Tax Planning Using Private Corporations: A Fair Proposal?

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One of Hendry Warren’s founding partners, Ian Hendry, wrote a letter to Finance Minister Bill Morneau addressing his concerns with the Department of Finance's discussion paper issued on July 18, 2017. He discusses in his letter the fairness of the proposal as it relates to Canadian entrepreneurs. We invite you to read this letter here.

The Government has invited Canadian taxpayers to submit comments by October 2, 2017 on these proposed changes. We encourage small business owners to be proactive and have their voices heard. Contact your local Member of Parliament and respond to the Department of Finance‘s proposal with your views and concerns. You can visit the “Resources” section of our website for detailed information on how to respond. If you plan to reach out to your Member of Parliament, you can find their name and contact information on the House of Commons website.

7 Best Practices for Small and Mid-Sized Not for Profit Organizations Looking to Establish Strong Internal Controls

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For many small and mid-sized not-for-profit organizations (NPOs), the safeguarding of organizational assets from fraud and misuse, as well as managing the organization’s financial risks, are often touted reasons for wanting to develop and implement a strong system of internal control.   Boards and Executive management of NPOs must often balance this desire for strong internal control against both budgetary and human resource constraints.  Despite these challenges, management and those charged with governance can still establish effective policies and procedures to effectively manage the risks of financial loss without compromising operational agility or efficiency.

This months newsletter describes 7 best practices for NPOs looking to establish strong internal controls.

Major Tax Changes Affecting Small Businesses Ahead – Make Your Voice Heard!

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On July 18, 2017, the Federal Government released a discussion paper outlining proposed significant tax changes that will impact tax planning for private corporations and their shareholders. In a joint presentation last night, Hendry Warren LLP, LaBarge Weinstein LLP and Raymond James Ltd. discussed the highlights of the discussion paper and its related implications, the planning opportunities available to taxpayers and the different ways people can make their opinions about the proposals known as part of the consultation process.  We have posted the slides from last night’s presentation on our website for those who could not attend or are looking for more information . We have also included an open letter to Finance Minister Bill Morneau written by one of the firm’s founding partners, Ian Hendry, outlining Hendry Warren’s concerns with the proposals.

The Government has invited Canadian taxpayers to submit comments by October 2, 2017 on these proposed changes. We encourage small business owners to be proactive and have their voices heard. Contact your local Member of Parliament and respond to the Department of Finance‘s proposal with your views and concerns. You can visit the “Resources” section of our website for detailed information on how to respond to the Department of Finance’s proposals. If you plan to reach out to your Member of Parliament, you can find their name and contact information on the House of Commons website.

6 Tips for Millennials to Succeed in Accounting

You’re passed your exams, you’ve got the drive. You’re ready to take the accounting world by storm!

But, there’s just one problem. How do you go about doing that? How can you make sure that you find a “work home” that fulfills all your ambitions and gets you excited to get to work?

Here are some of our favourite ways that millennials can stand out from the crowd and grow in their accounting careers!

Putting Our Accounting Hats Back On!

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As families gear up for back to school, the staff of Hendry Warren are trickling back into the office after summer vacations refreshed and revitalized and ready to assist our clients with their accounting, taxation and financial reporting needs.   The Hat, however, appears to be enjoying its travels and sent back a great photo of Cologne, Germany.  No sign of a return date for that member of the HW team!

Welcome Back, Sarah McKeown!

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On September 5th, we’ll welcome Sarah back to Hendry Warren. Sarah has been away on sabbatical for 15 months spending her time, for the most part, volunteering in Norway.  Her smiling face and technical skills have been sorely missed since the summer of 2016.  We look forward to her return to the HW team.

Throwback Thursday

On August 21, 2014 the HW staff gathered together to raise funds for charity and for a refreshing break from work.   Our own version of the Ice Bucket Challenge to raise funds for ALS research took place on our front steps.   26 of our staff took a very cold shower and raised funds for a good cause.  The Challenge raised over $115 Million for ALS research, and HW was happy to play a small part in that, raising over $3,000.

