Brennan Kuepfer
Senior Accountant
Summer 2025 Newsletter
July 2, 2025
Accounting
Tax Updates
Agriculture Updates
Please note that while this section is agriculture-specific, the general business and tax topics in other sections contain important information that is also applicable to agriculture clients. Please ensure you consider the remainder of the newsletter.
Miscellaneous Business Updates
Human Resources Solutions
- 25 Years of Human Resources Excellence
- Have You Heard?: Immigration Services
- Minimum Wage Increases
- Mandatory Measures
- More Employment Changes - Effective January 1, 2026
- Understanding Workplace Accommodation: Employer and Employee Responsibilities
- New Long-Term Illness Leave - Effective June 19, 2025
- Supervisor Sentenced to Five Years in Prison
Wealth Management
Firm News
Please Note Our Summer Hours
The offices of Ward & Uptigrove will close on Fridays at 12:00pm from July 4 through to August 29, 2025.
Improvements to the Ontario Made Manufacturing Investment Tax Credit - Ontario Budget 2025
Eligible buildings and equipment used in manufacturing and processing in Ontario that are acquired and become available for use during the period May 15, 2025 to December 31, 2029 are eligible for the Ontario Made Manufacturing Investment Tax Credit (the “OMMITC”).
The OMMITC was initially introduced in the 2023 Ontario budget. The 2025 Ontario budget enhances and expands the OMMITC by:
- Increasing the OMMITC rate to 15% (from 10%), and
- Expanding eligibility for the OMMITC to non-Canadian Controlled Private Corporations as a non-refundable tax credit.
The Ontario budget also introduced a repayment of the OMMITC in situations where the eligible property is, after May 14, 2025, sold or converted to non-M&P use within 5 years.
GST Relief for First-Time Home Buyers on New Homes Valued Up to $1.5 Million
On May 27, 2025, the federal government introduced a new GST rebate for first-time home buyers (the “Rebate”). To lower the upfront cost of buying a new home for young Canadians and spur the construction of new homes across the country, the federal government is eliminating the Goods and Services Tax (GST) for first-time home buyers on new homes up to $1 million and reducing the GST for first-time home buyers on new homes between $1 million and $1.5 million.
Who is eligible for the Rebate?
The Rebate is available to individuals that are:
- At least 18 years or age and either a Canadian citizen or a permanent resident of Canada;
- First-time home buyers and have not lived in a home that they (or their spouse or common-law partner) owned and was their primary place of residence in the calendar year or in the four preceding calendar years;
- Acquiring the home as their primary place of residence; and
- The first individuals to occupy the home as a place of residence after the construction (or substantial renovation) of the residential complex is substantially completed.
What homes qualify?
The Rebate will generally be available:
- For purchase and sale agreements entered into during the period May 27, 2025 to December 31, 2030 for new homes purchased from a builder or shares of a cooperative housing corporation; or
- For owner-built homes that begin construction during the period May 27, 2025 to December 31, 2030.
How much is the rebate?
| Home Value | Rebate Amount | Comments |
|---|---|---|
| $750,000 | $37,500 | 5% of the home value for new homes valued at $1 million or less |
| $1,000,000 | $50,000 | 5% of the home value for new homes valued at $1 million or less |
| $1,250,000 | $25,000 | $50,000 maximum amount minus $1 for every $10 dollars of value over $1 million |
| $1,500,000 | $NIL | $50,000 maximum amount minus $1 for every $10 dollars of value over $1 million |
2025 Federal Budget - Update
The newly elected federal minority Liberal government has indicated that it will present a 2025 fall budget. We will address any significant tax matters from the 2025 federal budget in our 2025 year end newsletter that will be released December 2025.
Starting Farm Succession Planning Early with your Accountant
There are many moving pieces in succession planning including, personal, family, financial, tax, and legal considerations. From initial conversations to putting a plan in motion, farm succession is an ongoing process. Plans can take months or years to implement. Involving your accountant in the initial discussions and planning process allows time to effectively analyze any tax tools available. This allows for the creation of a tax efficient plan that minimizes financial challenges and ensures family goals are achieved. This plan should also be developed with input from your financial advisor, lawyer, lender and other trusted professionals involved in your farming operations.
