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Elgin County Railway Museum’s Community Christmas Tree Spectacular

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

Huge thanks to our GSE elves for decorating a stunning Grinch-themed tree for the Elgin County Railway Museum’s Community Christmas Tree Spectacular! Check out our tree and over 300 others from Nov 15th to Dec 22nd, with public viewings every Fri, Sat, and Sun.

Other activities that the Elgin County Railway Museum’s is offering during the Christmas Tree Spectacular include photos with Santa, a Christmas Night Market, Hot Chocolate Hut, Letters to Santa Drop-off, and a LEGO winter village display. For more information visit the Elgin County Railway Museum website.

Special shoutout to Brenda Dyson, Tara Lethbridge, Jillian Dolson, Jennifer Buchanan, and Courtney Peters for their amazing work!

 

St. Thomas-Elgin Public Art Centre’s Fall Art Auction 2024

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

Graham Scott Enns was once again pleased to sponsor the St. Thomas-Elgin Public Art Centre’s annual Art Auction on Friday, November 1st. Senior Manager Blake Gough and Partner Jen Buchanan had a fantastic time at the event. The live art auction, with Steve Peters as the auctioneer, made for an unforgettable evening.

Check out Courtney Vachon in This Month Elgin (September 2024)

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

Graham Scott Enns LLP is very proud to share with you that Courtney Vachon, Senior Manager at GSE, was featured in the September 2024 issue of This Month Elgin magazine as part of their Women in Business feature. Courtney is an integral part of our team here at GSE and provides a variety of services including assurance, accounting and tax, in addition to training and mentoring our staff,

2024 Federal Budget Commentary

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

Highlights of the April 16th Federal Budget Commentary Include:

A. Personal Measures

  • An increase to the capital gains inclusion rate to 2/3, however individuals will retain the 1/2 inclusion rate on the first $250,000 of capital gains annually.
  • An increase to the lifetime maximum capital gains exemption, and two new incentives on specific types of business sales.
  • Modifications to the proposed amendments to focus the alternative minimum tax regime on high-income individuals.

B. Business Measures

  • A Canada carbon rebate for small businesses that will begin by delivering payments to eligible CCPCs for five years of carbon tax.
  • Accelerated capital cost allowance on purpose-built residential rental properties.
  • Immediate expensing of certain productivity-enhancing assets, including computer hardware, acquired on or after April 16, 2024.

C. International Measures

  • A crypto-asset reporting framework that will require annual reporting by cryptoasset service providers on their clients’ activities using these assets.

D. Sales and Excise Measures

  • Extension of the GST exemption for new purpose-built rental housing projects to not-for-profit universities, public colleges and school authorities.

E. Other Measures

  • Details on the Canada disability benefit intended to commence in July 2025.

F. Previously Announced Measures

  • Intention to proceed with previously announced measures, including the denial of expenses for non-compliant short-term rental activities; the exemption of certain
    services of psychotherapists and counselling therapists from GST/HST; proposals related to the underused housing tax; temporarily pausing the fuel charge on heating oil; various clean energy tax credits; and other initiatives related to the clean economy.

 

Read the full article here: Commentary on the Federal Budget 2024

IMPORTANT ANNOUNCEMENT: 2023 Bare Trust Filings

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

Important Announcement Regarding Bare Trusts

CRA has just announced that bare trusts are exempt from trust reporting requirements for 2023. CRA stated:

“To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.

In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.”

Please visit the CRA website to learn more: New – Bare trusts are exempt from trust reporting requirements for 2023 – Canada.ca

Inviting us to your QuickBooks Online

Posted on , Updated: by Graham Scott Enns  |  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 Graham Scott Enns  |  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

International Women’s Day 2024

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

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

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!

Posted on by Graham Scott Enns  |  Posted in Community, Graham Scott Enns, News, Tax

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