Networking With a View

In July, Hendry Warren co-workers; Trina, Shaina, Cameron, and Brock of our office attended GenNEXT’s Rooftop Mix and Mingle, on the roof top patio of Telus House Ottawa.  United Way works alongside GenNEXT’s volunteer cabinet to organize networking and fundraising events tailored to people in their 20s and 30s.  This is an excellent opportunity for young people to get out and meet new people, understand the different needs in their community, and learn where they can make the biggest impact.  Keep an eye out for GenNEXT’s upcoming events to find out how you can make a difference. We hope to see you there.

No Sun...No Problem!

Although the sun abandoned us early at the annual summer cottage party this year, a quick getaway to the porch meant a rousing game of rumoli, friendly poker, and a guitar jam session.   Fun was had by all despite the unpredictable weather.   One more way the team at HW likes to relax, unwind, and get to know each other better.

Come Join Our Team

Hendry Warren is currently recruiting senior CPA candidates to grow both our accounting and assurance, and tax teams.  The successful candidates will be qualified CPA’s with a desire to join a dynamic, growing firm, with opportunities for career advancement.

As a firm, Hendry Warren works primarily with owner managed businesses and not-for-profit organizations in the Ottawa area and is committed to being Ottawa's trusted source for accounting, audit, tax and financial planning services. Hendry Warren also respects that our staff have lives outside of work. Our valued employees enjoy the work environment provided in our office as well as participating together in various community service and extracurricular activities around Ottawa. And… Softball skills are considered an asset!

For more information on this opportunity, please visit our Careers webpage.

Consulting Canadians!

Provide your Feedback on Major Changes Affecting Private Corporations

If you have heard about recent changes proposed by the Liberal Government or have read our July Newsletter “Major Tax Changes Affecting Private Corporations”, you may be wondering how to provide your feedback.

The Government has invited Canadian taxpayers to submit comments by October 2, 2017. Feedback can be submitted via email to fin.consultation.fin@canada.ca. We will be submitting feedback as tax and business advisors of private corporations and we encourage the small business community to reach out and provide their feedback as well.   Information on how to provide your feedback can be found “here” on our resources page.

West Ottawa Board of Trade – Networking Breakfast - July 27, 2017

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Hendry Warren is a proud member of the West Ottawa Board of Trade. Sarah Springate and Robin Lawrence from our office will be attending their networking breakfast this Thursday, July 27th at Stonebridge Golf & Country Club. The breakfast will feature a discussion and update on the Board of Trade’s West Ottawa Living publication. This breakfast will be a great opportunity for Sarah and Robin to connect with the West Ottawa business community and they hope to see you there!

To learn more about the West Ottawa Board of Trade or their West Ottawa Living publication please visit their website. (http://westottawabot.com/).

Major Tax Changes Affecting Private Corporations

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On July 18, 2017, the federal government released a discussion paper outlining proposed significant tax changes that will impact tax planning for private corporations and their shareholders.  The paper focuses on three main issues: 1) income sprinkling, 2) holding passive investments inside of a private corporation, and 3) converting a private corporation’s regular income into capital gains.  This month’s newsletter summarizes the highlights of the discussion paper.

Here We Grow Again

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Hendry Warren is expanding its footprint once again to make room for new talent. Almost four years after moving into 881 Lady Ellen Place, HW has now expanded over the entire main and upper floor of the building. David Ienzi and Nancy Nicks swapped their computers for hard hats to check in on the construction of our new space.  

Office Hours – July and August

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Let the summer begin! 

With the official end of busy season, the staff at Hendry Warren LLP will now be able to enjoy some well-deserved rest and relaxation. Beginning Friday, July 7th our office will be closed at 1:00pm on Fridays through to the end of August.

Our regular hours for the rest of the week are 8:30am to 5:00pm.

Transactions Inc.

We are pleased to announce that on July 1, 2017, Hendry Warren acquired Transactions Inc., a firm which specializes in offering bookkeeping solutions to the Ottawa marketplace.  Transactions Inc. has relocated to Suite 102, in the lower level of 881 Lady Ellen Place.  With this acquisition, the Hendry Warren Group will be able to expand its bookkeeping services and provide seamless service to clients that require income tax planning and compliance, valuation services or assurance reporting.  Should you have any questions about the services offered by Transactions Inc. or Hendry Warren, please do not hesitate to contact us or visit their website at www.transactionsinc.ca