# Seniuk and Marcato Chartered Professional Accountants


## Posts

- [Disability Tax Credit - 2017 update](https://seniuk.com/disability-tax-credit-2017-update/): The maximum disability amount for the 2017 year is $8,113. The disability amount can be claimed on your tax return once the person has been approved by the CRA as eligible for the disability tax credit. The disability amount can be claimed by the disabled individual personally, for your dependent or for your spouse or […]
- [Condominium Property Amendment Act of Alberta](https://seniuk.com/condominium-property-amendment-act-of-alberta/): The Condominium Property Amendment Act (CPAA) was passed by the Alberta Legislature in December 2014.  Since then, there have been two amendments summarized as follows: Regulations that took effect on January 1, 2018 have:   Broadened the amount of information that developers must disclose to elected boards when the boards take over control of the corporation, such as […]
- [Answering your TFSA questions](https://seniuk.com/answering-your-tfsa-questions/): The tax-free savings account allows an individual to make contributions and earn income within the account tax-free, even when its withdrawn. An individual over the age of 18 begins to accumulate a maximum contribution room beginning 2009. The annual contribution rooms are as follows: 2009 – $5,000 2010 – $5,000 2011 – $5,000 2012 – […]
- [Alberta Child Benefit](https://seniuk.com/alberta-child-benefit/): Keep posted for an update on any proposed upcoming changes to this benefit in 2018. The Alberta Child Benefit is available to assist lower-income families with children under 18. To be eligible for the ACB, you must: be a parent of 1 or more children under the age of 18 have a family net income […]
- [Changes in Reporting Requirements for Employers for Taxable Benefits](https://seniuk.com/changes-in-reporting-requirements-for-employers-for-taxable-benefits/): In 2018 the Canada Revenue Agency is making the following two changes to ease the burden for employers who have to report taxable benefits: Employers who pay group term life insurance premiums for retirees will only have to report a paid premium if it is greater than $50 and it is the only income reported […]
- [Correct your taxes with the Voluntary Disclosures Program](https://seniuk.com/correct-your-taxes-with-the-voluntary-disclosures-program/): The Voluntary Disclosures Program (VDP) gives you a chance to change a tax return you previously filed or file a return that you should have filed. By making these changes through the VDP, the Canada Revenue Agency (CRA) may give you relief from prosecution and penalties. How do you make a voluntary disclosure? Complete Form […]
- [Estate Planning - Trusts and Wills](https://seniuk.com/estate-planning-trusts-and-wills/): We get a lot of questions regarding the estate planning process. Some common factors to note in the planning process include: ·       Creating a will ·       Creating a trust ·       Considering gifting Creating a will is an important step in an individual’s estate planning process. If an individual passes away without a will, it becomes […]
- [Principal Residence Exemption: New Legislation and Reporting Rules](https://seniuk.com/principal-residence-exemption-new-legislation-and-reporting-rules/): Starting in 2016 tax year, all taxpayers are required to report basic information on their income tax return when their principle residence is sold in order to claim the principal residence exemption. The information that must be disclosed includes: ·        date of acquisition, ·        proceeds of disposition, and ·        description of the property. The information […]
- [Planning Your Personal Taxes for 2017 – Federal Personal Tax Credits No Longer Eligible](https://seniuk.com/planning-your-personal-taxes-for-2017-federal-personal-tax-credits-no-longer-eligible/): Note the following Tax Credits Repealed by the Liberal Federal Party and no longer eligible for 2017: Children’s Fitness Credit Children’s Arts Credit Fitness Credit Child Tax Credit Education and Textbook Tax Credits Public Transit — Repealed effective July 2017
- [The CRA (Canada Revenue Agency) has an important new update affecting all Canadian Charities!](https://seniuk.com/the-cra-canada-revenue-agency-has-an-important-new-update-to-affecting-all-canadian-charities/): The Canada Revenue Agency’s (CRA) is instituting a new online service for all registered charities to: file their information returns update and manage account information check file status receive and manage correspondence online Charities will be able to access these services through the CRA’s My Business Account portal. The My BA requires each charity to […]
- [Event Invitation: September 21, 2017 Evening Seminar](https://seniuk.com/event-invitation-september-21-2017-evening-seminar/): This will be a great learning opportunity as well as a chance to meet our Firm’s accountants and ask any questions you may have. The seminar will feature the following timely topics: Maximize Your Business – Presented by Laura Marcato, CPA, CA Some of the following questions will be answered: Sales are great, why don’t we […]
- [How An Accounting Pro Can Help Your Small Business Succeed](https://seniuk.com/how-an-accounting-pro-can-help-your-small-business-succeed/): One of the most positive qualities that many small business owners share is a burning desire – an insatiable willingness – to “do it all.” It’s what separates entrepreneurs from employees in the first place. An employee is more than willing to set out on the path that someone else has carved for them. An […]
- [Payroll - What are your obligations?](https://seniuk.com/payroll-what-are-your-obligations/): Who has to remit source deductions? Payers, such as employers, administrators, trustees, and financial institutions must withhold and remit source deductions when applicable. What source deductions do you have to withhold and remit? The source deductions you have to withhold and remit to the CRA may be any combination of: Canada Pension Plan (CPP) contributions; […]
- [Best way to Structure Your Real Estate Investments in Alberta](https://seniuk.com/best-way-to-structure-your-real-estate-investments-in-alberta/): Real Estate investments can be held two ways: Personally – The properties are held in your name personally. Within a Corporation – The properties can be held in either an existing operating company, a holding company or a property company. Depending your type of situation in the investments, then I would recommend the following: You […]
- [Self-employed – What are your tax obligations](https://seniuk.com/self-employed-what-are-your-tax-obligations/): ·       As a self-employed person, you and your spouse or common-law partner have until, June 15th annually to file your personal income tax returns or the tax department may charge you a late-filing penalty. ·       You have to report your income from any business you run yourself or with a partner. For more information, go […]
- [Taxes and the Tax Department – What to do when someone who has died](https://seniuk.com/taxes-and-the-tax-department-what-to-do-when-someone-who-has-died/): We understand that dealing with the death of a loved one is difficult time.  It does involve dealing with their tax situation after they have passed away.  Some of the tasks that need to be done include: Contacting the tax department and let them know the deceased’s date of death as soon as possible at 1-800-959-8281. If […]
- [Retirement Planning Resources](https://seniuk.com/retirement-planning-resources/): Thanks to everyone who attended our seminar on Technology and Retirement Planning!  It was great seeing everyone brave the cold weather to attend. As promised, we are posting the retirement planning resources available to assist you in achieving your retirement goals: Download “A Guide to Financial Decisions: Planning for The End of Life Guide” (free) […]
- [Top 5 Things to Remember about Retirement Planning](https://seniuk.com/top-5-things-to-remember-about-retirement-planning/): Planning ahead and wisely will make retirement must less stressful. How much cash and investments you will need in retirement will depend on what your retirement goals are. Government payments such as CPP, OAS and GIS are not enough to fund your retirement.  So, make sure you contribute to Government tax deferral/saving opportunities like the RRSP […]
- [Canada Revenue Agency’s reporting requirements for the sale of a principal residence](https://seniuk.com/canada-revenue-agencys-reporting-requirements-for-the-sale-of-a-principal-residence/): When you sell your principal residence, usually  you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it. Starting with the 2016 tax […]
- [Make Payments Directly to the CRA Online](https://seniuk.com/make-payments-directly-to-the-cra-online/): “My Payment” is an electronic payment service offered by the CRA that uses Visa Debit or Interac Online for individuals and businesses to make payments directly to the CRA using their bank access cards.  To access the service, please use the following link: My Payments Page You can use “My Payment” if you have a […]
- [Employee Benefits and Allowances](https://seniuk.com/employee-benefits-and-allowances/): Your employee is considered to receive a benefit if you pay for or give something that is personal in nature: directly to your employee; or to a person who does not deal at arm’s length with the employee (such as the employee’s spouse, child, or sibling). A benefit is a good or service you give, […]
- [QuickBooks Online](https://seniuk.com/quickbooks-online/): Many of our clients already use QuickBooks to account for their business.  QuickBooks has a new product using online cloud services.  This might a great fit for your business or organization if you: Want the flexibility to work on the go Looking for zero maintenance software Comfortable working online Have one or more locations Some of the […]
- [Ways to pay your taxes](https://seniuk.com/howtopayourtaxes/): How to pay using CRA’s My Payment: My Payment is an electronic payment service that lets businesses make payments directly to the CRA using their bank access cards. You don’t need to register to use My Payment, and you can make payments to more than one CRA account in a single transaction. Go to My […]
- [Increase Sales to Grow Your Business](https://seniuk.com/increase-sales-to-grow-your-business/): How much time are you spending on sales? If you’re running a new business, you should devote at least 80% of your day to it. If you’re an established business, you should spend at least 30% of your day on the sales process or connecting with customers. While this may seem extreme, sales growth should […]
- [Tips for Picking the Perfect Accountant](https://seniuk.com/tips-for-picking-the-perfect-accountant/): Hiring an accountant for your business is no longer just about finding someone good at number-crunching. A qualified accountant can help businesses make better business decisions based on information drawn from accurate data and informed by broad business knowledge. So how do you go about finding a great accountant? Here are some tips: Determine your […]
- [CRA Business Tax Reminders Mobile App](https://seniuk.com/cra-business-tax-reminders-mobile-app/): The Canada Revenue Agency (CRA) has created a new mobile app to help you create custom reminders and alerts for key CRA due dates for instalment payments, returns, and remittances. For more information, go to www.cra.gc.ca/mobileapps.
