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Archive for the ‘Accounting News’ Category

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Public holiday pay calculation will be reverted to the old formula

Friday, May 18th, 2018

Public holiday pay calculation will be reverted to the old formula

Posted in Accounting News, Employment Law Update Comments Off on Public holiday pay calculation will be reverted to the old formula

Update of WSIB penalties

Monday, January 15th, 2018

New employer late reporting penalties under the Workplace Safety and Insurance Act (WSIA) came into effect on January 1st.  Employers who take more than 30 days to report an accident to the WSIB will be fined $1,000.  Additional administrative penalties of $250 will continue to be separately applied for incomplete reporting, failing to use an appropriate reporting form, and failing to give the worker a copy of the completed Form 7.

Also as of January 1st, employers who are determined by the WSIB to have engaged in claim suppression may be charged an administrative penalty of $5,000 for each of the first three occurrences, $7,500 for each of the next three occurrences, and $10,000 for each occurrence after that.

Failure to comply with reporting obligations and claim suppression are also offences under the WSIA. If found guilty, individuals may be fined up to $25,000 and/or imprisoned for up to six months for each offence. Corporations are liable to a fine of up to $500,000 for each offence, up from $100,000.  That would be in addition to the penalties mentioned above.

The WSIB has updated five policies to reflect these changes, and they are on the WSIB’s website under the heading “Offences and Penalties, and Employer Accident Reporting (Claims Suppression).”

The maximum fines for an offence under the Occupational Health and Safety Act (OHSA), including unlawful reprisals, have also increased from $25,000 to $100,000 for an individual or unincorporated business, and from $500,000 to $1.5 million for corporations. The time limit for prosecuting an offence under the OHSA has also changed from one year from the date of the offence, to one year from the date a Ministry of Labour health and safety inspector becomes aware of an alleged offence.

If you have any questions about these changes, please call the Office of the Employer Adviser – OEA (1-800-387-0774)

Posted in Accounting News, Community Events Comments Off on Update of WSIB penalties

REMINDER: Minimum wage is increasing in Ontario

Friday, December 22nd, 2017

The general minimum wage will rise from $11.60 per hour to:

  • $14 per hour on January 1, 2018
  • $15 per hour on January 1, 2019

Special minimum wage rates will remain but will increase by the same percentage as the general minimum wage:

  • Liquor servers – will see an increase from $10.10 per hour to $12.20 per hour on January 1, 2018 and $13.05 per hour on January 1, 2019
  • Students under the age of 18 – who work part time during the school year (up to 28hrs/week) and on school breaks, will see an increase from $10.90 per hour to $13.15 per hour on January 1, 2018 and $14.10 per hour on January 1, 2019
  • Hunting and fishing guides
  1. Working 5 hours a day or less: fishing and hunting guides who work less than 5 consecutive (i.e. back-to-back) hours a day, will see an increase from $58 per day to $70 per day on January 1, 2018 and $75 per day on January 1, 2019
  2. Working more than 5 hours a day: Fishing and hunting guides who work 5 or more hours a day (whether or not the hours are consecutive) will see an increase from $116 per day to $140 per day on January 1, 2018 and $150 per day on January 1, 2019.
  • Homeworkers – (i.e. employees who do paid work in their own home for an employer) will see an increase from $12.80 per hour to $15.40 per hour on January 1, 2018 and $16.50 per hour on January 1, 2019

To enforce these changes, the province is hiring up to 175 more employment standards officers and is launching a program to educate both employees and businesses about their rights and obligations under the Employment Standards Act, 2000.

Posted in Accounting News, Tax News Comments Off on REMINDER: Minimum wage is increasing in Ontario

Minimum Wage Increases for October 1, 2016

Tuesday, April 19th, 2016

Effective October 1, 2016 general minimum wage in Ontario will increase from $11.25 to $11.40 per hour. Minimum wage rates for liquor servers, students under the age of 18, hunting and fishing guides, and homeworkers will also increase.

For a complete listing of minimum wage increases please visit the Government of Ontario website at https://news.ontario.ca/mol/en/2016/03/minimum-wage-increases-for-october-1-2016.html

Posted in Accounting News, Tax News Comments Off on Minimum Wage Increases for October 1, 2016

Do you have 20 or more employees?