From an accounting and tax perspective, there are valuable tax tools that can be used in farm succession planning including utilizing the lifetime capital gains exemptions and deferring tax through intergenerational farm transfers. These tools have specific criteria that must be met in order to be utilized. One of the first steps your accountant can provide is an analysis of your property and assets owed to determine if there are applicable tax tools that can be used in your succession plan.
To complete this analysis, your accountant will gather information on the history of your farm assets with the goal of understanding your ownership structure, your operations, who is involved and who owns the assets involved. Early planning discussions with your accountant will involve questions including: Are your operations run through a partnership or a corporation? Are your assets owned in the same structure? What assets are being considered in this succession plan? How were those assets obtained and at what amount? Although this seems to be a simple process, prior years' information is not often readily accessible and farm operations and asset ownership can be complex and unique to you. It can take time to obtain the records and information required. Consideration also needs to be given to any potential tax tools used in any previous succession of the assets being considered in the current succession.
Starting discussions early provides families with time to identify all parties’ objectives and time to align those objectives. From daily farm management to farm financial health and retirement financial security, open communication is essential to any succession plan. If you are starting to think about transferring your farm assets, reach out to your accountant to discuss any planning that can be completed in advance to create a successful plan.
* While this article focuses on farm succession planning, involve your accountant early for any major business changes to ensure potential tax implications are reviewed.
Additional resources:
Farm Property Class Tax Rate Program Update
Agricorp now offers a simplified online application process for farmland owners who may need to apply for a reduced property tax rate on their farmland.
This option applies if you:
- Have recently purchased farmland
- Need an exemption to eligibility criteria for the program
- Have made changes to their farmland ownership, such as:
- Amending property rental agreements or land usage
- Updating farm business structures
- Transferring property ownership to a family member
- Adding or removing a spouse after a marriage or separation
- Ownership becoming part of an estate
If you are currently eligible and enrolled in the Farm Property Class Tax Rate Program (i.e. you are receiving the reduced property tax rate on your municipal tax bill), there is nothing further to do.
Please see the Agricorp Feature Sheet for more information on the Farm Property Class Tax Rate Program. To access the online application, visit agricorp.com/farmtax for more information.
Important Changes to the AgriInvest Program
Canada Post service disruption notice: Agriculture and Agri-Food Canada (AAFC) will not send AgriInvest program statements, notices or correspondence to producers by mail during the postal service disruption. If you are a My AAFC account user you can login to view you program notices to ensure you do not miss your deposit deadline. Alternatively, you can call 1-866-367-8506 to ask for your deposit amount and confirm your deadline.
Starting with the 2025 AgriInvest program year there are two significant changes to the program:
- New filing deadline – The deadline to file your 2025 AgriInvest program form T1163/Statement A will be June 30, 2026 (previously September 30).
- Agri-environmental risk assessment – if your average annual net sales are $1 million or more for the previous three program years you must submit an eligible agri-environmental risk assessment to be eligible for the government matching deposit. Annual net sales are calculated by subtracting your gross purchases on your allowable commodities from your gross sales on your allowable commodities. The valid agri-environmental assessment must be obtained before your 2025 fiscal year-end.
Once the agri-environmental risk assessment is in place, a declaration must be completed and submitted before making any matchable deposit. The declaration must be submitted each year that average ANS is above $1 million unless the agri-environmental assessment is valid for more than one fiscal year.
AgriInvest has identified the following as eligible agri-environmental risk assessments:
- Canadian Roundtable for Sustainable Beef (CRSB) Sustainable Beef Production Standard by a CSRB approved certification body
- Certified Organic
- Environmental Farm Plan
- Nutrient Management Plans (such as manure management)
- Nutrient Management Plans from 4R Designated or Certified Experts
- Saskatchewan agri-environmental risk assessment
- Plan agroenvironnemental de fertilisation
- Plan d’accompagnement agroenvironnemental
Ontario Soil and Crop Improvement Association (OSCIA) offers Environmental Farms Plans. For more information about the OSCIA and how to complete an environmental farm plan refer to their website
here.
Program & Tax Credit Updates
Regional Opportunities Investment Tax Credit – The Ontario Regional Opportunities Investment Tax Credit is a 10% refundable Corporate Income Tax Credit (to a $45,000 maximum credit) for corporations that invest more than $50,000 on construction, renovation or acquisition of eligible commercial and industrial buildings in certain regions. For more information on this tax credit, who is eligible and qualifying regions please refer to this article here.
