Blog  |  Accounting

Inviting us to your QuickBooks Online

Posted on , Updated: by Mark Ruscica  |  Posted in Accounting, Community, Graham Scott Enns, News

As cloud-based computing has become more popular, we have had many clients switch over their accounting software to QuickBooks Online. In order to streamline the process of giving Graham Scott Enns access to your QuickBooks Online account, we have created a step-by-step guide on how to give us access, which will prevent you from having to re-send access in the future.

You can check out this, and a bunch of other useful documents for our clients in our Document Library on our website. Visit www.grahamscottenns.com/document-library/ to view this and all other documents!

 

Inviting GSE to your QuickBooks Online
1. After logging in to QBO for the corporation, click the gear icon at the top right (drop down should show)
2. Click “manage users”. There should be two tabs: the first tab is “users” and the second tab is “accountants”
3. Under the “Users” tab, if Graham Scott Enns or an employee is listed, click on Delete under the “Action” column (click on 3 dots for drop down menu)
4. Click “Accountants” tab
5. If there are already 2 accountants listed, one of them will have to be deleted. Under the “Action” column, delete the current GSE user using the drop down menu.
6. Add the name “Graham Scott Enns LLP” and use kward@grahamscottenns.com as the email
7. Click invite (green button)

Giving us access to your My Business Account

Posted on , Updated: by Mark Ruscica  |  Posted in Accounting, Community, Graham Scott Enns, News, Tax

In order to talk to the CRA on behalf of our clients, we need to get authorization from them to in order to become representatives. If you have a business, you will need to give us access to your My Business Account with the CRA.

In order to do this, we have complied a list of the steps that you will need to take in order for this process to be completed. You can check out this, and a bunch of other useful documents for our clients in our Document Library on our website. Visit www.grahamscottenns.com/document-library/ to view this and all other documents!

Steps:
1. Log in to My Business Account Canada Revenue Agency – CRA Sign in (cra-arc.gc.ca)
2. On left hand side, click on Profile
3. On right hand side, go to Authorized Representatives and click on Manage authorized representatives
4. Click on Authorize a representative button
5. Enter GSE’s business number 12276 3774
6. Level of authorization should be set to Level 2 Update and view
7. No expiry date
8. Click on All accounts
9. Click on Confirm and submit

CFE Celebration Dinner at the Kettle Creek Inn

Posted on by Mark Ruscica  |  Posted in Accounting, Community, Graham Scott Enns, News

 

On June 17, 2023, CPA Ontario held their annual Convocation ceremony for successful writers of the Fall 2022 Common Final Exam (“CFE”), which is a stepping stone to acquiring a CPA designation. In celebration of the triumph of our three writers (Nick Boyer, Jason Rakowicz, and Jackson McCully), the Partners at GSE hosted a dinner in their honour at The Kettle Creek Inn in Port Stanley, ON. Our successful writers, their mentors, and Partners (along with their spouses) were invited to celebrate this incredible milestone with them.

 

Congratulations once again Nick, Jason, and Jackson on reaching this outstanding professional achievement!

Congratulations Nick and Jason!

Posted on , Updated: by Mark Ruscica  |  Posted in Accounting, Community, Graham Scott Enns, News

Congratulations on your acceptance to membership!

 

The Staff and Partners of GSE would like to congratulate Nicholas Boyer and Jason Rakowicz on receiving their Chartered Professional Accountant designation!

 

Nick graduated from the University of Guelph in 2019. He joined GSE as a Senior Staff Accountant in 2021. Nick is an active member on our firm’s Social Media Committee and Social Committee and is also involved in our Buddy-Mentor Program.

 

Jason started with GSE as a co-op student in 2017. He graduated from the University of Windsor in 2020 and started full time as an Intermediate Staff Accountant that same year. Jason was promoted to Senior Staff Accountant in 2022. He is an active member on our firm’s PERT Committee and Assurance Committee and is also involved in our Buddy-Mentor program.

 

Both Jason and Nick were successful writers of the 2022 Fall CFE and were both accepted into membership this past December and recently celebrated this milestone at the CPA Convocation held this past June.

The team at Graham Scott Enns LLP is incredibly proud of their hard work and dedication and congratulate them on achieving this important career milestone!

 

Fanshawe Pioneer Village – AGM

Posted on , Updated: by Mark Ruscica  |  Posted in Accounting, Community, Graham Scott Enns, News

Attending Annual General Meetings for clients is a regular occurrence this time of year. Engagement Partner, Jennifer Buchanan, recently enjoyed a tour of the Fanshawe Pioneer Village during their AGM.