- [GST Access Code Update](https://seniuk.com/gst-access-code-update/): Starting October 19, 2015, the Canada Revenue Agency (CRA) is providing all GST registrants with a new and unique access code on their GST34-2s or GST34-3s.  This same number can be now used every time a GST return is net-filed. The GST access code can also be changed to one of your choice by going to www.cra.gc.ca/gsthst-accesscode. You can […]
- [Tracking Auto Expenses for the Tax Department](https://seniuk.com/mileage/): When does an individual need to keep track of their automobile expenses? Generally, a person should be keeping a detailed record of all expenses incurred and the amount of kilometers driven in a log book if they are claiming them as a business deductible. The individual must show that the expenses were incurred for the […]
- [Books and Records Retention](https://seniuk.com/books-and-records-retention/): How long are you legally required to keep your tax records? Generally, record retention requirements are outlined in the Income Tax Act as follows: Records must be kept for a minimum of 6 years from the end of the latest year to which they relate to. If in electronic format, they must be kept in […]
- [Protect Your Business from Fraud](https://seniuk.com/protect-your-business-from-fraud/): Small businesses are particularly susceptible to fraud for a number of reasons: The owner-manager is typically very busy, out promoting the business and working to create revenue, yet not comfortable with the reporting requirements internally and therefore not aware of how receivables and payables are being managed. The size of the organization restricts the ability […]
- [Beware of fraudulent communications from the tax department (CRA - Canada Revenue Agency)](https://seniuk.com/bewareoffraud/): Occasionally, taxpayers may receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA). In all these cases, the communication requests personal information, such as a social insurance, credit card, bank account, and/or passport numbers, from the taxpayer. These fraudulent communications typically insist that […]
- [Registered Charity Compared to a Non-Profit Organization](https://seniuk.com/registered-charity-compared-to-a-non-profit-organization/): If you are wondering what the differences are or if your non-profit organization should apply for charitable status, please review the chart below for all the differences: Topic Registered Charity Non-Profit Organization Purposes must be established and operate exclusively for charitable purposes can operate for social welfare, civic improvement, pleasure, sport, recreation, or any other purpose except profit […]
- [Does your business have employees aged 60 to 70?](https://seniuk.com/does-your-business-have-employees-aged-60-to-70/): Beginning January 2012 the rules for CPP contributions for your employees aged 60 to 70 changed: You have to deduct CPP contributions for all employees who are 60 to 65 years of age—even if the employee is receiving a CPP retirement pension and did not contribute in the past. You must also deduct CPP contributions for […]
- [Disaster Recovery](https://seniuk.com/disaster-recovery/): In case of a disaster such as a flood (like what happened in Calgary in 2013), fire, tornado, or earthquake, does your business have a plan in place? A plan does not need to be complicated, but should as a minimum have these two parts: 1. A method to contact all employees or staff. This […]
- [Condominium Corporation Accounting in Alberta: A Practical Guide for Condo Boards](https://seniuk.com/condominium-corporation-accounting-in-alberta-a-practical-guide-for-condo-boards/): Serving on a condominium board means overseeing more than building maintenance and owner concerns. The board is also responsible for significant financial resources. Condominium fees must be collected, suppliers paid, budgets monitored, reserve funds protected and financial information communicated to owners. For larger condominium corporations, these amounts can easily reach hundreds of thousands or even millions of dollars. Reliable accounting is therefore an important part of effective condominium governance. Here are some of the areas Alberta condominium boards should monitor. Understand the Two Main Financial Areas A condominium corporation generally needs to distinguish between its ordinary operations and its reserve fund. […]
- [Accounting for Alberta Farms and Agricultural Businesses: What Owners Should Be Tracking](https://seniuk.com/accounting-for-alberta-farms-and-agricultural-businesses-what-owners-should-be-tracking/): Alberta agriculture is different from many other industries. Revenue can fluctuate significantly from year to year. Crops and livestock create unique inventory considerations. Equipment purchases can be substantial. Government agricultural programs may also affect both cash flow and financial reporting. As a result, good farm accounting should do much more than organize receipts for an annual tax return. It should help the owner understand where the operation is making money, how much capital is tied up in equipment and inventory, what obligations are coming due and whether the farm has enough cash to support the next production cycle. Here are some […]
- [Accounting for Alberta Not-for-Profits and Charities: What Boards Should Know](https://seniuk.com/accounting-for-alberta-not-for-profits-and-charities-what-boards-should-know/): Not-for-profit organizations and registered charities have accounting needs that can be very different from those of a typical private business. Instead of focusing on owners and profit distributions, these organizations are accountable to boards, members, donors, funders, government agencies and the communities they serve. That makes accurate accounting, clear financial reporting and strong internal controls especially important. For Alberta not-for-profits and charities, here are some of the key areas boards and management should monitor. Not-for-Profit and Registered Charity Are Not the Same Thing The terms “not-for-profit” and “charity” are sometimes used interchangeably, but they are not the same for Canadian tax […]
- [How to Read Financial Statements: A Practical Guide for Alberta Business Owners](https://seniuk.com/how-to-read-financial-statements-a-practical-guide-for-alberta-business-owners/): Running a successful business requires more than knowing how much money is in the bank. Your financial statements can tell you whether the business is profitable, whether customers are paying on time, how much debt the company carries, whether expenses are increasing too quickly and whether the company has enough working capital to meet its obligations. The problem is that many business owners receive financial statements from their accountant each year but do not know exactly what to look for. Here is a practical guide to understanding the numbers. Start With the Balance Sheet The balance sheet shows the financial position […]
- [Accounting for Alberta Construction and Trades Businesses: What Owners Should Be Tracking](https://seniuk.com/accounting-for-alberta-construction-and-trades-businesses-what-owners-should-be-tracking/): Construction and trades businesses face accounting challenges that many other businesses do not. A contractor can have a profitable year on paper while struggling for cash because customers have not paid yet. One project can appear profitable until labour, subcontractor and equipment costs are properly allocated. Progress billings and holdbacks can also make the amount invoiced very different from the amount actually collected. For contractors and trades businesses in Edmonton and throughout Alberta, good accounting should provide more than a total revenue and expense number at the end of the year. Ideally, it should help answer a much more important question: […]
- [Audit vs. Review vs. Compilation: What Does Your Alberta Business Need?](https://seniuk.com/audit-vs-review-vs-compilation-what-does-your-alberta-business-need/): Business owners are often asked to provide financial statements to a bank, lender, shareholder, investor, board of directors or other third party. But not all financial statements provide the same level of assurance. You may hear your accountant refer to an audit, review engagement, or compilation engagement. Understanding the difference can help you determine what your business actually needs and avoid paying for a higher level of service than necessary, or obtaining financial statements that do not meet a third party’s requirements. Here is a practical explanation for Alberta business owners. What Is an Audit? An audit provides the highest level […]
- [CRA Updates to Help Speed Up Disability Tax Credit Applications](https://seniuk.com/cra-updates-to-help-speed-up-disability-tax-credit-applications/): The Canada Revenue Agency has announced upcoming changes to help process Disability Tax Credit applications more efficiently and reduce delays for applicants. The Disability Tax Credit, commonly called the DTC, is an important non-refundable tax credit that helps individuals with disabilities, or their supporting family members, reduce the amount of income tax they may have to pay. To avoid delays, applicants should make sure they are using the correct application method and the most current version of the required form. Key Dates to Know Starting July 14, 2026, applicants will no longer be able to use the “Submit documents” section of […]
- [Bookkeeping Services in Edmonton: Why Local Businesses Need Accurate Books](https://seniuk.com/bookkeeping-services-in-edmonton-why-local-businesses-need-accurate-books/): Bookkeeping Services in Edmonton: A Practical Guide for Small Business Owners Running a business in Edmonton comes with a long list of responsibilities. You have customers to serve, employees to manage, bills to pay, invoices to send, and deadlines to meet. With so much happening every day, bookkeeping can easily fall behind. However, bookkeeping is one of the most important parts of running a stable business. Accurate bookkeeping helps Edmonton business owners understand their cash flow, track expenses, prepare for tax season, manage GST/HST, and make better financial decisions. Whether you operate a small corporation, professional practice, trade business, retail store, […]
- [Tax Planning Tips for Alberta Business Owners in 2026](https://seniuk.com/tax-planning-tips-for-alberta-business-owners-in-2026/): Tax planning should not be something business owners think about only when the filing deadline is approaching. A good tax plan starts well before year-end and gives you enough time to review your income, expenses, cash flow, shareholder draws, payroll obligations, GST/HST filings, and corporate records before decisions become rushed. For Alberta business owners, proper planning can reduce surprises, improve cash flow, and help avoid unnecessary penalties and interest. 1. Know your filing and payment deadlines One of the most common tax issues for business owners is confusing the filing deadline with the payment deadline. For corporations, the T2 corporate income […]
- [CRA 2025 Updates That Affect Special Claims (Disability Supports, Farmers Credit, Northern Residents)](https://seniuk.com/cra-2025-updates-that-affect-special-claims-disability-supports-farmers-credit-northern-residents/): Not all tax updates apply to everyone, but some changes can make a big difference for specific groups. In CRA’s “What’s new for 2025” updates, there are several important federal changes linked to deductions and credits that support Canadians with unique needs. These include updates to the Disability supports deduction, the return of fuel charge proceeds to farmers tax credit, and changes to Northern residents deductions. These programs may not be discussed daily, but they matter a lot for eligible individuals. First, CRA notes a proposed expansion of the list of eligible expenses for the Disability supports deduction. This is important […]
- [CRA Notice of Assessment Update: What Changes on February 9, 2026 (And What You Should Do Now)](https://seniuk.com/cra-notice-of-assessment-update-what-changes-on-february-9-2026-and-what-you-should-do-now/): Starting February 9, 2026, the Canada Revenue Agency (CRA) is changing how Canadians access their Notice of Assessment (NOA) and Notice of Reassessment. From that date, these notices will be available to view exclusively through CRA portals, including My Account, My Business Account, and Represent a Client inside your CRA account. In most cases, once your tax return is processed, the notice will appear in the portal immediately, and CRA will send you an email notification when it is ready to view. If you do not currently have a CRA account, CRA encourages you to register so you can easily access […]
- [New Top-up Tax Credit for 2025: Why CRA Introduced It and Who It Helps](https://seniuk.com/new-top-up-tax-credit-for-2025-why-cra-introduced-it-and-who-it-helps/): Tax changes are not always simple, and the new Top-up tax credit introduced for 2025 is a good example. Many Canadians hear the word “credit” and instantly assume it means more refund, but it depends on the type of credit. The CRA explains that the Top-up tax credit is a new non-refundable tax credit introduced under proposed changes. That means it reduces tax owed, but it does not create a refund on its own if you owe no taxes. So why introduce a “top-up” credit at all? CRA states the purpose clearly: it was created to effectively maintain a 15% rate […]
- [2025 Federal Tax Changes: New Lower Tax Rate and What It Means for You](https://seniuk.com/2025-federal-tax-changes-new-lower-tax-rate-and-what-it-means-for-you/): Taxes can feel frustrating, but sometimes the news is actually positive. One of the most noticeable federal tax updates for 2025 is a change to the lowest individual income tax rate. While this sounds like a small technical update, it can impact millions of Canadians because the lowest rate applies to the first portion of taxable income. In other words, even middle-income earners may benefit from this change. According to CRA, starting July 1, 2025, the lowest individual tax rate is proposed to be reduced from 15% to 14%. Because it begins halfway through the year, CRA notes that the “full-year” […]
- [Congratulations to Colton Kerswell, CPA](https://seniuk.com/congratulations-to-colton-kerswell-cpa/): While this post may be a little overdue, the achievement is no less worth celebrating. We are proud to formally congratulate Colton Kerswell on earning his Chartered Professional Accountant (CPA) designation a significant milestone in his professional journey. Colton joined Seniuk and Marcato, Chartered Professional Accountants in January 2021 as a Junior Accountant. From the very beginning, he demonstrated a strong work ethic, a willingness to learn, and a genuine commitment to delivering quality work for our clients. Over the years, his technical knowledge, problem-solving skills, and professionalism have continued to grow. Achieving the CPA designation requires years of dedication, rigorous […]
- [Essential Tax Tips for New Business Owners in Canada](https://seniuk.com/essential-tax-tips-for-new-business-owners-in-canada/): Starting a new business is exciting, but many new owners quickly discover that managing taxes can feel overwhelming. Understanding what taxes apply to your business, when they are due, and how to stay compliant from day one can save you stress, penalties, and costly mistakes down the road. A strong tax foundation early on allows you to focus on growing your business with confidence. One of the first decisions every new business owner must make is choosing the right business structure. In Canada, this typically means operating as a sole proprietor, partnership, or corporation. Each structure is taxed differently and comes […]