Poultry and Egg On-Farm Investment Program (PEFIP) -
Poultry and Egg On-Farm Investment Program (PEFIP) is a 10-year program (ending March 31, 2031) to help supply-managed poultry and egg producers adapt to market changes resulting from the implementation of international trade agreements. Additional information can be found here. If you require assistance with the registration process or a project application, please contact your accountant.
Deadlines
AgriInvest: Deadlines for the 2024 program year
- September 30, 2025: For individual participation AgriInvest only, submit 2024 T1163 to Canada Revenue Agency.
- September 30, 2025: For corporations, trusts and special individuals’ participating in AgriInvest only, submit 2024 Statement A to Agricorp.
- For the 2025 program year, the deadline has changed from September 30 to June 30. Please refer to the article here.
AgriStability Deadlines:
For the 2024 program year
- June 30, 2025: Submit Statement A (corporations, trusts and special individuals)
- June 30, 2025: Submit Year-end report and Claim form
- June 30, 2025: Pay fee, submit New Participant Form or cancel coverage for 2024 AgriStability
- December 31, 2025: Final deadline – Report your 2024 farm income to Canada Revenue Agency (corporations)
CRA Change to Online Mail for Businesses
Effective June 16th, the Canada Revenue Agency (CRA) has updated its default communication method for all businesses to online mail rather than paper correspondence. As a result, all businesses must either update their communication preferences via their CRA My Business Account, or complete the Request to Activate Paper Mail for my Business form, available here.
This change also applies to individuals with personal HST or payroll accounts, as well as partnerships.
There are exemptions to these changes for Charities.
Email Notifications Required
To ensure you receive CRA correspondence, it is essential to have a valid email address on file. You can add or update your email address by logging into your CRA My Business Account, navigating to the Profile section, and selecting Manage Notification Preferences. From there, you may register, update, or delete an email address linked to your account. Click here for step-by-step instructions.
Opting Out of Online Mail
If you prefer to continue receiving paper mail, you may opt out of online mail in one of two ways:
- Submit the CRA’s Request to Activate Paper Mail form, or
- Update your preferences directly through your CRA My Business Account under the Profile section by selecting Manage Mail for My Business. You will then be able to opt out of online mail for the applicable CRA accounts. Once this request is submitted, the CRA may call the business owner to verify the change.
It is important to note that the opt-out request is valid for two years only. If you wish to continue to receive paper mail beyond this period, a new request will need to be submitted to the CRA.
Next Steps
If your business has not yet registered for a CRA My Business Account, we strongly encourage doing so. For instructions on how to register, please refer to the following communication posted on our website here.
Please be aware that Ward & Uptigrove will not be monitoring your CRA online mail. CRA correspondence includes important and time sensitive information. We recommend checking your CRA account at least every two weeks, and more frequently if your business is currently under audit, review, or have ongoing matters with the CRA.
The CRA released correspondence regarding this change which can be found here.
Direct Deposit
Starting March 24, 2025, CRA is no longer accepting direct deposit updates or changes through personal tax returns. All changes must be done through MyAccount, a Canadian Bank or Credit Union, or direct deposit enrolment form.
Common Summer/Fall CRA Communications
After personal tax returns are filed, there are a number of communications you may receive from CRA through the summer and fall months.
Pre/Post Assessments:
These are letters from CRA requesting back up documentation regarding specific sections of your tax return either prior to the assessment of your return and issuing of refunds (pre-assessment) or after the return has been assessed and refunds have been issued (post-assessment).
Pre-assessments often occur when there is a large unusual refund amount that is filed. These can be scenarios such as the first year of paying spousal support, large one-time donations, or a year with a large increase in medical expenses.
Post-assessments are often random; they can sometimes be tied to projects that the CRA is running. Currently there is a project for foreign tax credits so there is an increased number of those specific types of post-assessments. Typical post-assessments seen every year relate to donations, medical expenses, and eligible dependent claims.
Matching Letters:
These are letters from CRA requesting t-slip documentation or reconciliations of income. The most common type is due to CRA having slips under your SIN that were not included in your return. This year in particular we may see an increase in matching letters due to the delay in t-slips being processed by CRA.
