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2022 Year End Newsletter
Accounting Tax Updates: Agriculture Updates: Human Resources Solutions Wealth Management Firm News Please Note Our Holiday Shutdown The offices of Ward & Uptigrove will be closed from 3:00 pm on Friday, December 23rd and reopening in the New Year on Tuesday, January 3rd. Underused Housing Tax Act – New for 2022 During the year, the…
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Summer 2022 Newsletter
Accounting Wealth Management Human Resources Solutions Firm News Please Note Our Summer Hours The offices of Ward & Uptigrove will close Fridays at 12:00pm from July through to September 2, 2022 Firm Updates We are excited by our continued growth, which means we are searching for qualified accounting staff to fill new roles. W&U offers…
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Tax Highlights: 2022 Ontario Budget
On April 28, 2022, Ontario’s Minister of Finance, Peter Bethlenfalvy, presented the province’s budget. The budget does not change corporate or personal income tax rates, but does: An Ontario general election will be held on (or before) June 2, 2022. It is uncertain whether tax initiatives proposed in the Ontario budget will be enacted into…
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2022 Federal Budget Commentary
On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable , to the House of Commons. No changes were made to personal or corporate tax rates, nor to the inclusion rate on taxable capital gains. Some…
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Canada Emergency Subsidies
** All Emergency Subsidy Programs have ended, effective May 2022 ** The Federal government has aligned emergency subsidy programs to support businesses negatively impacted by the COVID-19 pandemic. The programs’ eligibility, subsidy rate structure and calculation of revenues mirror each other to be simpler for affected qualifying organizations. Canada has a short questionnaire to…
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Year End 2021 Newsletter
Accounting Human Resources Solutions Wealth Management Firm News Please Note Our Christmas Shutdown The offices of Ward & Uptigrove will be closed from 3:00 pm on Friday, December 24th and reopening in the New Year on Monday, January 3rd. 2021 Federal Fall Economic Statement On December 14, 2021, the 2021 federal fall economic statement was…
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Year End 2021 Agriculture Matters
Poultry and Egg On-Farm Investment Program (PEFIP) PEFIP is a 10 year program to support on-farm investments in: Producers who held quota on January 1, 2021 must register with the program prior to submitting a project application. The registration process is to validate your license information and confirm your maximum funding. Applicants may apply for…
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New Authorization Process for Non Business Clients
Starting on October 18, 2021, the Canada Revenue Agency (CRA) has introduced a new way to confirm authorized representatives using My Account or My Business Account. Whether you’re an individual or a business, the new two-step digital process will help you protect your tax information and make authorizing new representatives more secure. How to confirm a new…
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New Ontario Business Registry
On October 19, 2021, Ontario introduced the new Ontario Business Registry to allow Ontario Corporations to complete many transactions online, including registering, incorporating and updating their information. In order to access this new online registry system, a “company key” will be required. A company key is similar to the Personal Identification Number (PIN) used for…
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Tax Changes for Intergenerational Share Transfers
On June 29, 2021, Bill C-208, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation) , received Royal Assent and consequently became law. The purpose of Bill C-208 is to provide tax relief to families who wish to transfer shares of a small business or family…
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Immediate Expensing of Capital Asset Purchases
With the passing of Bill C-30, which enacted many measures that were previously announced in Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience , the Federal government now allows immediate expensing 100% of many capital asset purchases. The full cost of “eligible property” acquired by a Canadian-controlled private corporation (CCPC) on or after…
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2021 Federal Budget Commentary
On April 19, 2021, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, to the House of Commons. No changes were made to personal or corporate tax rates (other than a temporary measure for zero-emission technology manufacturers), nor to the inclusion rate…