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What Takes Place During a Financial Statement Audit?

A financial statement audit is an independent examination of an organization’s financial records and statements. The objective of the audit is to provide an opinion on whether the financial statements are presented fairly and in accordance with the Generally Accepted Accounting Principles (GAAP). In Canada, GAAP generally refers to International Financial Reporting Standards (IFRS), Canadian…

2 min read

Materiality in Audits and Reviews

Materiality is a fundamental concept in audit and review engagements performed by CPA firms. It refers to the importance of financial information and the impact that it can have on a user’s decision-making process. In other words, materiality is the magnitude of an omission or misstatement of financial information that can influence the decision of…

2 min read

2023 Federal Budget: Summary of Tax Measures

The Minister of Finance, Chrystia Freeland, delivered the 2023 Budget (the “Budget”) on March 28th. Highlights of the tax measures announced in the Budget are summarized below. The Budget did not contain any tax rate changes, including the rumoured increase to the capital gains inclusion rate.Business Income TaxEmployee Ownership Trusts The…

3 min read

Further Details on the Underused Housing Tax

The Government of Canada implemented the Underused Housing Tax (UHT) on June 9, 2022, which impacts certain residential property owners as of December 31, 2022. If you own residential property and are not an excluded owner, you must file a UHT return to avoid penalties. If this applies to you, please contact us if you…

5 min read

Transferring Business Ownership to Your Children

In 2021, the Canadian government passed Bill C-208, which made significant changes to the Income Tax Act. One of the most notable changes is the ability for families to transfer shares of their small businesses to their children or grandchildren and be treated equally to those who were passing on their businesses to an…

2 min read

How to Set Up a CRA My Business Account

We at Clearline strongly suggest that all of our corporate clients obtain access to their company’s My Business Account. The Canada Revenue Agency (CRA) is using this online platform much more often and it’s much easier to pay balances or file returns when you use My Business Account. You can also easily check up…

2 min read