Other reasons may include:
- Joint investment accounts - these t-slips are split between spouses, and CRA is trying to reconcile all of the t-slips between two taxpayers
- Pension splitting - CRA is trying to reconcile eligible pension income and withholding tax split between spouses
- Employers not submitting T4 slips to CRA – the CRA will not have a record of the submission from your employer and are trying to verify the EI, CPP, and tax withheld is correct based on the T4 that you were issued
TFSA Overcontributions:
Banking institutions are required to submit TFSA transaction history to CRA at the end of February of each year. CRA uses this information to update your contribution history and allowable contribution room on your account. As their records are updated, they will automatically assess overcontribution penalties and send out letters with their findings.
If you receive this type of letter, it is important to verify if your account is still overcontributed. If so, you may be required to make a withdrawal and pay an additional penalty for the overcontributed amount in 2025. Penalties are 1% per month on the overcontributed balance.
RRSP Overcontributions:
Letters regarding RRSP overcontributions are less common but may be seen more in the future as CRA’s automated reconciliations improve. Similar to TFSA’s, banking institutions are required to submit contribution receipts to CRA at the end of February of each year which they use to update your allowable contribution room.
Currently, CRA requires you to self-assess any RRSP overcontributions by filing a T1-OVP and pay a 1% per month penalty, however; there have been a few letters sent to taxpayers where CRA has identified an overcontribution and assessed a penalty to the taxpayer automatically. Because the banks do not provide detailed information, CRA does not know which month the account became overcontributed and will assume that it has been overcontributed for the entire year, which can result in unnecessary penalties being paid.
What do to if you Receive a Correspondence from CRA:
Most CRA letters will have a 30-day response requirement. If no response is submitted or no extension is requested, they will assume the claim was invalid and reassess your return denying the claim made.
These letters can be responded to by the taxpayers themselves, however; if you are unsure or would like assistance in responding, forward the correspondence to your Client Manager as soon as possible. Please note that these matters are a separate service from personal tax preparation and will be invoiced accordingly. If you are enrolled in Audit Shield, your Audit Shield fee would already cover any work completed by us. Please note that pre-assessment reviews of a T1 filing (other than a pre assessment review of the business items of a Sole Proprietor) are not covered by audit shield.
Ward & Uptigrove often saves source documents for the common CRA requests (donation and medical receipts), however; if we do not have the required source documentation, we will reach out to ensure the correct information is provided in an effort to minimize the correspondence with CRA.
As CRA shifts to electronic communication, it is also important to verify your notification settings on your MyAccount as these letters can be easily missed.
Your success is our business. Looking to learn more about services Ward & Uptigrove offers, click here.
HR Updates
25 Years of Human Resources Excellence
Empowering People. Driving Success.
This year marks a major milestone—25 years of our Human Resources Solutions (HRS) division. Since its inception in the summer of 2000, our Partners recognized that human resources is a specialized and ever-evolving field, requiring expertise beyond the scope of accounting. To better serve our clients, we brought HR professionals in-house, delivering a comprehensive, one-stop approach to business support.
Our HRS team is an essential partner for our clients, helping them succeed through strong employee relationships, compliance, and effective workplace solutions. Guided by our commitment to caring for both staff and clients, we’ve expanded our expertise over the years to address the most complex workplace challenges. Today, our HR services include:
- Employee relations and investigations
- Accommodation and return to work
- Conflict resolution and mediation
- Compensation
- Health and safety compliance
- Immigration and recruitment strategies
- …and much more!
We take pride in supporting our clients with developing their teams, strengthening workplace culture, and improving business performance. As we celebrate this journey, we honour the relationships we’ve built, the expertise we’ve developed, and the bright future ahead—together.
Thank you for being part of our success. Here’s to the next 25 years!