- [Protecting Your Business from Payroll Fraud: The Rising Threat of Email Impersonation](https://seniuk.com/protecting-your-business-from-payroll-fraud-the-rising-threat-of-email-impersonation/): Payroll fraud has become one of the fastest-growing cyber risks facing businesses today especially small and medium-sized organizations that rely heavily on email for day-to-day communication. One of the most common schemes we continue to see involves a fraudster emailing the payroll administrator while impersonating an employee, claiming they need to update their direct deposit or change their banking information. The request usually sounds urgent, polite, and completely believable. Without proper verification procedures in place, it can be surprisingly easy for a payroll team to unknowingly reroute an employee’s pay to a criminal’s account. These attacks are not random. Fraudsters often […]
- [Congratulations to Spencer Fields on Passing the 2025 CFE!](https://seniuk.com/congratulations-to-spencer-fields-on-passing-the-2025-cfe/): We are very pleased to share an exciting accomplishment within our firm, Spencer Fields has successfully passed the 2025 Common Final Examination (CFE). The CFE is one of the most challenging and respected milestones in the CPA program. It requires exceptional dedication, strong technical knowledge, and months of focused preparation. Passing this exam is a significant achievement on the path to becoming a CPA, and Spencer’s hard work and perseverance truly stand out. Throughout his time with Seniuk and Marcato, Chartered Professional Accountants, Spencer has shown professionalism, a commitment to learning, and consistent support for both our clients and our team. […]
- [Payroll and Income Tax Rate Changes for 2025](https://seniuk.com/payroll-and-income-tax-rate-changes-for-2025/): Federal Tax Rate Reduction: Effective July 1, 2025, the lowest federal personal income tax rate was reduced from 15% to 14%. This mid-year change means the 2025 tax year has a blended lowest rate of about 14.5%, and the full 14% rate will apply for 2026 onward. The reduction delivers broad-based tax relief for middle-income Canadians, saving a two-income family up to $840 per year. Non-refundable credit amounts that use the lowest rate (e.g. basic personal, spousal, eligible dependant credits) are likewise calculated at 14% instead of 15%, slightly lowering the credit value. Other federal income tax bracket rates (20.5%, 26%, […]
- [Exciting News: Seniuk and Company, CPAs is Now Seniuk and Marcato, CPAs](https://seniuk.com/exciting-news-seniuk-and-company-cpas-is-now-seniuk-and-marcato-cpas/): As we step into the new year, we’re thrilled to share some exciting news about the growth and evolution of our firm. Effective immediately, Seniuk and Company, CPAs will now be known as Seniuk and Marcato, CPAs. This name change marks an important milestone as we welcome Laura Marcato CPA, CA as our new Managing Partner. Laura has been an integral part of our team for over 20 years, bringing unmatched expertise and a passion for serving clients. Her leadership represents a fresh chapter for our firm while staying true to the core values and client-first approach you’ve come to know […]
- [Small business resources for tax filing](https://seniuk.com/small-business-resources-for-tax-filing/): About My Business Account – Dealing with the CRA from a secure online portal on various business accounts, including GST/HST, payroll, corporation income tax, excise tax, and excise duties. Bringing assets into a business – Information about buying or expanding a business, including how to determine fair market value and the effects on GST/HST, and transferring assets. Business audits – What you need to know if you’ve been selected for a business audit. Business income tax reporting – Reporting your business earnings and paying income tax on those earnings. Changes to your business and Canada Revenue Agency program accounts – Information on what to do for common types of business changes: how to make […]
- [What is My Business Account and how do I register?](https://seniuk.com/what-is-my-business-account-and-how-do-i-register/): My Business Account is a secure online portal that provides an opportunity to interact electronically with the CRA on various business accounts. Business accounts include GST/HST (except for GST/HST accounts administered by Revenu Québec), payroll, corporation income taxes, excise taxes, excise duties, and more. You can register for My Business Account using your CRA user ID and password or through a sign-in partner. If you haven’t set up your user ID, visit: Registration process to access the CRA sign-in services What you’ll need to register: Steps: Note: The CRA has introduced a new way to register for digital services, including My Business Account—the Document Verification Services (DVS), making […]
- [Here are the top changes that will affect business taxes in 2024](https://seniuk.com/here-are-the-top-changes-that-will-affect-business-taxes-in-2024/): Canada Pension Plan – What’s new in 2024 Here’s what’s changing for the Canada Pension Plan (CPP) in 2024: Changes to mandatory electronic filing thresholds Recent legislation amended mandatory electronic filing thresholds for certain information returns (slips and summaries), including T4 payroll return (remuneration paid), T5 (investment income), T3 (trust income) and T4A (pension and other income return). For more information visit Businesses: Beginning January 1, 2024, if you file six or more information returns you must file them electronically to avoid penalties and How to file information returns – Canada.ca. Changes to electronic filing for GST/HST registrants For GST/HST reporting periods that begin in […]
- [File your 2023 corporate income tax return now to get the Canada Carbon Rebate for Small Businesses](https://seniuk.com/file-your-2023-corporate-income-tax-return-now-to-get-the-canada-carbon-rebate-for-small-businesses/): Retroactive payments will be issued to eligible Canadian-controlled private corporations (CCPCs) with respect to the 2019-2020 to 2023-2024 fuel charge years. To be eligible for the rebate for one or more of the fuel charge years, a CCPC must: CCPCs do not have to apply for this rebate. Once the Minister of Finance has specified the payment rates for each designated province for an applicable calendar year, the Canada Revenue Agency will calculate and automatically issue the rebate amounts to eligible CCPCs.
- [How to apply now for the 100% GST/HST rebate for purpose-built rentals](https://seniuk.com/how-to-apply-now-for-the-100-gst-hst-rebate-for-purpose-built-rentals/):  The Government of Canada is providing a 100% rebate on the Goods and Services Tax (GST), or the federal portion of the Harmonized Sales Tax (HST), on new purpose-built rental housing (PBRH). This housing includes apartment buildings, student housing and seniors’ residences. Applications for the PBRH rebate can be made online starting May 13, 2024.  To qualify, residential units need to meet the requirements for the current GST/HST new residential rental property rebate and must be in a multi-unit residential complex with at least: Unlike the GST/HST new residential rental property rebate, the PBRH rebate does not have a $450,000 fair market value limitation per unit. This rebate […]
- [How to claim home office expenses](https://seniuk.com/how-to-claim-home-office-expenses/): The Canada Revenue Agency is currently updating its webpages and Form T2200 for the 2023 tax year. The updated form, which will be made available at the end of January 2024, along with other T1 related forms, will be easier to complete for employees who are only claiming a deduction for home office expenses. Eligible employees who worked from home in 2023 will be required to use the detailed method which was the method used to claim home office expenses prior to the pandemic. Eligible employees who worked from home due to the COVID-19 pandemic could use a temporary flat rate […]
- [Reporting requirements for the Canadian Dental Care Plan ](https://seniuk.com/reporting-requirements-for-the-canadian-dental-care-plan/): he Canadian Dental Care Plan (CDCP) will provide dental coverage for uninsured Canadians with an adjusted family net income of less than $90,000. There are new reporting requirements that begin with the 2023 tax year for issuers (including employers and pension plan administrators) of the T4 Statement of Remuneration Paid and T4A Statement of Pension, Retirement, Annuity, and Other Income. For more information on the requirements for the CDCP visit Employers and pension plan administrators: Changes coming to T4/T4A reporting – Canada.ca.
- [Additional Canada Pension Plan (CPP) contributions required for 2024](https://seniuk.com/additional-canada-pension-plan-cpp-contributions-required-for-2024/): On January 1, 2024, the government introduced a second earnings ceiling known as the Year’s Additional Maximum Pensionable Earnings (YAMPE). People who have income above the first earnings ceiling will contribute an additional percentage of the income they earn above the first earnings ceiling up to the second earnings ceiling. This additional CPP contribution is part of the CPP enhancement known as second additional CPP contributions (CPP2).  It will not replace the first earnings ceiling. Instead, it will subject worker’s earnings to two earnings limits. Contribution rate split (employee/ employer) Contribution rate (self-employed) YMPE, or first earnings ceiling YAMPE, or second earnings ceiling Maximum […]
- [First Home Savings Account (FHSA)](https://seniuk.com/first-home-savings-account-fhsa/): A first home savings account (FHSA) is a registered plan allowing a prospective first-time home buyer to save for your first home tax-free (up to certain limits). You can open an FHSA with your bank starting April 1, 2023. Contributions that you make to your first home savings accounts (FHSAs) are generally deductible on your income tax and benefit return. How it works: You can withdraw all of the property from your FHSAs tax-free if you meet all the following criteria:
- [Canada Revenue Agency (CRA) Employees Strike](https://seniuk.com/canada-revenue-agency-cra-employees-strike-vote/): On April 19, 2023, the Union of Taxation Employees (PSAC-UTE) members have gone on strike. As a result of PSAC-UTE’s decision to begin labour action, Canadians should expect that some CRA services will be delayed or unavailable. While there are no plans to extend tax filing deadlines, the CRA will continue to accept all tax returns. Those that are filed digitally, which represent the vast majority of T1 and T2 returns, will largely be processed automatically by our systems without delay. For information on any impacts to services, Canadians can consult the Contact Us page for more details and current wait times and Labour disruptions impact at the Canada […]
- [Passing of Founding Partner Michael Seniuk Sr.](https://seniuk.com/passing-of-founding-partner-michael-seniuk-sr/): Our firm is saddened to announce the passing of Michael Seniuk Sr. on March 24, 2023, at the age of 92. Michael attended the University of Saskatchewan and became a member of the Institute of Chartered Accountants in 1960. He founded Seniuk and Company CAs in 1973 and was still actively practicing until 2016. He had an intelligent mind, a keen wit, and a caring and supportive heart to all who knew him. He was a big teddy bear with a smile, a sense of humor, and an occasional harmless growl. His passion was golf and not just playing it but […]
- [Alberta Affordability Payments Program](https://seniuk.com/alberta-affordability-payments-program/): As part of the Affordability Action Plan, millions of Albertans struggling with inflation and the high cost of living can apply for the Affordability Payments program until June 30, 2023. To apply, please follow this link: https://affordability.alberta.ca/prescreen
- [Bank of Canada interest rate increase Jan 25, 2023](https://seniuk.com/bank-of-canada-interest-rate-increase-jan-25-2023/): The Bank of Canada has announced an increase in the target for the overnight rate to 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.5%. The main reasons for the increase include: Despite the decline in inflation, Canadians are still feeling the impact of high inflation on their essential household expenses. The bank expects the global economy to grow at a slower pace in the coming years, with Canada’s economy expected to grow by 1% in 2023 and 2% in 2024. The next scheduled date for announcing the overnight rate target is March 8, 2023, with the […]
- [Taxability of Recreational Facilities and Club Dues Paid for Employees](https://seniuk.com/taxability-of-recreational-facilities-and-club-dues-paid-for-employees/): The use of a recreational facility or club is a taxable benefit for an employee in any of the following situations: However, the use of a recreational facility or club does not result in a taxable benefit for an employee in any of the following situations:
- [Taxability of Board and Lodging benefits and allowances given to Employees](https://seniuk.com/taxability-of-board-and-lodging-benefits-and-allowances-given-to-employees/): Board and lodging You may give your employee board and lodging which means that you provide them with accommodations and, in some cases, food. If you provide only meals to an employee, see Meals. If you provide free lodging, or free board and lodging, to an employee, the employee receives a taxable benefit. As a result, you have to add to the employee’s salary the fair market value of the board and lodging you provide. Report this amount in box 14, “Employment income,” and in the “Other information” area under code 30 at the bottom of the employee’s T4 slip. If you provide subsidized lodging, or subsidized board and lodging, […]
- [Paying RRSPs to your Employees - What you Need to Know](https://seniuk.com/paying-rrsps-to-your-employees-what-you-need-to-know/): Contributions you make to your employee’s RRSP and RRSP administration fees that you pay for your employee are considered to be a taxable benefit for the employee. However, this does not include an amount you withheld from the employee’s remuneration and contributed for the employee. If the GST/HST applies to the administration fees, include it in the value of the benefit. Payroll deductions Contributions you make to your employee’s RRSPs are generally paid in cash and are pensionable and insurable. Deduct CPP contributions and EI premiums. However, your contributions are considered non-cash benefits and are not insurable if your employees cannot withdraw the amounts from a group RRSP (except for withdrawals under the Home Buyers’ […]
- [Taxabilty of Insurance Premiums](https://seniuk.com/taxabilty-of-insurance-premiums/): The answer to this question is it depends. These types of insurance follow similar taxing rules: Any premiums the employer pays for employees’ insurance types noted above less the portion the employee pays (either directly or through reimbursements) are taxable benefits.  Here is the link if you wanted additional information: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/group-term-life-insurance-policies-employer-paid-premiums.html.  For short/long-term disability premiums, if the employer pays for the premiums, they are not taxable a benefit.  If the employee later gets payouts from this insurance, then it would be taxable (on the T4) normally issued by the insurance company. Conversely, if all employees pay their own short/long-term disability premiums, […]
- [Why a business client should choose Seniuk and Company as your accounant](https://seniuk.com/why-a-business-client-should-choose-seniuk-and-company-as-your-accounant/): Seniuk and Company is a highly reputable and experienced accounting firm that has been serving businesses for over 25 years. Here are just a few reasons why a business client should choose Seniuk and Company: In summary, Seniuk and Company is a reliable, cost-effective, and expert accounting firm that is dedicated to helping businesses succeed. If you’re looking for top-quality accounting services, look no further than Seniuk and Company.
