04 May, 2021

On April 19, 2021, the Minister of Finance released the 2021 federal budget. There has been no change in terms of income tax rates or the capital gains inclusion rate. However, other new tax measures are summarized below. 

09 Mar, 2021

On March 3, 2021, the government announced its proposed extension for the wage subsidy program ("CEWS") and rent subsidy program ("CERS"). The main changes are as follows:

11 Feb, 2021

Olivia Fei CPA - Tax Manager

Our lifestyle as we know it has changed as a result of the pandemic. People are embracing the idea of working remotely from home, studying at "Zoom" school, and shopping online. The traditional economy has been hit hard by the pandemic, whereas e-commerce has advanced.

18 Jan, 2021

Kristine DelRosario - Tax Associate

Although the work from home culture was not unusual prior to the current pandemic, it wasn't until the peak of the COVID-19 outbreak that it surged.

07 Jan, 2021

The Federal and Ontario governments have recently released various updates on existing and new government assistance programs including the following:

17 Dec, 2020

This holiday season is unique, to finish off a year unlike any other. During this time, we would like to express our gratitude for your ongoing support as we adapted to this unprecedented year.

20 Nov, 2020

Shawn Rosenzweig CPA, CA, B.Sc - Accounting Partner

During the times of COVID-19, a number of companies have and will continue to make use of the Canada Emergency Wage Subsidy (CEWS). 

18 Nov, 2020

On October 9, the government proposed the new CERS program to replace the current rent subsidy program. The new rent subsidy would be available retroactive to September 27, 2020, until June 2021. The new rent subsidy would provide benefits directly to qualifying renters and property owners, without requiring the participation of landlords.

30 Oct, 2020

The Canada Emergency Business Account (CEBA) provides a $40,000 interest-free loan, with potentially $10,000 being forgivable in the future. In October 2020, the government announced an expanded CEBA program that will provide an additional $20,000 interest-free loan, with potentially another $10,000 being forgivable.

26 Oct, 2020

Tax Team

For 2021 and subsequent taxation years, non-resident trusts that currently file a T3 return and express trusts (i.e. family trusts) that are resident in Canada will be required to provide additional information on an annual basis. As a result, these trusts will be required to file an annual T3 return even where one is not currently required.

23 Oct, 2020

On October 14, the government announced the extended Canada Emergency Wage Subsidy (CEWS) program which extends the current CEWS to June 2021. The intention is to provide more assistance to businesses and workers who are suffering from the pandemic.

19 Oct, 2020

Olivia Fei, CPA - Tax Associate

With a partial change of use of a property from a principal residence to rental, there may be a deemed disposition. If this occurs, any difference between market value and original cost on the portion of the property which changed in use, could be subject to tax when sold.

14 Oct, 2020

The government plans to introduce legislation to help businesses get through the second wave of COVID-19 pandemic as follows.

08 Oct, 2020

Shawn Rosenzweig CPA, CA, B.Sc - Accounting Partner

Kristine DelRosario CPA, CA - Tax Associate

In efforts to modernize the real estate legislation and to raise professional standards, the Ontario government introduced the Trust in Real Estate Services Act 2020. Real estate agents can now incorporate as of October 1, 2020. This will provide multiple financial benefits for real estate agents, including better tax rates, tax deferrals and income splitting opportunities.

30 Sep, 2020

Kasim Tanvir, CPA, CA, CGA - Accounting Associate

If you are running a business, it is important to know what kind of financial statements you need and when. Therefore, it is essential to distinguish between the three types of engagements and the level of assurance each provides to determine which one is best for you.

17 Sep, 2020

Shawn Rosenzweig, CPA, CA, B.Sc. - Partner

While facing COVID-19 financial challenges, tax planning may not be your top priority. However, putting tax strategies into place could help you save money during today's economic environment.

21 Jul, 2020

The federal government has proposed to extend the Canada Emergency Wage Subsidy (CEWS) until December 19, 2020.

17 Jun, 2020

This update is related solely to the 4th CEWS eligibility period, which runs from June 7 to July 4, 2020. An update for the 5th and 6th CEWS eligibility periods (July 5 to August 1, and August 2 to August 29) is yet to be announced.

26 May, 2020

The application portal to apply to CECRA opened on May 25, 2020 for property owners through the following link:

20 May, 2020

The Federal Government of Canada has made changes to the previously announced CEWS and CEBA. The following is a summary of the changes.