Learn more about the HR Solutions Service Offerings: Human Resources Solutions - Ward & Uptigrove or email us at HRresults@w-u.on.ca
Have You Heard?: Immigration Services
We are expanding our service offerings again to better serve you! We now are providing comprehensive immigration services tailored to businesses seeking to hire and retain international talent, including:
- Labour Market Impact Assessment Applications
- Work Permit Applications and Extensions
- Permanent Residency
- Immigration Strategy Planning
- Compliance and Risk Management
- Immigration Audit Review and Assistance
Permanent Residency: Canada’s Focus on Occupation-Specific Candidates
Throughout the Spring, the Government of Canada has continued to focus on filling labour shortages in key sectors. Recent Invitations to Apply for Permanent Residency have primarily been extended to candidates with work experience in STEM (Science, Technology, Engineering, and Math), healthcare, trades, and early childhood education occupations.
If your business relies on international talent, now is the time to strategize! Candidates with work experience in these occupations may be prioritized for permanent residence, helping your business retain foreign professional long term.
Hanne Nauwelaerts, RCIC (R1034450), CHRP
Looking for more information on Immigration Services? We are hosting a webinar on July 8th.
Click here for more information on this webinar.
Minimum Wage Increases
Ontario Minimum Wage Increasing October 1, 2025
The general minimum wage will increase to $17.60 an hour, effective October 1, 2025.
Student minimum wage will increase to $16.60 an hour. This wage applies to students under the age of 18 who work 28 hours a week or fewer when school is in session or who work during a school break or summer/winter holidays. For the full list of minimum wage changes for provincially regulated businesses, check out: Minimum wage | Your guide to the Employment Standards Act | ontario.ca
Federal Minimum Wage Increased April 1, 2025
As of April 1, 2025 the federally regulated businesses minimum wage increase to $17.75 an hour, which was a 2.4% increase. More information about this change: Increasing the federal minimum wage starting April 1, 2025 - Canada.ca

Mandatory Measures
Mandatory Pre-Hire Information: Are You Ready?
Starting July 1, 2025, Ontario employers with 25 or more employees will be required, under the Employment Standards Act, to provide new hires with specific written information before their first day of work or as soon as reasonably possible. This requirement enhances transparency and ensures employees fully understand their employment terms from the outset—critical for compliance, record-keeping, and onboarding.
The required information includes, but not limited to:
- The employer’s legal name and any operating or business names
- Employer contact details, including address, phone number, and relevant contacts
- General description of the employee’s work location
- The employee’s starting wage, rate, commission structure, or other applicable pay details
- General outline of the employees’ anticipated initial work hours
Mandatory Washroom Cleaning Records
Effective July 1, 2025, a new regulation under the Occupational Health and Safety Act (OHSA) will require employers to maintain clean and sanitary washroom facilities. Employers must keep records of washroom cleanings, documenting the date and time of the two most recent cleanings. These records must be posted near the washroom or made accessible electronically.
Mark Your Calendar: More Employment Changes - Effective January 1, 2026
1. New Job Posting Requirements
Employers with 25 or more employees will have to comply with the following regulations when publicly advertising job postings:
- Compensation Disclosure: Job postings will have to include information about the expected compensation or a range of expected compensation for the position.
- If a range is provided, it cannot exceed $50,000 annually (for example, $60,000-$110,000).
- Note, that this requirement will NOT apply to positions with expected compensation over $200,000 annually.
- Artificial Intelligence (AI) Usage Disclosure: If AI is used to screen, assess, or select applicants, this practice must be disclosed in the job posting.
- Existing Vacancy Statement: The job posting must indicate whether it is for an existing vacancy.
Click here for an example job posting. The highlighted yellow sections give you an example of how you could express these details within the job posting.
2. Canadian Experience Restrictions Prohibited
Employers will be prohibited from including requirements related to Canadian work experience in job postings or associated application forms unless prescribed by law. This measure is to promote inclusivity and equal opportunity for all applicants.
3. Closing the Loop: Employers Must Notify Interviewed Candidates
Employers who interview candidates for a publicly advertised position must notify applicants within 45 days of the final interview about whether a hiring decision has been made. This notification can be delivered in person, in writing, or through electronic communication.
Wondering what qualifies as an interview? While the definition is somewhat broad, it generally refers to an in-person meeting or a telephone/video conference (such as zoom, teams, etc.) where candidates are asked questions to assess their suitability for the role. It does not include initial screenings used to shortlist candidates for an interview.
4. Don’t Toss Those Files: New Record Keeping Rules Ahead
Employers will be required to retain records of job postings, application forms, and any information provided to applicant's post-interview for three years. This measure enhances accountability and supports compliance audits.