- [Taxability of Gifts, Awards, and Long-service Awards given to Employees](https://seniuk.com/taxability-of-gifts-awards-and-long-service-awards-given-to-employees/): A gift or an award that you give an employee is a taxable benefit from employment, whether it is cash, near-cash, or non-cash. However, we have an administrative policy that exempts non-cash gifts and awards in some cases. Cash and near-cash gifts or awards are always a taxable benefit for the employee. A near-cash item is one that functions as cash, such as a gift certificate or gift card, or an item that can be easily converted to cash, such as gold nuggets, securities, or stocks. For more information, see Rules for gifts and awards and Policy for non-cash gifts and awards.  Example of a […]
- [Taxability of Cell Phone and Internet Services Given to Employees](https://seniuk.com/taxability-of-cell-phone-and-internet-services-given-to-employees/): If you provide your employee with a cell phone (or another handheld communication device) that you own, to help carry out their employment duties, the fair market value (FMV) of the cell phone or device is not a taxable benefit. However, if you reimburse your employee for the cost of their own cell phone (or another handheld communication device), the FMV of the cell phone or device is considered a taxable benefit to the employee. This is the case even if the employee used, lost, or damaged the cell phone or device while carrying out their employment duties. If you pay […]
- [Taxability of Child Care Expenses for Employees](https://seniuk.com/taxability-of-child-care-expenses-for-employees/): Child care is not taxable only if all of the following conditions are met: If not all of the conditions are met, the taxable benefit is the fair market value (FMV) minus any amount that the employee pays for the service. When you subsidize a facility operated by a third party in exchange for subsidized rates for your employees, the amount of the subsidy is considered a taxable benefit for the employee.
- [Confirm a representative using My Account or My Business Account](https://seniuk.com/confirm-a-representative-using-my-account-or-my-business-account/): There’s a new way to confirm authorized representatives using My Account or My Business Account. Whether you’re an individual or a business, this easy, two-step digital process will help you protect your tax information and make authorizing new representatives more efficient and secure. Who is a representative? Representatives are individuals you authorize to help you or your business manage your tax information. Your representative could be an accountant or lawyer, or a family member or friend. An authorized representative may be able to view, get information about and update some or all of your tax information. It’s important to know who your representatives are and […]
- [Government of Canada affordability incentives for Canadians - September 2022 update](https://seniuk.com/government-of-canada-affordability-incentives-for-canadians-september-2022-update/): Doubling the GST Credit – the government is proposing to double the GST Credit for six months. Single Canadians without children would receive up to an extra $234 and couples with two children would receive up to an extra $467 this year. Seniors would receive an extra $225 on average. The proposed extra GST Credit amounts would be paid to all current recipients through the existing GST Credit system as a one-time, lump-sum payment before the end of the year, pending Parliamentary approval and Royal Assent of enabling legislation. Recipients would not need to apply for the additional payment, but should file […]
- [Loan forgiveness repayment deadline for the Canada Emergency Business Account (CEBA) has been extented to December 31, 2023](https://seniuk.com/loan-forgiveness-repayment-deadline-for-the-canada-emergency-business-account-ceba-has-been-extented-to-december-31-2023/): The repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing. Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to a third of the value of the loans (meaning up to $20,000). Outstanding loans would subsequently convert to two-year term loans with interest of 5% per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.
- [How to collect, file and pay GST](https://seniuk.com/how-to-collect-file-and-pay-gst/): Register for a GST account if you are an eligible entity and haven’t already registered  To find out if you should register for a GST account, click When to register and start charging the GST. A GST account number is part of a business number (BN) that is received after registering for a GST account online, by mail or by fax, or by telephone.  Non-residents who want to register for a GST account can visit: Guide RC4027, Doing Business in Canada – GST Information for Non-Residents. Charge and collect GST 1. Which rates to charge To calculate the amount of tax to charge with […]
- [What to do if you can’t pay your taxes](https://seniuk.com/what-to-do-if-you-cant-pay-your-taxes/): If you ignore your tax debt, it will grow with interest charges and penalties. Penalties only apply if you file late or pay by installments and your installment payments are late or less than the required amount. Debts associated with COVID-19 Individual Emergency Benefits overpayments will not have penalties or interest assessed against the amount owing. The tax-filing deadline for most individuals is April 30, 2022 Since April 30, 2022, falls on a Saturday, your return will be considered filed on time in either of the following situations: received on or before May 2, 2022 You have until June 15, 2022, to file your return […]
- [What you need to know for the 2022 tax-filing season](https://seniuk.com/what-you-need-to-know-for-the-2022-tax-filing-season/): The tax-filing deadline for most individuals is April 30, 2022 Since April 30, 2022, falls on a Saturday, your return will be considered filed on time in either of the following situations: receive it on or before May 2, 2022 it is postmarked on or before May 2, 2022 You have until June 15, 2022, to file your return if you or your spouse or common-law partner are self-employed. The payment deadline is April 30, 2022 If you have a balance owing, your payment is due on April 30, 2022. If you or your spouse or common law partner are self-employed, your […]
- [Cryptocurrency - Tax Implications](https://seniuk.com/cryptocurrency-tax-implications/): A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on governments, central banks, or other central authorities for backing. You can obtain cryptocurrency in many ways, and new methods are being developed all the time. You can use cryptocurrencies for a wide range of activities, such as buying goods, paying bills, or investing. Transactions involving cryptocurrencies often have tax implications. Disposing of cryptocurrencies In general, possessing or holding […]
- [Are you working from home - what expenses can be claimed?](https://seniuk.com/are-you-working-from-home-what-expenses-can-be-claimed/): Work-space-in-the-home expenses If you meet the eligibility criteria, you can claim a portion of certain expenses related to the use of a workspace in your home as follows: Expenses you paid that relate to the work space as well as other areas of the home. You can claim the percentage of those expenses that relate to the work space. Expenses related to the work space only. You can claim the total amount of the expenses if the amount paid is reasonable. Expenses related to a part of the house that you did not use as a work space. You cannot claim any part of those […]
- [Tax-Free Savings Account (TFSA) - Ultimate Guide](https://seniuk.com/tax-free-savings-account-tfsa-ultimate-guide/): What is a TFSA? The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn. Administrative or other fees in relation to a TFSA and any interest on money borrowed to contribute to a TFSA are not tax-deductible. […]
- [How to dispute a tax decision with CRA](https://seniuk.com/how-to-dispute-a-tax-decision-with-cra/): Speak to the Canada Revenue Agency when you disagree with a decision Some disagreements are a result of a lack of information or miscommunication. Before you formally dispute a CRA decision, contact the CRA if you have new or additional information to help the CRA with a decision, you can request an adjustment. This often resolves the disagreement. After talking to the CRA, you may not be satisfied with the explanation. You may think the CRA has misinterpreted the facts or has not applied the law correctly. If you find yourself in one of these situations, you can request a formal review. […]
- [COVID-19 Financial Relief - Canada Worker Lockdown Benefit beginning October 24, 2021](https://seniuk.com/covid-19-financial-relief-canada-worker-lockdown-benefit-beginning-october-24-2021/): Details for the new benefit:  $300 a week. Strictly available to workers whose work interruption is a direct result of a government-imposed public health lockdown. Available until May 7, 2022, with retroactive application to October 24, 2021 should the situation warrant it. Accessible for the entire duration of a government-imposed public health lockdown (up until May 7, 2022). Available to workers who are ineligible for Employment Insurance (EI) and those who are eligible for EI, as long as they are not paid benefits through EI for the same period.  Individuals whose loss of income or employment is due to their refusal […]
- [Closing CRA program accounts: GST, Payroll, and Corporate Income Tax](https://seniuk.com/closing-cra-program-accounts-gst-payroll-and-corporate-income-tax/): When you decide to close your business and no longer need your business number (BN), you have to complete certain forms before the accounts can be closed. Payroll Remit all Canada Pension Plan and Quebec Pension Plan contributions, employment insurance premiums, and income tax deductions to your tax center within seven days of the day your business ends. To find out which one is your tax center, go to Find a CRA address. You also need to complete and file the T4 and T4A slips and summaries electronically or send them to the Jonquière Tax Centre within 30 days of the day your business ends. For more information, go to Changing your business […]
- [Temporarily stopping business operations - Tax filing obligations](https://seniuk.com/temporarily-stopping-business-operations-tax-filing-obligations/): GST/HST If you temporarily stop your business, you must continue to file GST/HST returns even if your income is zero for the period. If you permanently stop your business, go to Close a GST/HST account. Payroll If your business stops operating temporarily, call CRA at 1-800-959-5525. Otherwise, CRA will expect you to continue to remit payroll deductions and file returns. When your business stops operating, remit all Canada Pension Plan (CPP) contributions, Employment insurance (EI) premiums, and income tax withheld to your tax centre within seven days of the day your business stops operating. Complete and file the necessary T4 slips and T4 Summary electronically or send them to the Jonquière Tax Centre within 30 days of the day your business ends. Give […]
- [How do you bring your personal assets into your business](https://seniuk.com/bringing-personal-assets-into-your-business/): You may find yourself in a situation where you would like to transfer personal assets to your business. The rules differ for each type of business structure. Sole proprietorship For income tax purposes, you have to transfer personal property to a sole proprietorship at its fair market value (FMV). The FMV of the assets is the opening undepreciated capital cost (UCC). Partnership For income tax purposes, you can transfer your personal property to a Canadian partnership for an elected amount. This amount may be different from the FMV, as long as you meet certain conditions. The elected amount then becomes your proceeds for the property transferred, as well […]
- [How to change your personal income tax return after you file it](https://seniuk.com/how-to-change-your-personal-income-tax-return-after-you-file-it/): If you think that the income tax and benefit return you filed for the tax year is missing important details such as the Home office expenses for employees or you made a mistake, you don’t need to file a new return, these are the steps to follow: Wait for your notice of assessment Whether you filed online or mailed your Income tax return, you need to wait to receive your notice of assessment, which will be issued to you by the Canada Revenue Agency (CRA). After you receive your notice of assessment, you may submit an adjustment request to the CRA.  Requesting changes to your tax return […]