08 May, 2020

Franca Gulotta - Accounting Associate

COVID-19 has meant that a lot of us are working from home. The time saved commuting (or having active social lives) has led many of us to tackle things we never had the time for before, such as learning a new recipe or spring cleaning. Here is a suggestion for your next item on your to-do list: Let's get those taxes filed!

06 May, 2020

The following provincial tax and fiscal measures were announced in addition to the federal measures in order to mitigate the economic impact of the COVID-19 pandemic. The Ontario measures may continue to be updated frequently by the government.

29 Apr, 2020

Shawn Rosenzweig, CPA, CA, B.Sc. - Partner

Many unknowns remain from COVID-19 and the impact it will have on small and medium-sized businesses in Canada and around the world. For business owners, the challenges can be particularly difficult and it becomes crucial to be proactive and respond rapidly. 

27 Apr, 2020

The following is our update on the Canada Emergency Student Benefit (CESB) and the Canada Student Service Grant (CSSG).

24 Apr, 2020

The following is our update on the Canada Emergency Wage Subsidy (CEWS), the Innovation Assistance Program (IAP) and the recently announced Canada Emergency Commercial Rent Assistance (CECRA).

21 Apr, 2020

William Wedlock, CPA, CMA - Accounting Associate

COVID-19 has created great uncertainty in Canada and around the world. While we are currently unclear of the long-term impact, one thing is for certain - all Canadians will still be required to file their 2019 personal income tax return. 

16 Apr, 2020

Today, the government announced it will be expanding the CEBA loan program.

13 Apr, 2020

On April 11, 2020, Parliament passed the proposed Canada Emergency Wage Subsidy (CEWS) into law.

We had previously written about the CEWS in detail on our April 8th update. We will focus on the changes in this update, as well as provide you with the link to the full details on the subsidy.

08 Apr, 2020

Today, Prime Minister, Justin Trudeau, announced changes to the previously announced 75% Canada Emergency Wage Subsidy, which originally required businesses to show a 30% drop in revenue compared to the same time period last year.

Businesses will now only have to show a 15% decline in revenue for the March period. The revenue decline requirement remains 30% for the April and May periods.

01 Apr, 2020

Today, Finance Minister, Bill Morneau, announced the following details of the proposed Canada Emergency Wage Subsidy:

24 Mar, 2020

As of 11:59 pm on Tuesday, March 24, only businesses considered essential workplaces will be allowed to remain open in Ontario during the COVID-19 crisis. Here are some of the categories of workplaces on the essential list:

18 Mar, 2020

What should you be doing? How can SBLR help?

We wanted to let you know of recent developments from the Government of Canada, and how we can continue to support you during these difficult times. 

17 Feb, 2020

Leslie Du - Accounting Associate

The new tax rules related to the passive income grind of the small business deduction ("SBD") apply to corporations with a taxation year that begins on or after January 1, 2019. Under the new rules, passive investment income earned by a Canadian controlled private corporation ("CCPC") can have a negative impact on the corporation's ability to claim the SBD.

15 Jan, 2020

Nicole McLaren - Accounting Associate

A TFSA is a type of account granted in Canada, which allows investment income to be earned and withdrawals to be made by an individual without any tax consequences. For example, any interest or dividends earned on funds within a TFSA can be withdrawn on a tax-free basis. This type of account encourages and helps individuals save money for the future.

13 Jan, 2020

Passing the CPA Common Final Exam (CFE) is no small accomplishment, and it is our pleasure to celebrate the SBLR Team Members who have worked so hard to reach this milestone.

06 Jan, 2020

Cary Selby, CPA, CA - Managing Partner

In part 1 of this blog, we discussed a real-life situation that our firm had encountered with a client whose sole focus was on growing sales. The client cut prices significantly, however, the price cuts were not offset by reductions in product costs, and also resulted in significant increases in overhead expenses. Within three years, a once highly profitable business was forced into bankruptcy.

04 Dec, 2019

Amir Ortas, CPA - Accounting Manager

Starting a business could be stressful and challenging. In addition to setting up the logistics and developing a potential client base, entrepreneurs must consider all of the government administrative requirements of owning a business. If these requirements are not complied with, it could become very costly.

13 Nov, 2019

Cary Selby, CPA, CA - Managing Partner

Many years ago, our firm was asked to take over as accountants for a profitable distribution business. The business had been run successfully for well over 25 years. As the founder moved towards retirement, he brought his son (Junior) into the business to eventually succeed him as President and CEO. The business continued to thrive, with growth averaging about 5% per year.

