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

update. (1).png

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

update..png

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!

leadercastwomen3..jpg

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!

Collage-01-01.jpg

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.  

IMG_3021.JPG

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

thanksgivingpost-01.jpg

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!

Run for the Cure HW-01.jpg

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.

HW-Sept27_BLOG.jpg

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!

Hendry Warren Participates in Joint Panel Discussion on Proposed Tax Changes

HW-linkedIn-Post-01.jpg

In a panel discussion put on by CPA Ontario last night, Jacob Milosek of Hendry Warren LLP, Jonathan Charron of HazloLaw and Ted Cook, Director, Tax Legislation Division, Tax Policy Branch, Department of Finance discussed the proposed changes to the taxation of private corporations and the implications for business owners.  Special thanks to Dean Blachford of HazloLaw for his efforts in organizing the event.  If you missed the presentation, check it out the two-part video from the event on YouTube.  Copies of the slides from the presentation are also available on our website in the "Resource" section.

Major Changes to the Voluntary Disclosure Program

Newsletter Picture.jpg

The Canadian Income Tax system can be complex and intimidating. The Voluntary Disclosure Program allows Canadian taxpayers to come forward and correct any previous errors or omissions in their tax affairs. Recent changes proposed by the Department of Finance suggest that the opportunity to avoid penalties will be narrowing at the end of 2017. Our newsletter provides background on the program, as well as a summary of the proposed changes. Consider if you could benefit from the current Voluntary Disclosure Program. If so, act now!

Gearing up for Run for the Cure!

12345..jpg

Hendry Warren staff members will be showing their support in Run for the Cure! A few of our accountants partook in some healthy competition to train for the run. Our first place runner, Spencer, ran 5k in 24 minutes and 20 seconds. We hope to see you at the run on Sunday, October 1st! 

Tax Planning Using Private Corporations: A Fair Proposal?

Ian Hendry  258.jpg

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

Picture1.png

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!

HWLLP_DesignTemplate-LinkedIn25.jpg

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!

Hat 3.jpg

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!

Sarah McK (002).jpg

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.