Staying up to date with changes may not be the most exciting task, but it’s crucial for maintaining compliance and fostering a fair work environment. Now is the time to review your templates, policies, hiring practices, job postings, and more—to ensure readiness for these upcoming changes. A little preparation now can go a long way in keeping your business on track!
Understanding Workplace Accommodation: Employer and Employee Responsibilities
Workplace accommodation has become difficult for employers to manage with vague medical notes and the uncertainty about what information they can request from employees and their medical practitioners. Employers must balance legal obligations to accommodate with respect for employee privacy.
Responsibilities
Employer Responsibilities
- Maintain Communication: Employers have a legal duty to stay in touch with employees on leave.
- Request Medical Information: While employers cannot ask for a diagnosis, they can request prognosis details, including the employee’s abilities, limitations, and restrictions. The best way to receive this information is through a Functional Abilities Form (FAF).
- WSIB Report:
If the injury or illness is work-related, or suspected of being related, employers must report it to the Workplace Safety and Insurance Board (WSIB) within
three business days
*If the workplace is covered by WSIB.
Employee Responsibilities
- Maintain Communication: Employees must keep in touch with their employer/supervisor during their leave.
- Provide Medical Information: Employees must supply objective medical information upon request, so the employer has the necessary information to provide suitable accommodation.
Legal Framework for Accommodation in Ontario
The Ontario Human Rights Code requires employers to provide accommodation for employees. The goal is equal opportunities, access, and benefits in the workplace. This duty protects employees against discrimination based on disability, age, creed, sex, family status, and other protected grounds.
The Duty to Accommodate:
Employers must accommodate employees up to the point of undue hardship. To provide suitable accommodation, employers must have objective medical information from the treating practitioner(s) about the employee’s restrictions and abilities.
Undue hardship is determined based on:
- Significant Cost that would essentially bankrupt the organization
- Health and Safety Risk to the employee receiving accommodation or others
- Availability of Funding from outside sources such as government, grants, insurance
Before claiming undue hardship, employers must demonstrate they have explored all reasonable solutions for accommodation.
Workplace Accommodation
Accommodation can include:
- Modified job duties
- Alternate suitable work
- Adjusting work schedules
- Providing assistive devices
- Modifying the work location or work area
Effective communication and collaboration between employers and employees are essential for successful accommodation.
Individual Accommodation Plans
Each accommodation situation is unique and depends on factors such as:
- Occupational vs. Non-Occupational Illness or Injury
- Family Status Considerations
- Availability of WSIB, Short-Term Disability, or Other Benefits
If you need support with accommodation and managing employee absence or return to work related to an injury or illness, contact the
HR Solutions team at
HRresults@w-u.on.ca.
New Long-Term Illness Leave - Effective June 19, 2025
Effective June 19, 2025, a new unpaid leave, Long-Term Illness Leave, has been introduced. This leave provides eligible employees with up to 27 weeks of leave within a 52-week period.
To be eligible, an employee must have completed at least 13 consecutive weeks of employment and meet the following two conditions:
- The employee is unable to work due to a serious medical condition; and
- A qualified health practitioner has issued a certificate confirming the serious medical condition and indicating the expected duration of the employee’s absence.
Employees are required to provide written notice to their employer as soon as possible when planning to take a long-term illness leave.
Please note:
- The 27 weeks of leave do not need to be taken consecutively.
- The leave may be extended within the same 52-week period with an updated medical certificate, subject to the circumstances.
- Depending on the situation, the employee may also qualify for other types of leave.
It is essential to maintain proper documentation when an employee is taking or returning from leave to ensure compliance and support effective management. If you have any questions or require assistance with managing an employee’s leave, please contact a member of our team.
Supervisor Sentenced to Five Years in Prison
A supervisor was recently sentenced to five years in prison for criminal negligence causing death. The Ontario Superior Court of Justice found that the supervisor’s failure to address reported safety concerns and take reasonable precautions to protect the worker was a marked departure from what a reasonable supervisor would do in the circumstances.
This is the harshest sentence to date for criminal negligence related to workplace health and safety.
It highlights the severe consequences of negligence, emphasizing that supervisors have a legal duty to prevent harm, regardless of whether workers make a formal complaint.