22 Oct, 2019

Howard Lerner, CPA, CA, FCA (UK) - Partner

At SBLR we see many companies not wanting to commit resources to have employees but would rather engage independent contractors. Of course the reasons for not wanting to have employees are many: from administration, vacation pay, legal responsibility, payroll taxes to remit monthly (with severe penalties for late payment), and many more.

01 Oct, 2019

JingJing Shen, CPA - Accounting Associate

Canada Revenue Agency (CRA) randomly selects taxpayer's return to do pre or post assessment reviews to ensure the return was filed accurately. The following items are frequently reviewed, so be prepared with supporting documents.

25 Sep, 2019

Shawn Rosenzweig CPA, CA, B.Sc - Accounting Partner

In efforts to build a clean economy, Ottawa is incentivizing Canadians to take a step that would give them the opportunity to reduce taxes while helping the environment.

17 Sep, 2019

Frank Bilotta CPA, CGA - Tax Partner

A properly designed estate plan will ensure that your financial objectives provide tax minimization on: income earned during your lifetime, dependant income provided after your death, transfer of your wealth on death, and asset protection

09 Sep, 2019

Hafsa Sharif, CPA, CA - Accounting Associate

Paying tax bills could put a major dent in your pocket, making it difficult to reach your financial goals. Below are 5 great ways to reduce your tax bill.

04 Sep, 2019

William Wedlock, CPA, CMA - Accounting Associate

Gone are the days of maintaining your books by hand in a ledger. The big names in bookkeeping solutions such as Intuit and Sage have spent the last few years moving their resources away from their desktop platforms, focusing on new online platforms instead under the guise of "Cloud Bookkeeping".

27 Aug, 2019

Christeen Richards, CPA, CA - Accounting Associate

A common question posed to many accountants is, "Should I purchase my vehicle or lease it?". The answer to this loaded question is not a "yes or no", but rather an "it depends". This question is usually followed by the all-important question, "Do I buy the vehicle personally or through the corporation?". This latter question is jam-packed in itself and can be dealt with at another time.

20 Aug, 2019

David Reine, CPA, CA - Accounting Partner

Much has been made recently about the selling of residential real estate and the need to report those sales to the Canada Revenue Agency (CRA). What is not always fully understood, when is the sale tax exempt (where an individual claims the principal residence exemption), 50% taxable (where the sale is considered to be a capital gain) or 100% taxable (where the proceeds are considered to be on account of business income).

06 Aug, 2019

Kasim Tanvir, Accounting Associate

Olivia Fei, Tax Associate

Shareholders often advance or withdraw funds from a corporation. For accounting and tax purposes, this transaction gives rise to a shareholder loan account on the company books. A transaction whereby a shareholder advances funds to provide capital for the business is routine. However, shareholders should be wary when withdrawing funds, and those withdrawals exceed the original amounts advanced to the corporation.

29 Jul, 2019

Stephanie Jindal

Beginning June 13th, 2019, any federally incorporated private corporation is required per the Canada Business Corporations Act (CBCA), to create and maintain a new type of shareholder register. This will not apply to public corporations. The new register, in addition to the shareholder and director registers, will provide information with respect to individuals who hold significant control in the respective corporation. 

22 Jul, 2019

Kristine DelRosario

Most of us have gone through the pain of losing someone close to us. However, have you considered yet the tax consequences when you pass away? Typically, filing a final personal income tax return and planning for the final tax on death is not an area that is addressed proactively. Nevertheless, it is important to be aware of the tax consequences on death.

15 Jul, 2019

Olivia Fei

When it comes to moving to a foreign country, there are several tax considerations that need to be reviewed which could drastically impact your cash flow position on the move.

20 Mar, 2019

On March 19, 2019, Finance Minister Bill Morneau tabled the Liberal government's final budget pre the fall election. The Budget did not include any changes to personal and business tax rates, or any substantive effort to improve the efficiency of the Income Tax Act.

14 Dec, 2018

In an effort to give back to the community, SBLR selects an internal Charitable Committee each year to raise funds for some very worthy charitable organizations.

02 Nov, 2018

Paying your invoices online is simple and convenient.

06 Sep, 2018

Tax Team

Giving to charity can be a great way to support your community and to feel good. Income tax credits are a great bonus!

20 Aug, 2018

Cary Selby

Let's fear not - accounting isn't disappearing. Technology has given our field a whole new set of opportunities to continue developing professional relationships and supporting new businesses.