Employment Opportunities – Accounting Co-op Student

Posted on , Updated: by Mark Ruscica  |  Posted in Accounting, Community, Graham Scott Enns, News

Graham Scott Enns LLP is looking to hire an accounting co-op student for the Spring 2023 work term. If you are looking for a new challenge and are excited to join a team of hard-working professionals, we would love to hear from you! Please refer to https://www.grahamscottenns.com/about-us/careers/ to learn more about this and other exciting employment opportunities!

2nd Annual Baseball Game and Family BBQ

Posted on , Updated: by Mark Ruscica  |  Posted in Accounting, Community
On Friday September 16, 2022, GSE held its second annual baseball game! This family friendly event was a great opportunity to socialize outside the workplace with colleagues and their families. The baseball game was followed by a BBQ and a variety of fun games. Thank you to everyone who was able to make it out to this fun filled event! Congratulations to Team 2 who edged out a 16-15 win!
Also a special thank you to Kelly Ward, Manager, for hosting the BBQ and to the Social Committee for organizing a wonderful afternoon.

Update to the Canada Emergency Business Loan Account (CEBA)

Posted on , Updated: by Mark Ruscica  |  Posted in Accounting, Graham Scott Enns, News, Tax

On January 12, 2022, the Federal government announced that it is extending the repayment deadline for interest-free loans disbursed under the Canada Emergency Business Account (CEBA) program.

The repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.  Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to 33.33% of the value of the loans, up to a maximum forgivable amount of $20,000.

Outstanding loans on January 1, 2024, will be converted to two-year term loans with an interest rate of 5% per annum, with the loans fully due by December 31, 2025.

This extension also applies to the equivalent lending program through the Regional Relief and Recovery Fund.

Visit the CRA for more information: Government extends loan forgiveness repayment deadline for the Canada Emergency Business Account – Canada.ca

Re: Ontario Regional Opportunities Investment Tax Credit

Posted on by Mark Ruscica  |  Posted in Accounting

A note on the Ontario Regional Opportunities Investment Tax Credit,

• 10% refundable tax credit for certain corporations that invest between $50,001 and $500,000 to construct, renovate or acquire eligible commercial and industrial buildings (or other structures) that become available to be used in the business after March 24, 2020. Residential buildings are not eligible for this tax credit, as well as the portion allocated to land. Further, the 2021 Ontario Budget announced a temporary enhancement to the ROITC to provide an additional 10% (total of 20% between $50,001 and $500,000) during the March 24, 2021 to December 31, 2022 period.

• Expenditures incurred after the taxation year in which the property first becomes available to be used in the business will not qualify for the ROITC or temporary enhancement.

• When both the ROITC and the temporary enhancement are being claimed, the maximum credit is $90,000 per year (($500,000 – $50,000) x 20%). The credit is claimed when filing the corporate income tax return, by completing schedule 570, and must be shared among an associated group of corporations. Where a claim is made, each of the other corporations in the associated group must waive its right, in writing, to claim the ROITC.

• The claiming corporation must be a CCPC and have a permanent establishment in Ontario.

• Regardless of the location of the business or head office, the physical property must be located in certain designated regions (including the County of Elgin together with the City of St. Thomas, the County of Oxford and the County of Middlesex with the City of London). A full list of regions can be found on the Ontario government website (https://www.fin.gov.on.ca/en/bulletins/roitc/index.html).

 

Please contact us anytime should you have any questions or wish to discuss.

Re: Immediate Expensing of Depreciable Capital Assets

Posted on by Mark Ruscica  |  Posted in Accounting

A note on the Immediate Expensing of Depreciable Capital Assets,

• The Federal Budget 2021 proposes to permit the full cost of eligible property acquired by a Canadian-controlled private corporation (CCPC) (i.e. incorporated in Canada and not controlled by non-residents) on or after Budget Day (April 19, 2021) to be deducted, provided the property becomes available for use in the business before January 1, 2024.

• Up to $1.5 million of expenditures per taxation year is available for immediate expensing and shared among each associated group of CCPCs. For CCPCs with less than $1.5 million of expenditures in a year, there is no carry forward of unused capacity into following years. For CCPCs with more than $1.5 million of expenditures, normal rules apply.

• Eligible property includes depreciable capital property, other than property included in the following CCA classes, among others:
– Class 1 to 6 (buildings) – Class 17 (communications equipment)
– Class 14.1 (purchased goodwill and eligible capital property)

 

Please contact us anytime should you have any questions or wish to discuss.