- [Full listing of Canadian Corporate Services available on-line and costs](https://seniuk.com/full-listing-of-canadian-corporate-services-available-on-line-and-costs/): Please click on the links below for the various filings and services: File annual return $12 Incorporate  $200 Order uncertified copies of corporate documents Free Get a certificate of compliance $10 Get a certificate of existence $10 Amend articles  $0 / $200 Corporation key required Pre-approve a corporate name Free View/change director information Free Corporation key required Change registered office information Free Corporation key required Add/Change additional address Free Corporation key required Subscribe to annual return reminder emails Free Subscribe to email notice Free File financial statements Free Corporation key required Order a corporate profile Free Services for not-for-profit corporations Services […]
- [Types of Business Ownership in Canada](https://seniuk.com/types-of-business-ownership-in-canada/): When starting a company, it’s essential to select the business structure that best supports your goals.  There are three types of legal structures for a business: sole proprietorship partnership (which is a form of proprietorship) corporation 1. Sole proprietorship A sole proprietorship is informal and easily created, which is why it is the most common structure chosen by new businesses. In this structure, the business and the operator are one and the same in the eyes of legal and tax authorities. Tax law treats a sole proprietorship as an income source for the proprietor and therefore requires that the business’s financial details be listed in […]
- [Canada Recovery Benefit (CRB)](https://seniuk.com/canada-recovery-benefit-crb/): The Canada Recovery Benefit (CRB) gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. The CRB is administered by the Canada Revenue Agency (CRA). If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period. If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 19 eligibility periods (38 weeks) between September 27, 2020 and September 25, 2021. Eligibility criteria To be eligible for the CRB, you must meet all the following conditions for the 2-week period you’re applying for: During the period you’re applying […]
- [Do you sell through online platforms such as Etsy, eBay, Amazon or Kijiji? Here’s what you need to know about taxes.](https://seniuk.com/do-you-sell-through-online-platforms-such-as-etsy-ebay-amazon-or-kijiji-heres-what-you-need-to-know-about-taxes/): What is a peer-to-peer sale? A peer-to-peer (P2P) sale is the selling of goods or services from one person or party directly to another. You may be involved in P2P selling if you are connecting with buyers through online platforms. Income tax implications As a resident of Canada, you have to report your income from all sources inside and outside of the country, including P2P transactions, on your tax return. If you paid tax on foreign income, you could be eligible for a tax credit. It is important to maintain proper financial records of all your sales and expenses. This applies to the […]
- [10% Temporary Wage Subsidy (TWS) Reporting](https://seniuk.com/10-temporary-wage-subsidy-tws-reporting/): You will need to keep information to support your 10% Temporary Wage Subsidy for Employers (TWS) calculation. The Canada Revenue Agency (CRA) may ask you to provide the following: total eligible remuneration paid from March 18 to June 19, 2020 federal, provincial, or territorial income tax deducted from the remuneration paid Canada Pension Plan contributions (CPP), Employment Insurance premiums (EI) deducted from the remuneration paid total number of eligible employees employed from March 18 to June 19, 2020 Form required for reporting: PD27 Click the link for the: Form PD27 Use this form to reconcile the TWS on your payroll program (RP) accounts. You need to complete and submit Form PD27 to […]
- [CEBA Loan Requirements, Amounts, and Deadlines Have Changed](https://seniuk.com/ceba-loan-requirements-and-deadlines-have-changed/): December 7, 2020 Update Eligible Canadian businesses that currently operate through a personal or business bank account will be able to apply for CEBA. All applicants have until December 31, 2020, to apply for the $40,000 initial loan and until March 31, 2021 for the $20,000 expansion loan at your financial institution. Eligibility Requirements for the initial $40,000 loan The CEBA application process follows one of two streams: (i) the Payroll Stream (Applicants with employment income paid in the 2019 calendar year between Cdn.$20,000 and Cdn.$1,500,000) or (ii) the Non-Deferrable Expense Stream (Applicants with Cdn.$20,000 or less in total employment income […]
- [Collections, audit, objections and appeals: CRA and COVID-19](https://seniuk.com/collections-audit-objections-and-appeals-cra-and-covid-19/): CRA (Canada Revenue Agency) has implemented the following changes to their procedures in regards to collections, audit, objections, and appeals due to COVID-19 as follows: Collections Collections activities on new debts will be suspended until further notice, and flexible payment arrangements will be available. If you can’t pay your taxes, child and family benefit overpayments, Canada Student Loans, or other government program overpayments in full, payment arrangements are available. Collections staff will address pre-existing situations on a case-by-case basis to prevent financial hardship. Banks, and employers and other third parties do not need to comply or remit on existing Requirements to pay (RTP) […]
- [COVID–19: Canada Emergency Commercial Rent Assistance (CECRA) for small businesses](https://seniuk.com/covid-19-canada-emergency-commercial-rent-assistance-cecra-for-small-businesses/): The CECRA for small businesses application portal opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. It offers unsecured, forgivable loans to eligible commercial property owners to: reduce the rent owed by their impacted small business tenants meet operating expenses on commercial properties Property owners must offer a minimum of a 75% rent reduction for the months of April, May and June 2020. To qualify for CECRA for small businesses, the commercial property owner must: own commercial real property* which is […]
- [COVID-19 Support for Seniors](https://seniuk.com/covid-19-support-for-seniors/): Update: May 22, 2020 The Canadian government has announced the following support for seniors: 1. Registered Retirement Income Funds (RRIFs) minimum withdrawal reduced The minimum withdrawals requirement from RRIFs will be reduced by 25% for 2020, in recognition of volatile market conditions and their impact on many seniors’ retirement savings. 2. One-time non-taxable payment for seniors The payment for seniors provides support through a one-time payment: $300 for seniors eligible for the Old Age Security pension, and an additional $200 for seniors eligible for the Guaranteed Income Supplement This measure will give a total of $500 to seniors who receive both […]
- [COVID-19: Canada Emergency Student Benefit (CESB)](https://seniuk.com/canada-emergency-student-benefit-cesb/): The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work due to COVID-19. This benefit is for students who do not qualify for the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI). From May to August 2020, the CESB provides a payment to eligible students of: $1,250       For each 4-week period or $2,000       For each 4-week period, if you have dependants or a disability You can only apply for one eligibility period at a time. If your situation continues, you must re-apply for another […]
- [Individual Income tax filing and payment deadlines: CRA and COVID-19](https://seniuk.com/income-tax-filing-and-payment-deadlines-cra-and-covid-19/): The deadline for most individuals to file their 2019 taxes has been extended to June 1, 2020. The deadline to pay amounts owed has also been extended to September 1, 2020. Penalties and interest will not be charged if payments are made by the extended deadlines of September 1, 2020. This includes the late-filing penalty as long as the return is filed by September 1, 2020. If you, your spouse, or your common-law partner are self-employed, you still have until June 15, 2020, to file your taxes. However, your payment deadline has also been extended to September 1, 2020. For those who have to pay by instalments, the June 15, 2020, payment due date has also been […]
- [Covid-19 10% Wage Subsidy Details for Businesses](https://seniuk.com/covid-19-wage-subsidy-details-for-businesses/): 1. What is the Temporary Wage Subsidy for Employers? The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). 2. Which employers are eligible? You are an eligible employer if you: are a non-profit organization, registered charity, or a Canadian-controlled private corporation (CCPC); have an existing business number and payroll program account with the CRA on March 18, 2020; and pay salary, wages, bonuses, or other remuneration to an employee. Note: CCPCs are only eligible for the subsidy if […]
- [COVID-19 Supports for Albertans](https://seniuk.com/covid-19-supports-for-albertans/): Emergency isolation support Eligible working Albertans can receive a one-time emergency isolation support payment of $1,146 if they: experienced total or significant loss of income as a result of having to self-isolate, or are the sole caregiver of a dependent who is self-isolating, and have no other source of compensation, such as workplace sick leave benefits or federal employment insurance benefits Utility payment deferral Residential customers can defer electricity and natural gas bill payments for the next 90 days to ensure no one will be cut off, regardless of the service provider. This program is available to Albertans who are experiencing financial hardship […]
- [Canada’s COVID-19 Economic Response Plan: Support for Canadians](https://seniuk.com/canadas-covid-19-economic-response-plan-support-for-canadians/): Updated July 29, 2020 Canada Emergency Student Benefit (CESB) The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work due to COVID-19. Please read our blog post for full details on this benefit at: https://seniuk.com/canada-emergency-student-benefit-cesb/ Support for Seniors One-time non-taxable payment for seniors: $300 for seniors eligible for the Old Age Security pension, and an additional $200 for seniors eligible for the Guaranteed Income Supplement This measure will give a total of $500 to seniors who receive both the Old Age Security pension and the Guaranteed Income […]
- [Canada’s COVID-19 Economic Response Plan: Support for Businesses](https://seniuk.com/canadas-covid-19-economic-response-plan-support-for-businesses/): Updated December 1, 2020 Please see below for all the various programs available. The Government of Canada has also set up a website to help you determine what programs your company could be eligible for at the following link: https://innovation.ised-isde.canada.ca/s/?language=en Canada Emergency Commercial Rent Assistance (CECRA) for small businesses CMHC administers CECRA for small businesses on behalf of the Government of Canada. This program will offer unsecured, forgivable loans to eligible commercial property owners to: reduce the rent owed by their impacted small business tenants meet operating expenses on commercial properties Please read our blog post for full details about this […]
- [Taxes - Getting a Refund - Setting up Direct Deposit](https://seniuk.com/taxes-getting-a-refund-setting-up-direct-deposit/): Important Notice: Due to tax department security changes, for the 2019 personal tax filing, our office is no longer able to enter direct deposit information on behalf of our clients. If you have already signed up for direct deposit, the tax department will use the existing bank account information for any payments you are entitled to receive. Please see the information below on how to set up direct deposit and receive your refund. How to sign up for Direct Deposit Online You can sign up yourself if you are registered for My Account. My Account can help you quickly and easily manage […]
- [Are you buying a business?  What are the tax implications?](https://seniuk.com/are-you-buying-a-business-what-are-the-tax-implications/): Business number (BN), Payroll and Goods, and Services Tax (GST) You may need a new BN. To find out, go to Business number registration. To find out about payroll accounts and other related topics, go to Payroll overview. You will want to review the relevant information on GST for the type of business you are buying at Register for a GST account. Change of ownership When the owner of a sole proprietorship or one of the partners in a partnership or one of the members of a corporation’s board of directors changes, it is important that you contact your tax services office. Depending on your business […]
- [GST - How to complete and file a GST return](https://seniuk.com/gst-how-to-complete-and-file-a-gst-return/): You can file a GST/HST return electronically, by TELEFILE, or on paper. Before you choose a method, you must determine if you are required to file online and which online method you can use. For instructions about how to complete each line of your return, see Instructions for completing a GST/HST return. GST/HST NETFILE is an online filing service that allows registrants to file their GST/HST returns and eligible rebates directly to the Canada Revenue Agency (CRA) over the internet. My Business Account My Business Account is a secure online portal that allows you to interact electronically with the CRA on […]
