Ontario Fall Economic Statement

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On November 10, 2017 the Ontario Ministry of Finance tabled their 2017 Budget.  Highlighted in the Budget was Ontario’s plan to reduce the small business corporate income tax (“CIT”) rate from 4.5% to 3.5% effective January 1, 2018.  This, in conjunction with the proposed Federal small business CIT rate reductions announced by the Federal Liberal Government on October 16, 2017, will bring the combined small business CIT rate to 13.5% and 12.5% effective January 1, 2018 and January 1, 2019, respectively.

This is good news for corporations subject to the small business CIT rate that plan to reinvest directly in their business,  by reducing their immediate tax liabilities to allow for larger up-front investments.  However, with reductions in the small business CIT rate comes increases on the related personal dividend income tax rates when the funds are ultimately withdrawn from the corporation by the owner.   Contact our office to discuss how these changes might impact your business and your remuneration strategy.

For more details on the 2017 Ontario Budget you can visit https://www.fin.gov.on.ca/en/budget/ontariobudgets/2017/ .

Beware of Fake CRA Phishing Scams This Holiday Season!

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With the Holidays just around the corner, the RCMP have noted an increase in the number of reports of individuals falsely identifying as Canada Revenue Agency (CRA) employees. A couple of tips to help stay safe this holiday season are:

  • Always ensure you are speaking with an actual CRA employee before giving out any confidential information including your S.I.N. If you are not sure you are speaking with an actual CRA agent, ask for their phone number and agent ID and call CRA at 1 (800) 959-5525 to verify their authenticity.
  • Do not respond to emails from CRA. CRA will not send you emails for balances due or refunds available.
  • If you receive a suspicious phone call or email from CRA and wonder whether it is authentic, give your accountant a call so that he or she can advise you.

Canada's 5th Season!

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At Hendry Warren, something that many people may not know is that our staff members have a love for the sport of hockey. Although many of our staff don’t agree on which Canadian NHL hockey team is the best, one thing they can all agree on is that every child who wants to play minor hockey should be given the chance to do so. For the second year in a row, Hendry Warren has sponsored a minor hockey team in Stittsville. This year’s Novice A house team, the Stittsville Wolf Pack will be proudly wearing the Hendry Warren name on their practice jerseys. We can’t wait to see how these 16 young boys flourish playing a sport they all truly love. There’s no better way to shape the athletes of tomorrow than to invest in their talents today!

Preparing for the Holiday Season!

The holiday season is fast approaching and along with the celebrations, family time, and delicious food, comes the draining of our bank accounts. To give perspective on how much Canadians actually spend during the most wonderful time of the year, we've put together some of the top holiday spending stats!

 
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Hendry Warren Mixes and Mingles at Schmoozefest 2017

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Hendry Warren accountants enjoyed a spectacular night of good food, drinks, and networking at Schmoozefest 2017. Schmoozefest is an event put on by United Way Ottawa’s GenNext, an initiative which aims to build awareness of community needs and volunteer opportunities amongst Ottawa’s philanthropic youth. GenNext Ottawa puts on several events throughout the year. We look forward to seeing you at the next one!

Distinctive Women - Empowered Women Making a Difference

Once again, Nancy Nicks has been featured in the annual Distinctive Women publication. Distinctive Women is a national magazine designed to showcase, connect and empower female professionals, leaders and entrepreneurs across Canada. 

As a Partner and leader in the Firm, Nancy is an excellent role model for the younger women and men working at Hendry Warren. 

You can view Nancy's full feature on Distinctive Women's website

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Movember Begins at Hendry Warren

It's that time of the year again... The costumes are off and the mustaches are ON!

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This year, Hendry Warren is helping raise awareness for Men's Health by participating in Movember! Movember has grown in popularity since it's launch in 2004, and has raised over $839 MILLION through organizations like ours to fund research and spread awareness.

Check out our Super Stash Brothers page to donate to this incredible cause and help us reach our goal of $5,000! At the end of the month, we'll show you our progress.

You can view the HW Super Stash Brothers Movember page here

Having a Blast at the Movers and Shakers Event!

On October 17th, several staff members attended the Ottawa Chamber of Commerce's “Movers and Shakers” event hosted by Red Moose Realty, Inc. at the  Kichesippi Beer Co. Red Moose Realty is an up and coming independently owned and operated Brokerage serving the Ottawa Community. Thank you for hosting a terrific event! Look for the Hendry Warren team at future events!

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Meet one of our Managing Partners, Marie Fraser!

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Ladies and gentlemen, please meet Marie! As one of our managing partners, Marie's expertise is in financial accounting, auditing, not-for-profit reporting, and financial planning. Fun fact - she's also incredibly involved in the community, including serving as the volunteer treasurer for Dress for Success – National Capital Region, and as a member of the WXN and Women for Mental Health. Thanks for being an amazing role model Marie!

Hendry Warren Football Fans Take to the Streets of Philadelphia!

Over the Thanksgiving weekend, a handful of Hendry Warren’s finest passed on the turkey to catch an NFL game at Lincoln Field, home of the Eagles! A trip to the Liberty Bell, a race up the Rocky steps at the Arts Museum and a pit stop at Geno’s for some authentic Philly cheese steak rounded out the road trip. You’re supposed to be cheering for the Redblacks fellas!