Tuesday, February 23rd, 2016

New Ministry of Labour (MOL) training standards for Joint Health and Safety Committee (JHSC) Certification training will take effect on March 1, 2016 and Ontario companies with 20 or more employees will be impacted. For more information visit:

Ontario Ministry of Labour  or Workplace Safety and Prevention Services

Posted in Accounting News, Tax News Comments Off on Do you have 20 or more employees?

March is Fraud Prevention Month!

Tuesday, February 23rd, 2016

CFIB is launching a national campaign this March during Fraud Prevention Month to help you spot and prevent many types of fraud. Throughout the month, CFIB be sharing tools and web resources to guard your business against scammers.  You can also follow the campaign on Twitter using the hashtag #BeFraudFree.
Check out CFIB’s website regularly where you can sign up for webinars, print off a downloadable poster for your employees, watch instructional videos, and learn practical tips.
To shield against fraud, always remember these three words: Recognize, Reject, Report‎.

For more information visit: http://www.cfib-fcei.ca/english/article/7005-atlantic-canada-s-fraud-squad.html?utm_source=ntl_20160222_fraudprevention_en&utm_medium=email&utm_term=toolsandresources&utm_content=bodytextlink&utm_campaign=on_enews 

Posted in Accounting News Comments Off on March is Fraud Prevention Month!

Charities and Giving – What’s new

Monday, January 25th, 2016

Recent news and updates from the CRA:

  • Effective January 1, 2016, as a result of Budget 2014, two new webpages relating to charitable donations:
  • As a result of the 2015 Federal Budget, all registered charities must now report their partnership holdings as part of their annual information return. For details, go to New Reporting Requirements.

Posted in Accounting News, Information for Charities and Not for Profits, Tax News Comments Off on Charities and Giving – What’s new

Government Announces the 2016 Automobile Deduction Limits and Expense Benefit Rates for Business

Monday, January 18th, 2016

December 24, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Bill Morneau announced the income tax deduction limits and expense benefit rates that will apply in 2016 when using an automobile for business purposes.

Although most of the limits and rates that applied in 2015 will continue to apply in 2016, there are two changes taking effect as of 2016.

The first is that the limit on the deduction of tax-exempt allowances that are paid by employers to employees who use their personal vehicle for business purposes will be reduced by 1 cent to 54 cents per kilometre for the first 5,000 kilometres driven, and to 48 cents per kilometre for each additional kilometre.

The second change in 2016 is that the general prescribed rate that is used to determine the taxable benefit of employees relating to the personal portion of automobile operating expenses paid by their employers will be reduced by 1 cent to 26 cents per kilometre.

For taxpayers who are employed principally in selling or leasing automobiles, the prescribed rate used to determine the employee’s taxable benefit will be reduced by 1 cent to 23 cents per kilometre. The amount of this benefit is intended to reflect the costs of operating an automobile.

For more information visit — http://www.fin.gc.ca/n15/15-090-eng.asp

Posted in Accounting News, Tax News Comments Off on Government Announces the 2016 Automobile Deduction Limits and Expense Benefit Rates for Business

Gifts and Income Tax 2015

Thursday, January 14th, 2016

Are you an individual planning to give money or other property to a registered charity or other qualified donee? Do you own land or a building, or have stocks or bonds that you would like to give to a registered charity or other qualified donee? Do you own an oil painting, stamp collection, etching, sculpture, antique, or coin set that you would like to give to a gallery or museum? Are you having your gift appraised? If so, the decisions you make may affect your tax situation.

Here is some information about making a gift in 2015. It includes income tax changes that have been announced, but were not law at the time of printing. If you require information about a gift made in a previous year, you will need a version for the year in which you made your gift. You can get previous versions by going to www.cra-arc.gc.ca/prioryear/p113 or by calling 1-800-959-8281.

Posted in Accounting News, Tax News Comments Off on Gifts and Income Tax 2015

Canada Revenue Agency – What to Do Following a Death

Thursday, January 14th, 2016

Coping with the death of a loved one is difficult. This article contains basic information that families and legal representatives should know to start settling the affairs of the deceased person. For more information, go to www.cra.gc.ca/deceased or see guides T4011, Preparing Returns for Deceased Persons, and T4013, T3 Trust Guide.

 Click here to access the full PDF

Posted in Accounting News, GST/HST News, Tax News Comments Off on Canada Revenue Agency – What to Do Following a Death

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