International Women’s Day 2024

Happy International Women’s Day from everyone at Graham Scott Enns LLP!
 
This year, we would like to highlight a recent Women in the Workplace study from McKinsey which found that 90% of women under the age of 30 are looking to be promoted to the next level in the workplace, and 75% of them are looking to become senior leaders in their respective organizations. GSE is proud to be mentoring the next generation of women leaders within our Firm. Each semester we welcome a new round of future accountants, who we have the privilege of working with and developing their skills over the course of their time with us. This semester we are delighted to be working with Bowen and Gracie as they continue to develop on their accounting education journey!
 
“GSE’s Buddy/Mentor program is one of the most valuable tools for goal setting within the Firm. As a mentor, we provide insight to our mentees on how to set goals, and the necessary tools and resources for our mentees to achieve them. As both a mentor and a mentee, I can appreciate the value from both sides of the relationship – I can see how much my mentor has helped me to achieve and set further goals, as well as how I can support my mentee to reach their career advancement goals. Being a mentor and having the opportunity to work with and provide leadership to other young women in accounting has been very rewarding!”
 
Heather Carrel, Intermediate Accountant, Mentor to Gracie
 
Happy International Women’s Day!
 
#IWD2024 #InspireInclusion

GSE Attends 32nd Annual Night of Heroes

On February 22, 2024, a number of GSE firm members attended the 2024 Night of Heroes Fashion Show and Silent Auction presented by Community Living London. It was an amazing night filled with lots of joy and inspiration.  Every year, GSE looks forward to supporting these wonderful community members and their local heroes.

 

It’s Here! New and Expanded T3 Trust Reporting!

New rules originally released in 2018 aimed at providing more transparency on beneficial ownership of assets now require more trusts and estates to file tax returns.

The new rules are broad and include cases where a trust acts as an agent for its beneficiaries. This structure is commonly referred to as a “bare trust”. There is however, no expansion or increase of the tax involved but there is a requirement to file a Trust Tax return in many situations where there was no prior requirement to.

Highlights of this newsletter include commentary on:

  • Does a bare trust arrangement exist,
  • Does a trust return need to be filed, and
  • What information must be disclosed?

Check out the full newsletter below, and please reach out for further information.

Expanded T3 Reporting Rules

2023 Personal Income Tax Season Has Arrived!

Personal Income Tax Season Has Arrived!

For new and existing personal income tax clients, here are some reminders and new information regarding GSE’s personal income tax preparation process.

  1. We continue to provide multiple methods to accommodate the receipt of your income tax documents in a secure and safe manner.

    a) Secure online Portal – Please upload supporting documents via our Secure client portal. We prefer PDF files and recommend the use of an app such as Microsoft Lens (available in your favourite app store) to help you convert image files to a PDF. When in doubt, submit what you have and we’ll reach out if the format is not compatible.

    OR

    b) ST. THOMAS – You may drop off supporting documents to the secure drop box at the South rear entry of the County of Elgin building, door closest to the loading dock. This drop-box is emptied daily and allows us to have fewer clients in our reception area. Alternatively, you may drop off supporting documents at either the County of Elgin reception located in the centre portion of the 1st floor or to the GSE reception located on the 2nd floor. The drop-off hours are 8:30 – 4:30 pm, Monday to Friday.

    OR

    c) AYLMER – You may drop off supporting documents to the secure drop box located directly outside of our regular main reception lobby door. This drop-box is emptied daily and allows us to have fewer clients in our reception area. If your item is too big for the drop-box, please enter the office and leave with reception. The drop-off hours are 8:30 – 5:00 pm, Monday to Friday.

  2. We have a new Document Library on our website. Here you will find the following documents:

    a) 2023 Personal Income Tax Return Checklist – please review this listing to determine if you are submitting all necessary documents to support your reported income, deductions and credits.

    b) T1 Returning Client Questions – Please complete these questions on an annual basis. Either print and drop them off with your personal taxes or upload your responses to the Portal. These questions help us to ensure we have accurate information about your current tax situation.

    c) T1 New Client Questions Form – We highly recommend this Form for new clients or returning clients with changing tax situations. Either print and drop it off with your personal taxes or upload your responses to the Portal.

    d) Final Return & Estate Checklist – If you are assisting with the final tax return for someone who has recently passed away, please complete and return this checklist. It outlines some of the additional information we will require.

    e) Authorization/Cancellation Request Form – For new clients to allow us to communicate with the Canada Revenue Agency on your behalf.

  3. How do I get my documents and personal tax return back?

    a) Once your tax return has been prepared and reviewed, you will receive a call indicating that your personal income taxes have been completed.

    b) If you have not already told us, we will ask if you would like it back electronically (via our Secure online portal) or a paper copy. Prior to us filing your return, we require a signature – this can be done either via Portal (using an electronic signature – DocuSign), via Portal (with a scanned upload of the signed document), via fax, via mail, via drop-box at our office, or it can be signed in-person at the time of pick-up.

As always, if you have any questions, please reach out to us at (519) 633-0700/ (519) 773-9265 or contact the individual you usually work with.

Happy tax filing!

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Tax Tips & Traps – 1st Quarter 2024 – Issue 145

Highlights In This Issue:

  • Tax Tidbits
  • New Trust Reporting: Unexpected Exposure
  • Automobile Deduction and Benefit Rates: 2024 Limits Released
  • T-Slips: Filing and Distribution Issues
  • Personal Services Business: CRA Education Initiative
  • Working From Home Expenses: Employment Expenses
  • Canada Dental Care Place (CDCP): New Income-Tested Benefit
  • Farm Losses Can Be Restricted

Tax Tips and Traps 145 2024 – 1st Quarter

Brian D. Lawrence Transitions Clients to Graham Scott Enns LLP

After more than 40 years in public practice serving the accounting and taxation needs of his clients in St. Thomas and surrounding area, Brian Lawrence is announcing his retirement and the transition of his practice to Graham Scott Enns LLP.

Brian will be closing his Rosebery Place office on January 19th but clients can continue to reach Brian and Stephanie at 519-633-2955 or at Graham Scott Enns’s St Thomas office at 519-633-0700 or the Aylmer office at 519-773-9265. A Graham Scott Enns partner will be contacting you within a couple weeks for an introductory call and/or meeting.

 

You can read the full announcement here:  Brian D. Lawrence Retirement Announcement

Closed For The Afternoon

Our offices will be closing at Noon on Tuesday September 19th for the afternoon for a Company Function.
We will be open again Wednesday morning during our regular hours.