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UPDATE - Department of Finance Press Release on Small Business Tax Changes

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On October 18, 2017 the Department of Finance issued a press release to provide an update on the proposed tax changes. Please visit the following link for more information about today’s release: http://www.fin.gc.ca/n17/17-099-eng.asp . Finance Minister Bill Morneau provided an update on the taxation of passive investments within private corporations.  These changes are still proposals and are not yet in force.  Proposed legislation for these changes are expected with the 2018 budget.  The highlights of the Department of Finance's announcements are as follows:

  • $50,000 threshold on passive investment income per year that will not be subject to the proposed higher tax rates on passive investments in private corporations
  • Previously accumulated passive investments inside private corporations will not be subject to the $50,000 and will be ‘grandfathered’ along with any income earned on these investments in the future

Our dedicated team of professionals have been working hard to advocate and advise our clients on navigating the proposed legislation since it was unveiled on July 18, 2017. We anticipate more updates to be announced throughout this week. Amended proposed legislation has not currently been provided by the Department of Finance. As more details become available, we look forward to working with our clients and community to address the new tax landscape.

UPDATE - Department of Finance Press Release on Small Business Tax Changes

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On October 16, 2017 the Department of Finance issued a press release to summarize announcements made by Prime Minister Justin Trudeau and Finance Minister Bill Morneau. Please visit the following link for more information about today’s release http://www.fin.gc.ca/n17/17-097-eng.asp . Prime Minister Trudeau committed to offering additional clarification on specific topics at events celebrating BDC Small Business Week throughout the remainder of the week.

Our dedicated team of professionals have been working hard to advocate and advise our clients on navigating the proposed legislation since it was unveiled on July 18, 2017. While today’s announcement suggests changes are forthcoming, we eagerly anticipate clarification on these matters. Amended proposed legislation has not currently been provided by the Department of Finance. As more details become available, we look forward to working with our clients and community to address the new tax landscape.

3 Ways to Teach Your Kids Money Skills

Good financial skills are very important in life, so it’s never too early to teach your kids about the value of money! The earlier they learn how to handle their finances, the more prepared they’ll be for life later down the road.

That’s why we’ve put together three fun and easy ways you can introduce money to your children. Enjoy!

Leadercast Women: Powered by Purpose!

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Trina and Robin of our office attended the first Leadercast Women event on October 5th at the Cisco building in Kanata. They heard from driven female leaders, each wildly successful in their respective industries, who added their unique insight on how to be “Powered by Purpose” in both the workplace and in one's personal lives.

The event was a great initiative from Leadercast and was brought to Ottawa via live stream from Atlanta, Georgia all thanks to a network of women across the National Capital Region.

The day was filled with awe-inspiring motivational presentations and encouraged making local connections with other strong and ambitious Ottawa women looking to be powered by their own purpose.

The Difference is Real When Giving Someone a Meal!

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What started out as a simple challenge amongst the Hendry Warren and Transactions Inc. team turned into much, much more! When we challenged our staff to raise food donations for the Ottawa Food Bank in the spirit of Thanksgiving, we had no idea that our community would come together to help us out in such a large way. A big thanks to Italfoods for donating two skids of food and their truck for transportation as well as La Bottega Nicastro and all of our other community supporters for their generous contributions. Not only did we far exceed our goal, but we also had fun doing it. We can’t wait for next year to bring more food to our local Ottawa community.  

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It's Time for Our Annual Hendry Warren Food Drive!

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With Thanksgiving just around the corner, it's time for the Hendry Warren Food Drive for the Ottawa Food Bank. The Hendry Warren team will be embracing a holiday that celebrates generosity, gratitude, and compassion by working together in teams to collect donations until this Friday, October 6th.

Last year we collected and donated over 570 lbs of food! We hope to do our best to surpass our total from last year and give back to our community. Have a safe and Happy Thanksgiving, folks!

Showing Our Support at Run for the Cure!

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Whether setting 5km personal records or enjoying quality time with family walking along Ottawa’s parkway, together the Hendry Warren Running Tallies participated in CIBC’s Run for the Cure on October 1st, 2017 along with over 100,000 other Canadians across the country.

We had our best turn out to date this year with 28 team participants who together raised over $4,600 with the help of family, friends and community, all of whom we would like to thank!

The run is Canada’s largest single day, volunteer-led fundraising event dedicated to raising funds for breast cancer research, education and health promotion initiatives.

"When One Teaches, Two Learn" - Robert Heinlein

Earlier this month, two of our administrative staff members - Treasa Baker and Michelle Hebert - attended a CaseWare Fundamentals training course in Mississauga that was presented by BAI. CaseWare is a software used by accounting, auditing, financial, risk and governance professionals. The software is used in 130 countries and available in 16 languages.

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After a trip on the train, room service consisting of French fries and quinoa salad and a good night's sleep, Treasa and Michelle were up bright and early to attend the day-long course. They brushed up on their skills and learned the newest tips and tricks that the software has to offer.

These two are ready to polish your financial statements!