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Clearline Blog & News

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Regulatory Changes to Corporate Financial Statements at the End of 2021

  As a registered Chartered Professional Accounting (CPA) firm, Clearline is governed by regulations and standards that are administered both provincially and nationally. Fairly recently, changes to the regulatory standards that govern how Canadian CPA firms assist their clients with the preparation of their financial statements have been finalized. Changes such as these are normal…

5 min read

Update on COVID-19 Relief Developments and Deadlines

  CEWS Phase 3 (Periods 11 to 16)   As previously announced, the Canada Emergency Wage Subsidy (CEWS) has been extended to June 5, 2021. The rules for Phase 3 (Periods 11 to 16) are substantially the same as those for Periods 9 and 10, but with some differences, which we explain in this article.…

3 min read

Introducing Our Online Service Proposal System

  We have automated our service proposal and client acceptance process for 2021 accounting and tax engagements with our existing clients and streamlined the onboarding process for new clients.   Over the past year it has become clear that improving our online capabilities and IT infrastructure is a critical part of delivering an exceptional service…

2 min read

How does COVID-19 affect your 2020 personal income tax filing?

By Shane Schepens Originally published by CPABC’s newsroom.   Photo credit: alfexe/iStock/Getty Images Plus   The 2020 tax year will be very different for many Canadians who have to file their personal income taxes. That’s because many of the federal government’s emergency benefits in response to COVID-19 are taxable. Some of…

4 min read

How do capital gains and losses affect your income tax?

By Bilal Kathrada Originally published to CPABC’s newsroom   Photo credit: SARINYAPINNGAM/iStock/Getty Images   2020 has been a challenging year for everyone, and many may have experienced financial uncertainty. While the federal government previously extended the personal income tax filing deadline, one deadline that remains firm is the December 31 deadline…

5 min read

COVID-19: Additional T4 Reporting

As a result of the various COVID benefits (CEWS, CERB, and CESB) offered from the Government of Canada, the CRA has introduced additional reporting requirements on T4 slips to assist them in auditing the eligibility of individuals that applied for these programs. All employers, regardless of whether they or their employees applied for any of…

1 min read