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 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.

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  • 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

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  • 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

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  • 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

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  • 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

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  • 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.

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  • 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!

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  • 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!

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  • Capital gains exemption
    Posted

    The Capital Gains Exemption (CGE) is available to Canadian residents who have disposed of qualifying property.

    • Qualifying property is identified as Qualified Small Business Corporation (QSBC) shares, qualifying farm property, and qualifying fishing property. The CGE allows for the reduction in the gain reported in taxable income.

    Example:
    A total net capital gain on the disposition of qualifying property is $50,000, and 50% of this is brought into net income. Provided all eligibility criteria are met, the individual could have enough CGE to offset the entire taxable capital gain. This results in none of the original gain being brought into taxable income.

    In 2014, the lifetime limit was $800,000. Going forward, this limit will be indexed for inflation.

    What is a Qualifying Small Business Corporation Share?

    The shares of a private corporation would qualify as a QSBC share if the following criteria have been
    met:

    1. At the date of disposition, the shares must be those of a Small Business Corporation (SBC), a Canadian Controlled Private Corporation (CCPC) in which 90% or more of its assets (measured at fair market value) are:
      1. Used in business, actively and primarily carried out in Canada (50% or more); or
      2. Invested in either the shares or debt of a connected SBC.
    2. During the last 24 months immediately prior to the disposition:
      1. The shares are CCPC shares;
      2. More than 50% of the company’s assets (measured at fair market value) are used in carrying on active business primarily in Canada; or
      3. The shares were owned by either the taxpayer or a related person.

    Your business may qualify as a QSBC. If you are considering selling your business, consult with your accountant immediately to ensure that proper structure is be maintained.

    The Capital Gains Exemption (CGE) is available to Canadian residents who have disposed of qualifying property.

    • Qualifying property is identified as Qualified Small Business Corporation (QSBC) shares, qualifying farm property, and qualifying fishing property. The CGE allows for the reduction in the gain reported in taxable income.

    Example:
    A total net capital gain on the disposition of qualifying property is $50,000, and 50% of this is brought into net income. Provided all eligibility criteria are met, the individual could have enough CGE to offset the entire taxable capital gain. This results in none of the original gain being brought into taxable income.

    In 2014, the lifetime limit was $800,000. Going forward, this limit will be indexed for inflation.

    What is a Qualifying Small Business Corporation Share?

    The shares of a private corporation would qualify as a QSBC share if the following criteria have been
    met:

    1. At the date of disposition, the shares must be those of a Small Business Corporation (SBC), a Canadian Controlled Private Corporation (CCPC) in which 90% or more of its assets (measured at fair market value) are:
      1. Used in business, actively and primarily carried out in Canada (50% or more); or
      2. Invested in either the shares or debt of a connected SBC.
    2. During the last 24 months immediately prior to the disposition:
      1. The shares are CCPC shares;
      2. More than 50% of the company’s assets (measured at fair market value) are used in carrying on active business primarily in Canada; or
      3. The shares were owned by either the taxpayer or a related person.

    Your business may qualify as a QSBC. If you are considering selling your business, consult with your accountant immediately to ensure that proper structure is be maintained.

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  • Non-contemporary sources of income
    Posted

    Did you receive funds this year through a non­-contemporary source? Are you unsure of the tax implications imposed by receiving these funds? We are here to help!

    Non­-contemporary income sources include, but are not limited to:

    Crowdfunding

    • Raising funds from the public to be used towards a special project.

    Any funds received by means of crowdfunding are considered income and are ultimately taxable.

    Expenses incurred that relate to any crowdfunding efforts – for the purpose of gaining income – may be deductible if other requirements from the Income Tax Act are met.

    YouTube Advertising

    • Money received from YouTube when your post generates a specific number of views.

    The Canada Revenue Agency (CRA) views this income source as taxable and must be reported.

    Selling Goods Online

    • Money received from the sale of goods on eBay, Kijiji, and other third party websites.

    The CRA targets high­-volume sellers who earn a minimum of $20,000 with at least 24 sales per year, or sellers who generate over $100,000 in a single year.

    eBay has released details on certain Canadian eBay sellers who meet the above criteria.

    If you are unsure on whether the funds you have received during the year are considered taxable income, please consult with your accountant before filing your income tax return.

    Did you receive funds this year through a non­-contemporary source? Are you unsure of the tax implications imposed by receiving these funds? We are here to help!

    Non­-contemporary income sources include, but are not limited to:

    Crowdfunding

    • Raising funds from the public to be used towards a special project.

    Any funds received by means of crowdfunding are considered income and are ultimately taxable.

    Expenses incurred that relate to any crowdfunding efforts – for the purpose of gaining income – may be deductible if other requirements from the Income Tax Act are met.

    YouTube Advertising

    • Money received from YouTube when your post generates a specific number of views.

    The Canada Revenue Agency (CRA) views this income source as taxable and must be reported.

    Selling Goods Online

    • Money received from the sale of goods on eBay, Kijiji, and other third party websites.

    The CRA targets high­-volume sellers who earn a minimum of $20,000 with at least 24 sales per year, or sellers who generate over $100,000 in a single year.

    eBay has released details on certain Canadian eBay sellers who meet the above criteria.

    If you are unsure on whether the funds you have received during the year are considered taxable income, please consult with your accountant before filing your income tax return.

    Read More