This court decision also reinforces the importance of due diligence and fulfilling the supervisor's duties under the Occupational Health and Safety Act. Click the link below to view the court case and the Ontario Superior Court of Justice decision: 2025 ONSC 845 (CanLII) | R v. Urgiles | CanLII
Ward & Uptigrove has developed a Supervisor Safety Series 1.0: Workplace Health & Safety Due Diligence for Supervisors to serve as a valuable resource to our clients, helping to educate front-line supervisors and managers. Remember, in many cases, you may be both the Employer and the Supervisor.
To learn more about our Supervisor Safety e-learning program: Supervisor Safety Series 1.0 - Ward & Uptigrove
Wealth Management Updates
The Importance of Financial Planning During Economic Uncertainty
Periods of economic uncertainty—like the one we’re facing today—can naturally lead to increased concern about personal finances. Volatile markets, inflationary pressures, geopolitical instability, and shifting interest rates all contribute to a sense of unpredictability. In times like these, having a well-structured financial plan in place can provide both clarity and a much-needed sense of reassurance.
While no one can predict short-term market movements, financial planning allows you to take a step back and look at the bigger picture. A good plan doesn’t rely on timing of market fluctuations. Instead, it’s built around your personal goals, your timeline, and your specific financial needs. More importantly, it can help ensure that you’re not put in a position where you're forced to sell investments during market downturns just to meet cash flow requirements.
Why Planning Matters in a Down Market
The foundation of any good financial plan is a clear understanding of your short-term and long-term goals, and how those goals translate into cash flow needs. For example, if you're retired and drawing income from your portfolio, or if you have an upcoming one-time expense like a home renovation or helping a family member financially, it’s important that these needs are accounted for and backed by appropriate investment choices.
When markets are rising, it can be easy to overlook the structure of your portfolio. But when markets decline, it becomes very apparent how critical it is to have a portion of your portfolio allocated to low-volatility, liquid assets that aren’t subject to sudden drops in value. These investments—often cash equivalents, short-term fixed income, or other stable instruments—can serve as a buffer during market downturns, giving your growth-oriented investments time to recover before being accessed.
Without this kind of structure in place, investors risk being forced to sell long-term growth assets like equities during a downturn—effectively locking in losses that may otherwise have been temporary.
A Plan That Aligns with Your Life
Financial planning is not a one-time event; it’s a living process that evolves with your life and your financial situation. A plan created five years ago might no longer reflect your current priorities, income sources, or obligations. That’s why periodic reviews are so important, especially during uncertain times.
Planning also fosters better decision-making. Rather than reacting emotionally to headlines or market movements, a financial plan gives you a rational framework for evaluating decisions. For many people, simply seeing the numbers—how long their assets are projected to last, what margin of safety is built in, and how short-term needs are protected—can bring a sense of calm and perspective.
Coordinating the Plan with the Portfolio
Financial planning and investment management are most effective when they’re working together. Your portfolio should reflect not just your ability or willingness to take on risk , but your actual cash flow needs—when you’ll need money and how much. That coordination allows for more tax-efficient withdrawals, better asset allocation decisions, and ultimately, more peace of mind.
At Ward & Uptigrove Wealth Management, we work closely with our related investment management company, TriCert Investment Counsel, to ensure financial planning and portfolio design are fully integrated. Proper portfolio construction is very important, and a personalized financial plan provides important information the portfolio manager can use to determine how the portfolio of that client should be built.
While the markets may feel uncertain, your financial future doesn’t have to be. A current, well-structured financial plan can provide the perspective and structure you need to stay focused on what truly matters: your goals, your lifestyle, and your long-term peace of mind.
If you’d like to learn more about financial planning or our approach to helping clients build and maintain a strong financial foundation, feel free to reach out to your Ward & Uptigrove accountant or connect directly with a Ward & Uptigrove Wealth Management advisor.
Health Care Spending Account vs. Group Benefits Plan: What's the Right Fit for Your Business?
As a business owner, offering health benefits is one of the most meaningful ways to attract and retain talent. But when it comes to choosing how to provide those benefits, the options can be confusing. Two of the most common solutions are Health Care Spending Accounts (HCSAs) and traditional Group Benefits Plans—and each comes with its own set of advantages and trade-offs.
