MY Partners LLP

04/24/2023

This is a restaurant in Yorkdale, bot to be confused with the jerk store on Seinfeld.

04/17/2020

BIG CEBA / and Commercial Rent Assistance Update:

For the Canada Emergency Business Account ($30k Loan) Companies will be eligible if they paid $20k - $1.5M in payroll during 2019 (previously $50k-$1M). Sorry, everyone who pays themselves dividends, you appear to still not be eligible.

NEW RENT PROGRAM: Canada Emergency Commercial Rent Assistance: Which is meant to "help small businesses with their rent for the months of April, May and June". The fed has to work with provinces to iron out the details, which are expected in the coming days.

A lot of businesses are about to fail when May rent becomes due so this is welcome news for them!

As always, details are in our blog, which we update regularly.

04/17/2020

The highlights from the US stimulus bill yet to be passed.

The bill would expand the eligibility for small businesses to receive a loan of up to $10 million under the SBA. Loans can be used for payroll as well as paid sick, or family leave, mortgage payments and rent, utilities. Loans could also be extended to sole proprietors, independent contractors and self-employed persons. No collateral would be required, nor any personal guarantee. Loans are eligible for forgiveness if they meet specific criteria.

The checks will be $1,200 per adult - or $2,400 for married couples filing jointly - and an additional $500 per child.

There will be a phaseout means that the benefit goes down as income goes up. In this case, for every $100 of income above those thresholds, your check will drop by $5. If you are a single filer earning $85,000, your check will be $700 ($1,200-$500). If you do the quick math on that, it means that you’ll phaseout completely once you hit $99,000 as a single filer, $198,000 as a married couple filing jointly, or $146,500 for heads of household.

The Internal Revenue Service will base, who will be eligible from the 2019 return or 2018 return. You will need a Social Security Number.

This is not taxable income.

04/17/2020

The Canada Emergency Wage Subsidy ("CEWS")

It provides a 75% wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020.

Eligible Employers:
Eligible employers would include individuals, taxable corporations, and partnerships.

This subsidy would be available to eligible employers that see a drop of at least 30 per cent of their revenue, must attest to the decline in revenue.

Calculating Revenues:
An employer’s revenue is from Canadian sourced.

Amount of Subsidy:
The subsidy amount for a given employee on eligible remuneration paid between March 15 and June 6, 2020. The
75% of the amount of wages paid, up to a maximum benefit of $847 per week.

Eligible Periods
Eligibility would be determined by the change in an eligible employer’s monthly revenues, year-over-year by a decline in revenue of 30%.

How to Apply
Eligible employers would be able to apply for the CEWS through the CRA's My Business Account portal or other web portal.

Ensuring Compliance:
In order to maintain the integrity of the program, the employer would be required to repay amounts paid under the CEWS if they do not meet the eligibility requirements.

Employers who are not eligible for the CEWS would still be able to furlough employees who will receive up to $2,000 a month.

09/18/2019

Tax Gap and Compliance Results for the Federal Corporate Income Tax System
http://bit.ly/30BEvJH
We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

The Canada Revenue Agency (CRA) has published a series of studies on Canada's tax gap.

09/11/2019

Tax-Saving Tips For Canadian Taxpayers
http://bit.ly/2LKzRVu
We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

Learn how to minimize taxes and get a bigger refund.

09/04/2019

CRA updates tax folios, provides guidance on caregiver credits
http://bit.ly/2SwEqUE
We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

One document addresses the tax on split income

08/28/2019

What to Do If You Make a Mistake on Your Tax Return in Canada
http://bit.ly/31zMYgU
We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

If you make a mistake on your tax return in Canada don't despair. Learn how to make changes to either T1 or T2 after you've filed.

05/22/2019

6 strategies to help you (legitimately!) pay less capital gains tax
http://bit.ly/2IOJ1PX
We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

To take the sting out of the taxman’s bite, consider implement one or more capital gains tax strategies to help minimize what you pay on those earnings

05/15/2019

FINANCIAL FOCUS: Your legacy is in your hands
http://bit.ly/2INLUR0
We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

A legacy isn’t simply a document or a bunch of numbers. It’s what you will be remembered for and what you have left behind that will be remembered. It’s essentially your chance to contribute positively to the future, whether that

05/08/2019

Managing estate holdbacks
http://bit.ly/2uFJ9Iv
We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

Helping executors decide how much to keep aside for complicated estates

05/02/2019

The IRS stats are in: Here is how tax refunds look compared to last year
https://cnb.cx/2GXg2aA
We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

The average tax refund check is $2,725, down 2% from last year, according to the IRS. While those numbers aren't all that different from 2018, CPAs warn that refunds only tell part of the story — plenty of clients were surprised by their outcomes. What you should know.