- [Canada Revenue Agency (CRA) Options if you Can’t Pay Your Taxes in Full](https://seniuk.com/canada-revenue-agency-cra-options-if-you-cant-pay-your-taxes-in-full/): If you cannot pay the full amount of taxes you or your company owes, you may qualify for a payment arrangement or ask for taxpayer relief. Contact the Canada Revenue Agency (CRA) as soon as possible to make arrangements. Ignoring your debt won’t make it go away. What are your options? The CRA can work with you to set up a payment arrangement in My Account, My Business Account, MyCRA, or CRA BizApp. The sooner you take action, the less interest you’ll have to pay. To make a payment arrangement for you or your business, go to Pay by pre-authorized debit […]
- [What is a Business Plan and How Do I Write One?](https://seniuk.com/what-is-a-business-plan-and-how-do-i-write-one/): For small business owners, the concept of writing a business plan is new and they have no idea where to start. It can be a daunting experience, but when you do it right, the payoff can be enormous. What is a business plan? A business plan is the roadmap for your small business’ growth and development. It communicates who you are, what you plan to do, and how you plan to do it. Why do I need one? The first thing any investor or venture capitalist will ask for is a business plan. It doesn’t matter how great your pitch is—if […]
- [GST treatment of fuel charges](https://seniuk.com/gst-treatment-of-fuel-charges/): Generally, under the Excise Tax Act every recipient of a taxable supply (other than a zero-rated supply) made in Canada is required to pay GST on the value of the consideration for the supply. Consideration is defined in the Act to include any amount payable by operation of law. The Act also provides that all taxes, duties or fees (other than the GST) imposed under an Act of Parliament in respect of a supply of property or a service and payable by the recipient of the supply, or payable/collectible by the supplier in respect of the supply or in respect of the […]
- [What happens to CPP after the death of a spouse?](https://seniuk.com/what-happens-to-cpp-after-the-death-of-a-spouse/): This is not as simple as it seems. In 2017 the life expectancy for the total Canadian population is projected to be 79 years for men and 83 years for women, so there may be many years you’re living alone on that income. Some of the situations are as follows: Depending on the age of the surviving spouse: Canada Pension Plan Survivor Benefits If the survivor is: Then the survivor’s pension is: age 65 or more 60% of the contributor’s retirement pension if the surviving spouse or common-law partner is not receiving other CPP benefits under age 65 a flat rate portion […]
- [Work from anywhere with the Quickbooks Online Phone App to link to your Quickbooks Online Account](https://seniuk.com/quickbooks-online-phone-app-to-link-to-your-quickbooks-online-account/): Run Your Business on the Go with QuickBooks Online. Get Paid Faster & Invoice on the Go Invoice your customers and collect payments from wherever you do business. Learn More Capture Expenses on the Go Trash the receipts – snap a photo then easily attach it to any transaction using the QuickBooks Online Mobile app. Learn More Free with your QuickBooks Online subscription Don’t have QuickBooks Online? Download the App and Try it Free for 30 days. iPhone/iPad Android Phone/Tablet Frequently Asked Questions What kinds of things can I do with QuickBooks mobile? You can do some of your most important QuickBooks […]
- [GST Reporting Periods](https://seniuk.com/gst-reporting-periods/): GST registrants are required to calculate their net GST remittance or refund on a periodic basis – monthly, quarterly or annually, depending on sales volumes. Following each reporting period, a registrant must file a GST return and remit the net tax owing, orclaim a refund. The reporting period is determined by the registrant’s “threshold amount” for a fiscal year or fiscal quarter. Detailed instructions on how to calculate these threshold amounts are included in paragraphs 35 through 40 of this memorandum. Monthly – For registrants whose threshold amount for a fiscal year or fiscal quarter is greater than $6 million. Quarterly […]
- [Tax information you need to know if you bought or sold a home](https://seniuk.com/tax-information-you-need-to-know-if-you-bought-or-sold-a-home/): Principal residence exemption When you sell your principal residence, did you know that any profit (capital gain) may be exempt from taxes? In fact, if your home was your primary residence for every year that you owned it, you do not have to pay tax on the capital gain. Your principal residence can be any of the following: a house, cottage or condominium an apartment in an apartment building or a duplex a trailer, mobile home, or houseboat In order for a property to qualify as your principal residence: You must own, or jointly own the property. You, your current or […]
- [Canadian non-resident tax obligations](https://seniuk.com/canadian-non-resident-tax-obligations/): Who is a non-resident? A non-resident is someone who: normally, customarily, or routinely lives in another country and is not considered a resident of Canada; or does not have significant residential ties in Canada; and lives outside of Canada throughout the tax year; or stays in Canada for less than 183 days in the fiscal year. The most common types of income subject to non-resident tax are: Pension plan and Old Age Security (OAS) payments Registered Retirement Savings Plan (RRSP) and Registered Retirement Income Fund (RRIF) payments Rental and royalty payments Annuity payments Trust payments Dividend payments What are your obligations? […]
- [Do you or your employees use their vehicle for work? Here’s what you need to know](https://seniuk.com/do-you-or-your-employees-use-their-vehicle-for-work-heres-what-you-need-to-know/): Do you or your employees use their personal vehicles for work-related travel? If so, you may provide them with an automobile or motor vehicle allowance to help cover expenses. What is an automobile or motor vehicle allowance? An automobile or motor vehicle allowance is any payment that you give your employees for using their own vehicle in connection with their employment. This payment forms part of their salary or wages. An allowance is a taxable benefit to your employees unless it is based on a reasonable per-kilometre rate.What are your responsibilities. Determine if the allowance is reasonable The Canada Revenue Agency (CRA) considers an […]
- [When you need a business number for Canada Revenue Agency program accounts](https://seniuk.com/when-you-need-a-business-number-for-canada-revenue-agency-program-accounts/): Certain business activities require a business number. You can register for: a business number: a unique, 9-digit number – the standard identifier for businesses. It is unique to a business or legal entity. CRA program accounts: 2 letters and 4 digits attached to a business number – used for specific business activities that must be reported to the CRA. When you need a business number: You need a business number if you incorporate or need a CRA program account. You might need a business number to interact with other federal, provincial, and municipal governments in Canada. Getting a business number as part […]
- [Audit Shield Insurance for our Clients](https://seniuk.com/audit-shield-insurance-for-our-clients/): Our firm will be instituting a new tax audit insurance program.  This will give our clients the opportunity to purchase Audit Shield Insurance to help cover any potential costs associated from audit queries from the tax department.  What is audit activity? Audit activity includes any audit, inquiry, investigation or review which is instigated by the Canada Revenue Agency (CRA)and other provincial agencies to ensure business and taxpayer compliance with various tax and legislative requirements such as Personal Tax, Business Audits, Payroll Audits, GST and Capital Gains Tax, amongst others. How common are audits, enquiries, investigations or reviews? The CRA and other […]
- [Canada Pension Plan (CPP) increase in 2019 and future years](https://seniuk.com/canada-pension-plan-cpp-increase-in-2019-and-future-years/): Beginning 2019 CPP increase to grow to replace one third of the average work earnings you receive after 2019. The maximum limit used to determine your average work earnings will also gradually increase by 14% by 2025. Your pension will increase based on how much and for how long you contribute to the enhanced CPP. The CPP enhancements will increase the maximum CPP retirement pension by up to 50% for those who make enhanced contributions for 40 years. Changes to CPP contributions You contribute to the CPP if you are over the age of 18, work in Canada) and earn more than $3,500 […]
- [Top Quickbooks Online Reports to Run Regularly](https://seniuk.com/top-quickbooks-online-reports-to-run-regularly/): There are numerous QuickBooks Online reports that you should be consulting at regular intervals. I believe you need these five at least every month to provide you with invaluable knowledge on the current status of your business. They are: 1. Accounts Receivable Aging Detail – Displays a list of invoices that haven’t yet been paid, divided into groups like 1-30 days past due, 31-60 days past due, etc. 2. Budget/Prior Period vs. Actuals/Current Period – Just what it sounds like: a comparison of your monthly budgeted or prior period amounts and your actual current period income and expenses. 3. Unpaid Bills […]
- [Getting started with Quickbooks Online - Part 2](https://seniuk.com/getting-started-with-quickbooks-online-part-2/): We’ve already discussed QuickBooks Online’s ability to guess how transactions should be categorized (it’s not always right, but you can change incorrect ones). It also allows you to memorize transactions that recur on a regular basis; this also saves time and improves accuracy. There’s another way the site also uses automation to help minimize keystrokes: Bank Rules. Based on your input, it will scan incoming items and classify them, so you don’t have to. This can be very helpful when you regularly import transactions that share specific attributes. Let’s look at how this works. Click Banking in the navigation toolbar, then click Bank Rules. Once […]
- [Getting started with Quickbooks Online](https://seniuk.com/getting-started-with-quickbooks-online/): QuickBooks Online was built to work with transactions downloaded from your online financial institutions. Here’s how to work with them. The ability to import transactions from financial institutions into QuickBooks Online is definitely one of the best things about the site. You may have even signed up for that very reason. By now, you’ve probably already set up at least one connection. But are you using all of the QuickBooks Online’s tools? There’s a lot you can do once you’ve imported in data from your bank or credit card provider. We’ll explore these features in this column and the next. First […]
- [Phone Apps to Help With Your Business](https://seniuk.com/phone-apps-to-help-your-business/): Here are a few apps that can simplify your collaboration and tracking and even improve your productivity: Pocket – getpocket.com There is so much information to take in every day, it’s hard to get it all read when you first see it. How many times have you tried to find that article later with no success? Pocket makes it easy to save all the articles, pictures and videos you find online so you can look at them later. It works on mobile or desktop systems and it’s free. Pocket will also strip out the ads, sidebars, and other stuff from the page to […]
- [Buy a business or start your own?](https://seniuk.com/buy-a-business-or-start-your-own/): Starting a business from scratch can be overwhelming for first-time entrepreneurs. If you have a great business idea and are ready to work hard to build it from the ground up, then you may wish to start your own business. But if you want to hit the ground running and avoid some of the common start-up pitfalls, then buying an existing business or a successful franchise may be a better option for you. Starting your own business Benefits Complete freedom to design and manage the business according to your vision. Not bound by anyone else’s rules, history or assets. Opportunity to […]
- [Starting a new business - why having an accounting professional is essential](https://seniuk.com/starting-a-new-business-why-having-an-accounting-professional-is-essential/): Here are some facts: There are 1.2 million small businesses across Canada 1 out of 2 fail within the first 5 years of business due to poor financial management 89% of small businesses say they are more successful because of working with an accountant How can an accounting professional help: Setting new business goals each year; Tax Planning; Cash Flow Analysis; Ability and training to make more informed business decisions; Provide analysis for areas of improvement; Succession Planning; and Profitability analysis. Please come to see us for a free consultation.
