Dead End Race in September. We cannot wait to see her next accomplishment!

     

    Spartan Race

    Read More
  • BUILDING EXPANSION
    Posted

    Andrews & Co is pleased to announce that we are in the midst of a building expansion!

    The expansion – a 2 storey addition – will be roughly 50% the size of our current building. The new space will have washrooms, a kitchen, and space for up to 20 new employees. The expected completion date is December 2016.

    Currently, the foundation has been placed and the framing is up! Next step will be pouring of concrete and drywall!

    Check back soon as we will be posting regular updates as construction progresses.

    IMG_1137

    Andrews & Co is pleased to announce that we are in the midst of a building expansion!

    The expansion – a 2 storey addition – will be roughly 50% the size of our current building. The new space will have washrooms, a kitchen, and space for up to 20 new employees. The expected completion date is December 2016.

    Currently, the foundation has been placed and the framing is up! Next step will be pouring of concrete and drywall!

    Check back soon as we will be posting regular updates as construction progresses.

    IMG_1137

    Read More
  • 2016 ALS WALK
    Posted

    The 2016 Ottawa Walk for ALS took place on June 11th and more than achieved its goal – despite the cold weather and rainfall.

    As a city, Ottawa raised $229,045 – surpassing its goal of $215,000! Andy’s Angels are proud to announce that our goal was also surpassed! With a team goal of $2,500, we raised $2,865!

    On behalf of all of us here, we want to thank everyone who generously donated to the worthy cause. We look forward to raising even more money and awareness next year!

     

    ALS Walk

    The 2016 Ottawa Walk for ALS took place on June 11th and more than achieved its goal – despite the cold weather and rainfall.

    As a city, Ottawa raised $229,045 – surpassing its goal of $215,000! Andy’s Angels are proud to announce that our goal was also surpassed! With a team goal of $2,500, we raised $2,865!

    On behalf of all of us here, we want to thank everyone who generously donated to the worthy cause. We look forward to raising even more money and awareness next year!

     

    ALS Walk

    Read More
  • No Sweat!
    Posted

    The Tamarack Ottawa Race Weekend is largest multi-distance race event in Canada that brings in over 50,000 runners and up to 200,000 spectators to the Ottawa region. Despite the record setting heat wave over the City of Ottawa that weekend, two staff members took part in the half marathon event on Sunday, May 29th.

    Both runners, who had personals goals of finishing in under 2 hours, had excellent times with Mayra Petit finishing in 1 hour and 56 minutes and Phil Hunter finishing in 2 hours and 7 minutes. Both had a great experience and were cheered on by the immense support by the City of Ottawa and spectators.

    Both Mayra and Phil will also be running in the Canada Army Run on September 18, 2016 – join us in wishing them luck!

     

    philip                  20160613_114250

    The Tamarack Ottawa Race Weekend is largest multi-distance race event in Canada that brings in over 50,000 runners and up to 200,000 spectators to the Ottawa region. Despite the record setting heat wave over the City of Ottawa that weekend, two staff members took part in the half marathon event on Sunday, May 29th.

    Both runners, who had personals goals of finishing in under 2 hours, had excellent times with Mayra Petit finishing in 1 hour and 56 minutes and Phil Hunter finishing in 2 hours and 7 minutes. Both had a great experience and were cheered on by the immense support by the City of Ottawa and spectators.

    Both Mayra and Phil will also be running in the Canada Army Run on September 18, 2016 – join us in wishing them luck!

     

    philip                  20160613_114250

    Read More
  • Andy’s Angels – ALS Canada’s WALK FOR ALS
    Posted

    On March 28th, 2013 Andrews & Co. lost our Partner, Andrew Foreman, to ALS.

    ALS (Lou Gehrig’s disease) is a paralyzing, life-ending condition. ALS attacks and kills the motor neurons in the body, denying you the ability to move, to speak and finally to breathe. It has no known cause, no effective treatment and no cure.

    On June 11th, 2016, in loving memory of Andy, the staff here at Andrews & Co., in conjunction with his wife & children, will participate in ALS Canada’s WALK FOR ALSALS Canada provides equipment and support services for clients in Ontario, and funds breakthrough research towards treatments and a cure.

    Your donations to this cause are greatly appreciated.  Donations can be made by filling out the donation form at the receptionist’s desk or you can visit the website www.walkforals.ca/ontario or the direct link to our team below.

    Andy’s Angels on ALS Events


    On behalf of the staff here at Andrews & Co, Andy’s family and Andy himself;
    Thank you in advance for your support.

    On March 28th, 2013 Andrews & Co. lost our Partner, Andrew Foreman, to ALS.

    ALS (Lou Gehrig’s disease) is a paralyzing, life-ending condition. ALS attacks and kills the motor neurons in the body, denying you the ability to move, to speak and finally to breathe. It has no known cause, no effective treatment and no cure.

