Dear Clients,
Summer is now upon us and with the economy reopening, I hope you all find an opportunity to relax and enjoy time with family and friends.
With the government’s focus on rebuilding the economy and funding various initiatives, along with the rapid pace of digitalization of many aspects of the economy, including currency, it is very likely we will see some significant tax reform in the years to come.
In the latest Federal Budget, the government announced the Canada Recovery Hiring Program. This program is meant to encourage businesses that have experienced a downturn from pre-pandemic revenues to hire new employees or increase their employees’ existing pay.
Learn more at Canada Recovery Hiring Program – Canada.ca
Return to the Office
With the vaccination program in full swing, and cases declining, it is anticipated that we will be returning to the office in the Fall and resuming normal operations. Meetings will be by appointment only.
Virtual meetings and conference calls will remain as an option for clients.
We look forward to meeting with you in the near future.
CRA My Business Account
Nothing complicated here. If you have a business, you should definitely be registered with CRA to access your business information online. You can manage your address, direct deposit information, and pay taxes.
If you haven’t done so already – registering is simple – just follow this link:
My Business Account – Canada.ca
Side Hustles
Throughout the pandemic, many people have started online businesses in addition to their full-time positions.
It is important to be aware of the tax consequences, particularly with exposure to HST on taxable supplies.
Whether you’re an Instagram influencer or decided to dropship toilet paper during the pandemic, there could be a requirement to collect and remit HST. Often overlooked, and with a greater focus from the government, it is important to understand the tax obligations. Here is a link to a brief CRA article that sheds some light on the matter: Compliance in the platform economy – Canada.ca
As always, reach out if you have any questions or need help.
Sincerely,
Rob Ng
NG Chartered Professional Accountants Professional Corporation
201 King Street
N6A 1C9
