Latest News

Clearline Blog & News

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

File Sharing with Clearline

In July 2023 we announced via email the replacement of our Exchange file sharing system with new ways of sharing files with us. The Exchange was discontinued effective July 24, 2023. In its place we have three ways of securely sharing files with Clearline that we have outlined below as Options 1, 2 and 3.…

4 min read

Recent Changes that Impact Family Succession Planning

Historically, individuals selling shares in a private business to their children have been penalized by the Canadian tax system more than those selling their business to an unrelated third party. This was due to rules that prevented them from claiming a capital gain and therefore utilizing the lifetime capital gains exemption on transfers to non-arm’s…

3 min read

Underused Housing Tax Filing Reminder

We would like to remind our clients about the deadline for filing Underused Housing Tax (UHT) returns. While the original deadline of April 30, 2023 has technically not changed, the Canada Revenue Agency (CRA) has announced that no penalties or interest will be assessed on UHT returns filed before November 1, 2023. We know that…

3 min read

Net Income – Accounting vs. Tax

Net income is a key financial metric that is used to assess the financial health of an organization. You may assume that there is only one way of determining a business’ net income, but this is not the case.  Net income for accounting purposes (GAAP) and net income for tax purposes are not the same…

3 min read

What are Management Representation Letters?

In the world of assurance engagements, a management representation letter is a formal document that represents management’s agreement with the financial statements that are being audited or reviewed. This letter is a critical part of the assurance engagement process and is required by the auditor or reviewer as evidence that management acknowledges and accepts responsibility…

2 min read

The Benefits of a Financial Statement Audit

Financial statement audits are essential for companies looking to improve their financial reporting accuracy and transparency. An audit provides independent and objective assurance that a company’s financial statements are free of material misstatements and errors. Here are the benefits of financial statement audits and why they are critical to a company’s success:Improves financial…

2 min read