Tax credits and grants can save you significant employment costs. Do you qualify?

There are a number of federal and provincial tax credits and grants available which can help your business manage employment costs. These programs offer savings for hiring individuals in targeted segments including qualifying co-operative education and apprenticeship programs, and summer and youth employment. This article will discuss the different credits and grants your business may be entitled to.

Avoid Potholes when Purchasing or Leasing your New Vehicle

Purchasing or leasing your new vehicle is full of choices and can be overwhelming. This can be even more challenging if you own a business where choices go beyond whether to buy the sporty roadster or the practical family vehicle.  You will have to navigate challenging questions such as: what impact will purchasing versus leasing a vehicle have on my business?  There are a number of different factors that influence these decisions which will be discussed in this article.

Where were you?

This Friday we are taking a walk down memory lane to June 2013.  This time four years ago, our current building at 881 Lady Ellen Place was purchased and the construction began.  It was all hands on deck for the construction and the partners were no exception.  We managed to locate this picture of Nancy Nicks, one of the current partners at Hendry Warren LLP, rocking a pink hard hat but the pictures of Ian Hendry and Dan Warren in their respective pink gear have mysteriously disappeared.

Hendry Warren Supports 10th Annual Barrhaven Run for Roger Neilson House

Hendry Warren is proud to sponsor the 10th annual Barrhaven Run in support of Roger Neilson House which will be hosted on Saturday June 10th, 2017. Roger Neilson House is dedicated to providing compassionate, loving and skilled palliative care to support the needs of children, youth and their families in the National Capital Region and beyond.   Located on the grounds of CHEO, Roger Neilson House’s facility provides a home-like environment for children and their families. For information on how to participate in the run in support of Roger Neilson House, visit www.barrhavenrun.com

Self-Employed Filing Deadline

Back in February our office was visited by Olympic Gold Medalist Erica Wiebe. Ottawa native Erica is the reigning Olympic champion in the women’s 75kg freestyle. She is also the current champion in the same weight class at the Commonwealth games, having won the gold medal in Glasgow, Scotland in 2014.

Our gold medal staff is currently wrestling with self-employment tax returns. We’ve been training all year for this season. Bring us your tax returns and let us doing the heavy lifting for you. Filing deadline is June 15, 2017.

May 2017 – Importance of Business Valuations

Tax planning for privately held corporations is an efficient method to achieve income splitting goals, planning for business succession, estate planning and many other opportunities. The Income Tax Act allows for various accepted strategies to achieve these goals, subject to a number of criteria. A common theme involves the determination of the fair market value of the shares of a privately held corporation. This newsletter outlines the risks and provides insight into the importance of a business valuation in avoiding these tax planning pitfalls.

Congratulations to Ian Hendry!

In May 2017, the Roger Neilson House presented a certificate of recognition to Ian Hendry for his outstanding service and contribution as a volunteer with them.  Ian has been involved with the Roger Neilson House from its very early stages eleven years ago and joined the Board of Directors approximately eight years ago.  Ian’s contributions to the community are an inspiration to us all – congratulations Ian!

Go Sens Go!

In an effort to show our support for the Ottawa Senators in Round 3 of the playoffs, Hendry Warren LLP has implemented a “Jersey Day Friday”.  Staff members showed off their hockey spirit with their Sens or Team Canada jerseys.  Go Sens Go!

Kicking off the 2017 Softball Season Right

The two-time defending champions Hendry Warren Current Liabilities kicked off their 2017 softball season in convincing fashion last night with a 15 – 9 victory.  The team will play every Tuesday night over the summer.  Best of luck to the team on another successful title defense!”

Loaves & Fishes Fund of Ottawa Carleton

On Saturday, May 6th, some of the partners and staff of Hendry Warren attended the annual fundraising gala for the Loaves & Fishes Fund of Ottawa Carleton.   This organization’s mission is to establish and maintain free daily meal services to our disadvantaged, underprivileged and homeless neighbours living within our community.  Over the years, the fund has helped raise over $750,000 in this regard.   For more information about this great charity, you can check out their website at www.loavesandfishesottawa.org.

Closed May 2nd

The 2016 personal tax season for most of our clients has come to a close on May 1st at 5 pm. Prior to the commencement of the 2016 tax season, our annual T1 Pool was created where participants guess how many returns will be completed by the last day. Prizes were awarded to the Top 3 picks at a celebratory dinner last night.