- [Starting a New Business - Best Practices and Tips](https://seniuk.com/starting-a-new-business-best-practices-and-tips/): Starting a new business can be daunting.  Do not be shy about seeking out the advice of experts, networking with other entrepreneurs and hiring employees to help you run the business. Follow these tips to avoid some of the pitfalls that can lead to small business failure. Develop a good marketing and business plan that takes into account customer needs, competition, pricing and promotional strategies. Follow this link to find out how to write a business plan and access templates, sample business plans, market research information, and statistics. – Business planning Find research reports and statistics on small business and entrepreneurship in […]
- [QuickBooks Online - Advantages of Cloud Based Accounting](https://seniuk.com/quickbooks-online-advantages-of-cloud-based-accounting/): QuickBooks Online (“QBO”) has many features and advantages that many desktop-based programs do not offer.  If you are interested in using the program, our Firm can offer our clients up to 40% off the monthly price.  Please contact our office for further details.  Some advantages that QuickBooks Online offers over a traditional desktop accounting program are: ·    You can easily access data across multiple platforms (PC or Mac, mobile) ·    There is no need to transfer data files since everyone logs in to the same account to access live data ·    All data is hosted, backed up and secured by Intuit’s […]
- [Income Tax Update: Income Sprinkling - Tax on Split Income (TOSI)](https://seniuk.com/income-tax-update-income-sprinkling-tax-on-split-income-tosi/): On December 13, 2017, the Department of Finance released revised draft legislative proposals on income sprinkling.  The new rules were passed into law on June 21, 2018, with only a few minor modifications to the December proposals, and are effective January 1, 2019. The government’s objective is to eliminate the tax benefits of income splitting where the recipient of the income (a related family member) has not made a sufficient contribution to the family business. The TOSI rules will potentially apply to essentially any income amounts, dividends and capital gains that are considered “split income.” This generally includes the following: Dividends […]
- [Estate Planning Essentials](https://seniuk.com/estate-planning-essentials/): Estate Planning is the process of creating a plan to distribute assets –  a plan to take care of the people and things important to you – during your life or upon your death. An Estate Plan should also include contingency arrangements for the possibility that you may not be able to make decisions at some point in your life, for example, because of a severe injury or medical condition. Why is it important: ·       will help ensure that your dependents and beneficiaries have income and assets for their ongoing needs. The loss of your income means that some planning may […]
- [CHANGES TO THE NON-ACCOUNTABLE ALLOWANCES PAID TO ELECTED MEMBERS,  MUNICIPAL OFFICERS, AND MEMBERS OF SCHOOL BOARDS](https://seniuk.com/changes-to-the-non-accountable-allowances-paid-to-elected-members-municipal-officers-and-members-of-school-boards/): Beginning 2019 and subsequent tax years, non-accountable allowances paid to elected members, certain municipal officers and members of school boards will be fully included in income. Prior to 2019, an exemption is available to certain individuals for a non-accountable allowance that is paid to cover expenses connected with carrying out work-related duties. This non-accountable allowance is excluded from income unless it exceeds one-half of the individual’s salary and other remuneration. Changes for employers Currently, in order to complete the employee’s T4 slip, an employer must identify both the taxable and exempt share of the allowance when a non-accountable allowance is paid […]
- [Registering your new business with the government](https://seniuk.com/registering-your-new-business-with-the-government/): You may have to register with the government before you start operating your business. Before you register Before you register your business, you will need to know: where your main office will be located which other provinces and territories you plan to operate in your proposed business name (see Choosing a name) the type of business that best suits your needs (see sole proprietorship, partnership, corporation or co-operative for help determining which structure is right for you). Choose your business type To learn about your registration requirements and start the registration process, choose your planned business type: Corporation (federal or provincial/territorial) Sole proprietorship or […]
- [Protect yourself against fraudsters pretending to be the Canada Revenue Agency (CRA)](https://seniuk.com/protect-yourself-against-fraudsters-pretending-to-be-the-canada-revenue-agency-cra/): Know how to recognize a scam There are many types of fraud, including new ones invented daily. These scams may insist that this personal information is needed so that the taxpayer can receive a refund or a benefit payment. Cases of fraudulent communication could also involve threatening or coercive language to scare individuals into paying fictitious debt to the CRA. Other communications urge taxpayers to visit a fake CRA website where the taxpayer is then asked to verify their identity by entering personal information. These are scams and taxpayers should never respond to these fraudulent communications or click on any of […]
- [Seniuk and Company is now a QuickBooks Online Platinum ProAdvisor](https://seniuk.com/seniuk-and-company-is-now-a-quickbooks-online-platinum-proadvisor/): Advising over 25 Quickbooks online clients, our Firm is fully trained and staffed to assist with Quickbooks online clients. We have recently received the Quickbooks Platinium Proadvisor Certification. If you are looking for an accountant to assist you with your Quickbooks Online company, we are here to help and we offer a free consultation.  Contact us directly at clientportal@seniuk.com to discuss your needs.    
- [Types of business ownership: Determining whether incorporation, partnership or sole proprietorship is right for your business.](https://seniuk.com/types-of-business-ownership-determining-whether-incorporation-partnership-or-sole-proprietorship-is-right-for-your-business/): When you decide to start your own business, you need to determine what type of business structure best suits your needs. There are three types of business structures: Sole proprietorship With this type of business organization, you are the sole owner, and fully responsible for all debts and obligations related to your business. All profits are yours to keep. Because you are personally liable, a creditor can make a claim against your personal assets as well as your business assets in order to satisfy any debts. Advantages: Easy and inexpensive to register Regulatory burden is generally light You have direct control […]

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- [Municipal Software Partner](https://seniuk.com/municipal-software-partner/): Modern Municipal Accounting and Operations Software Built for Canadian Local Governments Seniuk & Marcato is pleased to introduce Awditify Municipal, a Canadian cloud-based municipal accounting and operations platform designed specifically for local governments. Through our extensive work with municipalities and public-sector organizations across Alberta, we understand the challenges municipal finance teams face when property tax, utility billing, accounting, capital assets, permits and other municipal operations are managed through separate systems and spreadsheets. Awditify Municipal takes a different approach by bringing municipal finance and operational workflows together on one connected general ledger. Instead of moving information between separate systems and manually reconciling […]
- [Course registration form](https://seniuk.com/course-registration-form/)
- [Professional Practice Services](https://seniuk.com/professional-practice-services/): Professional Practice Services Specialized Accounting for Professionals At Seniuk & Marcato, we understand that professional practices have unique financial, regulatory, and tax requirements that differ from those of traditional businesses. Whether you are an established practitioner or launching a new firm, our dedicated team provides tailored accounting, tax, and advisory services to help you operate efficiently, remain compliant, and achieve long-term success. We proudly support a wide range of professional clients, including: Comprehensive Support for Your Practice Our team brings decades of experience advising professional clients at every stage of their business journey, from incorporation and structure planning to daily operations […]
- [Corporate Registration Services](https://seniuk.com/corporate-registration-services/): Starting and maintaining a business involves important legal steps, and we make the process simple. At Seniuk & Marcato, we offer complete corporate registration services so you do not have to visit a registries office or manage complex paperwork on your own. Our team can handle both new company incorporations and annual corporate registration to ensure your business stays compliant with all provincial and federal requirements. Whether you are launching a new corporation or managing an existing one, we provide accurate and timely support every step of the way. Our services include: By allowing us to manage your corporate registrations, you […]
- [Testamentary Trust Services](https://seniuk.com/testamentary-trust-services/): Plan for the Future, Protect Your Loved Ones Dealing with the financial and legal responsibilities that follow the loss of a loved one can be overwhelming. A testamentary trust, also known as a trust created upon death—can provide structure, security, and peace of mind by ensuring that assets are distributed according to your wishes while minimizing unnecessary complications for your family. At Seniuk and Marcato, our team of experienced professionals can help you understand, establish, and manage testamentary trusts as part of your overall estate and tax planning strategy. What Is a Testamentary Trust? A testamentary trust is a trust that […]
- [Articling Opportunities](https://seniuk.com/about-us/articling-opportunities/): Launch Your CPA Career With Us At Seniuk and Marcato, we believe in building the next generation of accountants and business advisors. As an Approved Training Office under the CPA Pre-Approved Program, we provide articling students with the opportunity to gain the required competencies, mentorship, and professional experience to complete the CPA designation. Joining our team means you’ll be part of a supportive, dynamic, and growing firm where you’ll work side by side with experienced CPAs and professionals who are dedicated to helping you succeed. What We Offer CPA Articling Students 1. Hands-On Professional Experience 2. Structured CPA Mentorship 3. Professional […]
- [Seniuk Blog](https://seniuk.com/blog/): #102, 12750 127 Street NW Edmonton, Alberta T5L 1A5 clientportal@seniuk.com Home About Us Meet the team Articling Opportunities Client Industries Personal Personal Tax Services Testamentary Trust Services Forms and Checklists Corporate Corporate Services Professional Practice Services Corporate Registration Services Forms and Checklists Non for Profit Public sector Not for Profit Organizations Non-Profit vs Charity Resources Investment Partner QuickBooks Online Blog Contact and Hours X +780-482-3431 Blog Our Blog Latest Blog & News For Your Financial *Guide Stay informed with our expert insights, industry trends, and practical financial advice. Our blog is your go-to resource for navigating the complexities of business and […]
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- [Seniuk Home page](https://seniuk.com/): #102, 12750 127 Street NW Edmonton, Alberta T5L 1A5 clientportal@seniuk.com Home About Us Meet the team Articling Opportunities Client Industries Personal Personal Tax Services Testamentary Trust Services Forms and Checklists Corporate Corporate Services Professional Practice Services Corporate Registration Services Forms and Checklists Non for Profit Public sector Not for Profit Organizations Non-Profit vs Charity Resources Municipal Software Partner QuickBooks Online Blog Contact and Hours X +780-482-3431 Welcome to Seniuk and Marcato, Chartered Professional Accountants Welcome to Seniuk & Marcato Chartered Professional Accountants , where expert financial solutions and precision meet. Trust us to navigate your finances with accuracy, reliability, and a […]