    On June 11th, 2016, in loving memory of Andy, the staff here at Andrews & Co., in conjunction with his wife & children, will participate in ALS Canada’s WALK FOR ALSALS Canada provides equipment and support services for clients in Ontario, and funds breakthrough research towards treatments and a cure.

    Your donations to this cause are greatly appreciated.  Donations can be made by filling out the donation form at the receptionist’s desk or you can visit the website www.walkforals.ca/ontario or the direct link to our team below.

    Andy’s Angels on ALS Events


    On behalf of the staff here at Andrews & Co, Andy’s family and Andy himself;
    Thank you in advance for your support.

    Read More
  • Andrews & Co. Welcomes New Partner!
    Posted

    We are very excited to announce that Steve Pittman CPA, CA, CBV has joined our firm!

     

    With over twenty-five years’ experience providing business valuation services, Steve is a true expert in his field and highly dedicated to his profession. He has extensive experience in business valuation, forensic accounting, economic loss, and damage quantification services; he is also skilled in a variety of litigation-related services, including Family Law, for which he prepares income reports for determining spousal and child support. He also assisted the Department of Justice Canada in defining income when the Federal Child Support Guidelines Legislation was introduced.

     

    Steve is often called to provide expert witness testimonies in court. He has qualified as an expert witness in the Ontario Superior Court of Justice, the Federal Court of Canada, and the Tax Court of Canada.

     

    As a true asset to our firm, Steve offers us a new and diverse service in business valuation. He is very personable, has served as both lecturer and treasurer to many reputable institutions and organizations, and is an all-around great guy! We could not be happier to have him join our team!

    Welcome Steve!

    We are very excited to announce that Steve Pittman CPA, CA, CBV has joined our firm!

     

    With over twenty-five years’ experience providing business valuation services, Steve is a true expert in his field and highly dedicated to his profession. He has extensive experience in business valuation, forensic accounting, economic loss, and damage quantification services; he is also skilled in a variety of litigation-related services, including Family Law, for which he prepares income reports for determining spousal and child support. He also assisted the Department of Justice Canada in defining income when the Federal Child Support Guidelines Legislation was introduced.

     

    Steve is often called to provide expert witness testimonies in court. He has qualified as an expert witness in the Ontario Superior Court of Justice, the Federal Court of Canada, and the Tax Court of Canada.

     

    As a true asset to our firm, Steve offers us a new and diverse service in business valuation. He is very personable, has served as both lecturer and treasurer to many reputable institutions and organizations, and is an all-around great guy! We could not be happier to have him join our team!

    Welcome Steve!

    Read More
  • Are your tips subject to CPP and EI?
    Posted

    Employees who earn tips or gratuities are required to report these amounts as income earned. This type of income may be included as insurable earnings and is subject to CPP and EI.

    There are two types of tips an employee may receive: controlled tips and direct tips.

    Controlled tips are considered part of the employee’s total gross pay and are therefore subject to CPP and EI. Controlled tips are provided by the employer and are considered to have been paid from the employer to the employee. Common examples of controlled tips are:

    • Tips that are given to the employer and later disbursed to the employees.
    • When a tip sharing formula is used by the employer to allocate the tips to employees.

    Direct tips are not considered to be under control of the employer and are paid out by the customer. This type of gratuity is not subject to CPP or EI. Common examples of direct tips are:

    • Tips left by a customer after the service is complete and the employee keeps the entire amount.
    • Tips that are shared among the employees in a method determined by the employees, with no input from the employer.

    An employee may receive both types of tips, but only the controlled tips will be included in the employee’s insurable earnings.

    When an employer uses a controlled tip method, they are responsible for including the amounts in their employee’s gross earnings and must make the corresponding deductions for CPP and EI.

    If you are unsure of what type of tip system your company is using, or how to account for tips within insurable earnings, contact your accountant today!

    Employees who earn tips or gratuities are required to report these amounts as income earned. This type of income may be included as insurable earnings and is subject to CPP and EI.

    There are two types of tips an employee may receive: controlled tips and direct tips.

    Controlled tips are considered part of the employee’s total gross pay and are therefore subject to CPP and EI. Controlled tips are provided by the employer and are considered to have been paid from the employer to the employee. Common examples of controlled tips are:

    • Tips that are given to the employer and later disbursed to the employees.
    • When a tip sharing formula is used by the employer to allocate the tips to employees.

    Direct tips are not considered to be under control of the employer and are paid out by the customer. This type of gratuity is not subject to CPP or EI. Common examples of direct tips are:

    • Tips left by a customer after the service is complete and the employee keeps the entire amount.
    • Tips that are shared among the employees in a method determined by the employees, with no input from the employer.

    An employee may receive both types of tips, but only the controlled tips will be included in the employee’s insurable earnings.

    When an employer uses a controlled tip method, they are responsible for including the amounts in their employee’s gross earnings and must make the corresponding deductions for CPP and EI.

    If you are unsure of what type of tip system your company is using, or how to account for tips within insurable earnings, contact your accountant today!

    Read More