A big thank you to all of our team and to our clients who helped set another new record. We will be closed today for a much needed day off and back in the office Wednesday, May 3rd and 8:30 am.

To our departing co-op students, best of luck as you return to school!

No Holiday For Your Tax Preparer

While the Hendry Warren staff worked through much of the Easter long weekend on your personal taxes, a group of the staff did get together for a holiday dinner on Saturday evening. Two 25 pound turkeys and all the fixings were on the menu. While the last few weeks of April are the busiest time for us, we always find ways to relax and unwind!

The April 30th Personal Tax Deadline is Approaching… Are You Ready?

The deadline to file your 2016 personal tax return is fast approaching. With just 16 days until the personal tax filing deadline, we have put together a list of common personal tax questions and answers to help you get your taxes completed on time. You can find the latest addition to the Hendry Warren Chronicles here. We have answered your questions including how to protect yourself from fraud, make payments with the Canada Revenue Agency and how long to keep your records. In addition, we have a number of other personal tax resources on our website to help.

To facilitate you dropping off your tax information to us, and picking up your returns when they are ready, from April 17th to April 28th, we are extending our office hours. We will be open from 8 am to 5:30 pm.

Team Building at Laser Tag

Team building, stress relieving and a lot of fun – our annual Laser Tag event was Thursday March 29, 2017. The whole office came out for a great night and we are now energized to tackle all your personal tax returns by April 30th!

Tax Season Fueling

We are in the thick of personal taxes, and we are working hard for you. That takes some serious fueling. These chocolate filled croissants are a tax season staple every Friday morning. We need to keep our strength up. Have you dropped off your personal taxes to us yet? Let us do the hard work for you, we’re ready!

HST and The Self-Employed

Our March edition of the Hendry Warren Chronicles on whether you should be charging HST is now available here. Many self-employed individuals unwittingly run afoul of the HST rules, not realizing they should have registered until it is too late and they owe the Canada Revenue Agency for taxes they should have collected, but did not. For a brief outline of the HST rules, see our newsletter. If you think you may have to register, contact us, and ensure you get complete advice for your situation.

Free Tax Clinic

The 2017 CPA Tax Clinics are a free service run by volunteers from all levels of CPA firms and is offered to seniors and low-income individuals. Hendry Warren has volunteered for many years to help people who have a low income prepare their tax returns. We are proud to be participating again this year at 2 clinics in Ottawa.

Our first tax clinic was a success! Over 25 returns completed at the Jack Purcell Community Centre on Wednesday, March 15, 2017. We are looking forward to our next one on Thursday, March 23, 2017, at Hampton Court this week. We hope we can exceed Wednesday’s number of returns prepared. Stop by and say hello! 

Dan & Ian Speaking Engagements

On March 7, 2017, Ian Hendry participated in a Smith School of Business event at Queen’s University in Kingston Ontario.  The audience included students from the Bachelor of Commerce classes of 2016 through 2020, interested in pursuing their CPA designation after graduation.   Ian’s presentation was entitled “Does Public Practice in a Mid-Size CPA Firm Make Sense for You?” Over 50 students attended along with two other CPA presenters from industry.

Ian Hendry and Dan Warren were both invited to participate in a Chartered Professional Accountant Speaker Panel presented by the Accounting Club of the Telfer School of Management at Ottawa University on March 13, 2017. The topic being addressed by the panel was the numerous career opportunities available to students who pursue their CPA designation.  

It was a great opportunity for both Dan and Ian to connect with their alma maters and exchange ideas with future members of our profession.

Hurry Hard!

Hendry Warren reveals its A-team – set to participate in the Business Development Bank of Canada’s Curling Bonspiel, on Wednesday, March 14, 2017, at the Nepean Sportsplex.  Dan, Nancy, Jacob and Todd looking forward to some friendly competition with the hopes of bringing home some hardware! 

Deadline Reminder: 2016 EHT Returns

As a general rule, if your company is an employer and paid Ontario salaries greater than $450,000 in 2016 you are required to file an Employer Health Tax Return ("EHT Return") with the Ministry of Finance by March 15, 2017. This $450,000 threshold on salaries must be shared amongst associated companies, meaning that if you own multiple companies and their combined salaries are greater than $450,000 you would be required to file EHT Returns for both companies.  For more detailed guidelines and how it may apply to your company, you can visit the Ontario Ministry of Finance’s website or contact our office at 613-235-2000.