- [Business Tips](https://seniuk.com/resources/business-tips/): Registering your Business Starting your Business Tips Maximizing your Business – Glossary of Terms Maximizing you Business – Implementation Checklist
- [Resources](https://seniuk.com/resources/): Tax Tips  Business Tips QuickBooks Online
- [QuickBooks Online](https://seniuk.com/resources/quickbooks-online/): Transitioning to cloud accounting can significantly reduce your bookkeeping time by 30% to 70% each month compared to traditional methods. With automatic bank feeds, you gain real-time insights into your business’s profitability, eliminating the wait for manual transaction entries. This immediate access allows your accountant to provide timely advice throughout the year, not just during tax season Our firm is currently offering up to a 30% discount on QuickBooks Online subscriptions. Please contact Laura (contact information below) to take advantage of this offer. QuickBooks Online Plus offers numerous features to streamline your accounting processes, reduce costs, and allow you to focus […]
- [Partners](https://seniuk.com/about-us/new-clients/): Your Partner Team Our dedicated partners team bring unparalleled expertise, strategic insight, and a commitment to excellence. With years of industry experience, they guide every client toward financial precision and success, offering personalized solutions that align with your unique goals. Laura Marcato CPA, CA Engagement Partner Laura obtained her Chartered Accountant designation in 2004 in the Province of Alberta and has been with the firm over 15 years. She has worked in all areas of the practice during her time with the firm and is responsible for the firm’s CPA training program. Call: (780) 482-3431 ext: 304 E-mail: laura@seniuk.com Services Compilation, […]
- [Non-Profit vs Charity](https://seniuk.com/not-for-profit/non-profit-vs-charity/): If you are wondering what the differences are or if your non-profit organization should apply for charitable status, please review the chart below for all the differences: Topic Registered Charity Non-Profit Organization Purposes must be established and operate exclusively for charitable purposes can operate for social welfare, civic improvement, pleasure, sport, recreation, or any other purpose except profit cannot operate exclusively for charitable purposes Registration must apply to the Canada Revenue Agency (CRA) and be approved for registration as a charity no registration process for income tax purposes Charitable registration number is issued a charitable registration number upon approval by the CRA is not issued […]
- [Tax Tips](https://seniuk.com/resources/tax-tips/): How to pay your taxes RRSP contributions Employee benefits Automobile expenses Books and record retention Effective tax strategies – document organizer Correct your taxes with Voluntary Disclosures Self-Employed Tax Obligations
- [Virtual Meeting](https://seniuk.com/virtual-meeting/): It is often useful for us to view your computer screen when discussing files with you. Our office uses the Microsoft Teams to have virtual meetings with our clients. Join by link All you need to join a Teams meeting is a link. Select Click here to join the meeting in your meeting invite to be taken to a page where you can choose to either join on the web or download the desktop app. If you already have the Teams app, the meeting will open there automatically. If you don’t have a Teams account and the organizer has allowed it, you may […]
- [Forms and Checklists](https://seniuk.com/services/forms-and-checklists-2/): The following forms should be downloaded, completed and submitted to us along with your corporate documents as needed. —Client Corporate Tax Package —T183 – Information Return for Electronic Filing of an Individuals Income Tax and Benefit Return —RC59 – Business Consent Form —AT4930 – AB Consent Form
- [Non for Profit](https://seniuk.com/not-for-profit/)
- [Public sector](https://seniuk.com/not-for-profit/government/): Public Sector Services Trusted Audit and Advisory for Municipal and Government Organizations At Seniuk & Marcato, we understand that municipalities, public agencies, and Indigenous governments operate within a complex regulatory landscape that demands accuracy, transparency, and accountability. Our dedicated public sector team provides specialized audit and advisory services designed to help government organizations meet legislative requirements, strengthen financial governance, and deliver value to the communities they serve. Supporting Alberta’s Communities We proudly partner with more than 35 public sector entities across Alberta, including municipalities, counties, towns, villages, summer villages, and Indigenous governments, to provide reliable and timely financial reporting. Our extensive […]
- [Not for Profit Organizations](https://seniuk.com/not-for-profit/farms/): United with a purpose Not-for-profits face a unique set of regulatory, financing, and tax challenges. Our advice and services include: -Financial statement preparation including: compilation, review, and audit services. -Tax return preparation and planning including GST and the Not-for-Profit and Charity tax returns as required in Canada. -We can assist your organization with tax planning to ensure the non-taxable status is maintained according with Canadian tax regulations. -We will also keep your organization informed of any taxation regulations that may impact your organization. -Compliance with special regulatory body requirements:  This could include additional reports as required by Grant funding organizations both Provincially […]
- [Personal Tax Services](https://seniuk.com/business-services/tax/): Saving you time…and money. Personal tax season is a stressful time for Canadians. In order to help you submit your personal tax return successfully, we offer the following value added services: All returns are prepared by qualified professional staff (C.A., C.P.A. or equivalent) with years of experience. Personal tax services offered include:
- [Corporate Services](https://seniuk.com/services/accounting-and-assurance/): A personalized approach for your Business At Seniuk and Marcato we provide a full range of accounting, assurance, tax and advisory services including: –Financial statement preparation including Compilation, Review and Audit engagements. –Start-Up Corporations:  If you are thinking of starting a business, our Firm can guide you through the process of setting up a business and answer any questions you may have about the process such as: how to pay yourself, filing deadlines, GST set up and compliance, and tax deductions available. –Special Reports: These could include reports as required by potential and existing lenders. –Corporate taxation services: This includes preparation […]
- [Personal](https://seniuk.com/business-services/)
- [Privacy Policy](https://seniuk.com/about-us/privacy-policy/): Seniuk and Company, Chartered Professional Accountants is entrusted with personal information about its clients and staff and is committed to respecting that privacy. This page summarizes the privacy policy and practices for Seniuk and Company, Chartered Professional Accountants. Seniuk and Company, Chartered Professional Accountants do not automatically gather any personal information from you, such as your name, phone number, or e-mail address. This information is only obtained if you provide it voluntarily, through contacting us via mail, telephone, e-mail, on-line form, fax, or in person. Any personal information you do provide is managed according to the Alberta Freedom of Information and […]
- [Forms and Checklists](https://seniuk.com/business-services/forms-and-checklists/): The deadline for filing and payment of taxes is April 30.  Please send us your complete information by: – drop off in person anytime between 9:00 am and 4:30 pm Monday to Friday; -mail; -courier; or -upload to our secure CaseWare cloud portal which can be accessed at CaseWare Cloud.  For cloud assistance, please call our office 780-482-3431 – ext 0. If you are uploading to the cloud, please inform us by email – reception@seniuk.com – so your upload is not overlooked.  We require any documents uploaded to be scanned.  A picture of the document taken with a camera or cell […]
- [Corporate](https://seniuk.com/services/)
- [Client Industries](https://seniuk.com/about-us/client-industries/): With over 1000 clients, we have provided services in the following industries: 1.Retail 2.Construction 3.Agricultural 4.Not-for-profit organizations and societies 5.Charities 6.Condominium corporations 7.Municipalities 8.Professionals and consultants 9.Manufacturing and distribution 10.Technology 11.Real Estate
- [Meet the team](https://seniuk.com/about-us/leadership-profiles/): #102, 12750 127 Street NW Edmonton, Alberta T5L 1A5 clientportal@seniuk.com Home About Us Meet the team Articling Opportunities Client Industries Personal Personal Tax Services Testamentary Trust Services Forms and Checklists Corporate Corporate Services Professional Practice Services Corporate Registration Services Forms and Checklists Non for Profit Public sector Not for Profit Organizations Non-Profit vs Charity Resources Investment Partner QuickBooks Online Blog Contact and Hours X +780-482-3431 Our Team Our Expertise Team Your Leadership Team Our dedicated partners and management team bring unparalleled expertise, strategic insight, and a commitment to excellence. With years of industry experience, they guide every client toward financial precision […]
- [Firm Profile](https://seniuk.com/about-us/firm-profile/): Seniuk and Company, Chartered Professional Accountants was established in Edmonton, Alberta in 1974. Our firm has been a full service accounting firm for the City of Edmonton and surrounding communities since being founded. We provide clients professional solutions based on our deep knowledge of their personal situation or type organization.  Due to the size of our firm, we are able to maintain continuity of assigned Partners and professional accounting staff to every engagement. This creates a client relationship that is built on integrity and trust, proactive advice, and immediate responsiveness to our clients’ needs. Our Firm has moved to a virtually paperless […]
- [About Us](https://seniuk.com/about-us/): #102, 12750 127 Street NW Edmonton, Alberta T5L 1A5 clientportal@seniuk.com Home About Us Meet the team Articling Opportunities Client Industries Personal Personal Tax Services Testamentary Trust Services Forms and Checklists Corporate Corporate Services Professional Practice Services Corporate Registration Services Forms and Checklists Non for Profit Public sector Not for Profit Organizations Non-Profit vs Charity Resources Investment Partner QuickBooks Online Blog Contact and Hours X +780-482-3431 About Us Our Expertise Team Your Leadership Team Our dedicated partners and management team bring unparalleled expertise, strategic insight, and a commitment to excellence. With years of industry experience, they guide every client toward financial precision […]
- [Contact and Hours](https://seniuk.com/contact/): #102, 12750 127 Street NW Edmonton, Alberta T5L 1A5 clientportal@seniuk.com Home About Us Meet the team Client Industries Personal Personal Tax Services Forms and Checklists Corporate Corporate Services Forms and Checklists Non for Profit Public sector Not for Profit Organizations Non-Profit vs Charity Resources Investment Partner QuickBooks Online Blog Contact and Hours X +780-482-3431 Contact us Get in Touch, Let’s *Talk Numbers! Phone: 780-482-3431 Fax: 587 741 8654 Visit Us #102, 12750 127 Street NW Edmonton, Alberta  T5L 1A5 Email clientportal@seniuk.com Welcome to Seniuk and Marcato, Chartered Professional Accountants, where expert financial solutions and precision meet. Trust us to navigate your […]
- [Blog](https://seniuk.com/news/): This is the blog page – add items here by going to the Posts option on the left and adding new posts there.
- [Accounting, Audit, and Tax Needs in Edmonton, Alberta, Canada.](https://seniuk.com/home/): #102, 12750 127 Street NW Edmonton, Alberta T5L 1A5 clientportal@seniuk.com Home About Us Firm Profile Meet the team Client Industries Partners Privacy Policy Personal Personal Tax Services Personal Tax Rates Forms and Checklists Corporate Corporate Services Corporate Tax Rates Forms and Checklists Industries Public sector Not for Profit Organizations Non-Profit vs Charity Resources Tax Tips Business Tips Investment Partner QuickBooks Online Blog Contact and Hours X +780-482-3431 “Our Mission is to provide clients with superior tax, accounting, auditing, and consulting services by implementing practical solutions for our client’s diverse needs.” Our office can help you with personal tax preparation and a […]


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