Closed for the Holidays! See you in 2025!

Happy Holidays! Graham Scott Enns LLP will be closed from noon (12 pm) on December 24th until January 1st to give all staff and partners a much needed break to spend time with their loved ones over this festive season. Both offices will re-open on January 2nd 2025 with regular business hours of 8:30 am to 5:00 pm, daily.

Warm wishes to everyone this holiday season, and see you again in the new year!

Congratulations Heather!

Congratulations Heather Carrel on your acceptance to membership!

The Staff and Partners at GSE would like to congratulate Heather Carrel on receiving her Chartered Professional Accountant designation!

Heather started with GSE as a co-op student in 2020. She graduated from Wilfrid Laurier University in 2022 and started full time with GSE as an Intermediate Staff Accountant in 2023. She successfully wrote the 2023 Fall CFE, and was accepted into membership in September 2024. Heather is involved in our Buddy-Menor Program as well as in assisting other future CPAs as a member of the CFE Study Support Program.

The team at Graham Scott Enns LLP is incredibly proud of her hard work and dedication over these past few years and we would like to congratulate her on achieving this important career milestone!

 

Important update re: Canada Post strike

 

 

Important update re: Canada Post strike:

With the ongoing Canada Post strike, we would like to highlight some potential impacts on services that may affect you.

If you are looking to pay an outstanding invoice, we ask you do so electronically. The preferred method of payment is via e-transfer:

  • Simply sign in to your bank or credit union’s online banking system
  • In the Bill Payments section, add “payments@grahamscottenns.com
  • Under Payee Account Number, enter the Client Number found at the top right corner of your invoice or statement.

 

If you bank with RBC Royal Bank, you can set up “Graham Scott Enns”  as a payee and complete as above.

If you prefer to pay by cheque, you may drop this off in person at either of our locations, from 8;30am – 5:00pm.

Electronic Funds Transfer is also an option.  Email:  info@grahamscottenns.com and request our banking information.

Additionally, the Canada Revenue Agency (CRA) has issued an update regarding the implications of the postal strike. Visit the CRA website for more details on impacted services and important information.

If you have any questions or need assistance with setting up a new payment method, please don’t hesitate to reach out to admin team at (519) 633-0700.

Thank you for your understanding and cooperation.

Elgin County Railway Museum’s Community Christmas Tree Spectacular

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

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)

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

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

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

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

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