Here’s a closer look at how they compare:
What is a Health Care Spending Account (HCSA)?
An HCSA is a flexible, employer-funded account that reimburses employees for eligible medical and dental expenses not covered by provincial health care. The business sets a fixed annual allowance for each employee, and employees choose how to use it.
Key Features:
- Employer sets the annual dollar limit.
- Covers a wide range of expenses (e.g. dental, vision, prescriptions, massage therapy, etc.).
- No premiums—costs are only incurred when claims are submitted.
- Can be used to top up a traditional group plan or offered as a standalone benefit.
What is a Group Benefits Plan?
A Group Benefits Plan is a more structured, insurance-based program that provides a defined set of benefits to employees—typically including health, dental, life, disability, and critical illness coverage.
Key Features:
- Premiums are paid monthly by the employer (and sometimes employees).
- Covers predefined services (e.g. 80% of prescriptions, 100% of basic dental, etc.).
- Offers pooled risk—major costs like drug claims or disability can be covered by the insurer.
- May include long-term security for employees with coverage for serious illness or disability.
Pros and Cons:
| Feature | Health Care Spending Account (HCSA) | Group Benefits Plan |
|---|---|---|
| Cost Control | Employer sets a fixed limit per employee—predictable and flexible. | Monthly premiums can rise year-over-year based on claims experience. |
| Simplicity | Easy to set up and administer; no complex renewals or negotiations. | More administration: renewals require negotiation and review. |
| Flexibility for Employees | Employees choose how to use their funds based on personal needs. | Less flexibility—benefits are defined by the plan design. |
| Risk Protection | Does not provide coverage for major or unexpected events. | Provides coverage for larger claims (e.g. disability, high-cost drugs). |
| Tax Efficiency | Employer contributions are tax-deductible; benefits received tax-free. | Same tax advantages apply. |
| Recruitment & Retention | Attractive to small teams or younger employees with diverse needs. | Often expected by employees in larger companies or certain industries. |
Which One is Right for Your Business?
- HCSA may be a better fit if you:
- Want predictable, controllable costs.
- Have a smaller team or a workforce with diverse personal health needs.
- Prefer simplicity and low administration.
- Group Benefits may be a better fit if you:
- Want to provide comprehensive coverage, including life and disability insurance.
- Are competing for talent where group benefits are expected.
- Have the capacity to manage the administrative and renewal processes
Final Thoughts
Many businesses find that a hybrid approach—offering a traditional group plan with an HCSA to top up coverage—strikes the right balance. Ultimately, the best choice depends on your workforce, budget, and long-term goals.
If you’re considering updating your benefits offering or want to explore which option might make the most sense for your team, we’d be happy to help you evaluate the possibilities.
Staff Updates
We are proud to congratulate the following staff members on their development and progression into new roles.
Agriculture Department
Progressions
Business Department
Progressions
Erin Marshall
Intermediate Accountant
Venice Dela Sierra
Senior Accountant
Congratulations on your retirements!
Ryan Deyell, CPA, CA
Partner
After 25 years of service with Ward & Uptigrove, Ryan Deyell is retiring from the Partnership effective June 30, 2025.
Lee-Ann Tucker
Wealth Management Receptionist
After 28 years of service with Ward & Uptigrove, Lee-Ann Tucker is retiring from the Wealth Management department.
We are thankful to Ryan and Lee-Ann for their many years of contributions to Ward & Uptigrove, and wish them all the best.
Welcome!
We are thrilled to welcome the following new staff members to our team:
Aimen Ali
Junior Accountant
Brandon Kedves
Intermediate Accountant
Charlie Stratford
Intermediate Accountant
Jennifer Biffis
Senior Bookkeeper
As we near the end of Tax Season, please note our office hours below: Hours until April 29th Mon, Tues, Weds, Fri: 8:30 am - 5:30 pm Thursday: 8:30 am - 8:00 pm Saturday: 9:00 am - 12:00 pm Sunday: Closed Hours on April 30th 8:30am – 5:00pm Hours May 1st – May 2nd Closed Hours beginning May 6th Monday – Thursday: 8:30am – 5:00pm Friday: 8:30am – 4:30pm
We are thrilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, Human Resources Manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers
Our team has assembled the most relevant and recent tax, business, and agriculture updates for you in this season's newsletter.