08 Aug, 2018

Shawn Rosenzweig

Operational strategies consist of the elements necessary to support a business' corporate objectives and to make the best use of the resources available. Robust operational strategies involve the implementation of ongoing improvements to a business in order to achieve competitive advantage in the marketplace.

03 Jul, 2018

Howard Lerner

When a country has as much to offer as Canada, it is easy to see why hundreds of foreign investors want to set up operations here.

01 Jun, 2018

Shawn Rosenzweig

For those of us managing a business, an essential aspect of success is the establishment of clear goals and strategies. The importance of these tools is that they set the basis against which business performance can be reviewed and measured.

12 Mar, 2018

Shawn Rosenzweig

Applying for the SR&ED tax credit is a complex matter for which it is strongly encouraged to seek expert advice. We were recently referred to a mid-size manufacturing company that designs and builds custom motors for clients worldwide. We had a meeting with the owners to discuss the potential of filing a SR&ED claim, which is something their existing accountants had neglected to explore with them.

28 Feb, 2018

Finance Minister, Bill Morneau, tabled the Liberal government's 2018 Federal Budget on February 27, 2018.

11 Jan, 2018

Shawn Rosenzweig

Today's marketplace can be fiercely competitive and if you're not grabbing every advantage of your business, you're leaving yourself at risk of being chewed up and spit out by the competition.

04 Jan, 2018

Making a Difference Together

SBLR Team is a proactive and involved team. We devote time and resources to raise funds for some very worthy charitable organizations which are making a meaningful impact on our community.

21 Dec, 2017

The federal government provided draft legislation on December 13, 2017 to clarify the income splitting proposals initially announced on July 18, 2017.

For family members to avoid being just subject to tax at the highest marginal income tax rate from income splitting, they must provide a "regular, continuous and substantial" contribution to the family business.

29 Nov, 2017

Shawn Rosenzweig

To recap, SBLR met with Joe, owner of a mid-sized food processing company, who agreed to sign with SBLR for his current years' SR&ED claim. Continuing the process, after his tax return was submitted to CRA, along with the technical report, Joe was requested a site visit for a scientific audit.

15 Nov, 2017

Shawn Rosenzweig

In 2016, the federal and provincial governments of Canada paid out more than $4 billion to over 18,000 companies across Canada through the Scientific Research & Experimental Development (SR&ED) program. Designed as an incentive for companies to invest in innovation and technological advancement, the program can be a major competitive advantage for companies that file claims and receive cash refunds.

26 Sep, 2017

As part of our 1st Year Anniversary, to reflect on our accomplishments, we invited our clients to tell us about the service received since the relaunch of SBLR. 

08 Sep, 2017

Shawn Rosenzweig

Companies that stay in business tend to do so because they are able to solve a need or fulfill a desire of their clients and customers. And businesses that have thrived over the long-term, tend to do so because they have constantly found ways to outshine the competition by designing a better mousetrap or creating more efficient process. But the curious thing is that very few of these creative entrepreneurs are capitalizing on their advancement or improvements. 

05 Sep, 2017

One year ago, we re-established SBLR to better serve our entrepreneurial client base. Now, thanks to our great clients, we are happy to celebrate the completion of our first year. We have built many great relationships, and we look forward to strengthening them even further.

01 Sep, 2017

The proposed tax changes announced by the Liberal government on July 18th, 2017 have gone beyond tax fairness to actually proposing a tax environment that targets small business owners who are significant contributors to Canada's economic and job growth and success.

20 Jul, 2017

On July 18, 2017, the Federal Government released draft legislation to amend the Income Tax Act which would target perceived unfair tax advantages currently obtained by private corporations and their shareholders. 

05 Jul, 2017

One of the keys to the ongoing success of SBLR is the great team we have been able to put together. Our team is the key to great client service, and we are pleased to announce our team promotions and additions.

26 Apr, 2017

Charles Sousa, Minister of Finance, presented the 2017-2018 Ontario budget the afternoon of April 27, 2017. The Budget outlines the creation of a stronger Ontario by stimulating economic growth and supporting business competitiveness.

30 Mar, 2017

We are thrilled to announce that Nelia Galapon has been promoted to a Principal of the firm. Nelia has been a key member of the team since 1989, and is well known for her dedication to her clients and their financial well-being.

23 Mar, 2017

On March 22, 2017, Finance Minister Bill Morneau tabled the Liberal government’s 2017 federal budget.