Category Archives: Small Business

AI (Artificial Intelligence) Strategies and Implementation certification

News, Small Business

Neil Evans of Nevcon Accounting Services is pleased to announce that he has completed the certification for another program offered by the Chartered Professional Accountants (CPA) of Ontario, this time in AI (Artificial Intelligence) Strategies and Implementation.

This course provides an overview of how AI is transforming the accounting and finance profession, focusing on finding and applying AI use cases. Neil was excited to learn how to evaluate and prioritize AI opportunities, use AI in real-world scenarios, and understand the business trade-offs involved.

The course covered strategies for managing AI-driven change and ensuring responsible AI deployment to reduce risks. Neil learned about the importance of aligning AI strategies with business goals and assessing real-world use cases to improve productivity. Practical tools and examples in accounting and finance helped to navigate the complexities of AI implementation while balancing business needs and risks.

As always, Nevcon makes it a priority to keep up-to-date on industry changes that affect and can benefit clients and colleagues. Contact Neil for more information on how what he has learned here might benefit your business.

Individual Tax Returns certification

News, Small Business, Tax Information

Neil Evans of Nevcon Accounting Services is pleased to announce that he has completed the Certificate in Individual Tax Returns offered by the Chartered Professional Accountants (CPA) of Ontario.

This course focused on the preparation of basic, intermediate and some advanced level Canadian individual tax returns using different kinds of tax preparation software. The course allows existing tax practitioners such as Nevcon to enhance their tax preparation skills, covering all of the typical aspects of Canadian individual tax returns that would usually be applicable, including resident return, part year returns (departure and arrival), and non-resident return.

Nevcon makes it a priority to keep up-to-date on professional skills and industry changes that affect and can benefit clients and colleagues.

Stay ahead of tax season with smart, money-saving personal tax tips

Small Business, Tax Information

Tax season doesn’t have to be stressful or confusing. Understanding the right strategies can help you maximize deductions, avoid penalties, and keep more of your hard-earned money. Our expertly crafted Self-Employed Personal Tax Tips Cheatsheet breaks down actionable, easy-to-implement tax-saving strategies designed specifically for professionals and business owners like you. Sign up now to get your free cheatsheet and take control of your taxes with confidence!

Links to key 2024 Federal Budget coverage

News, Small Business, Tax Information

Nevcon Accounting is pleased to provide the following links to articles, analyses and more, to help you learn more about the 2024 Canadian Federal Budget, delivered April 16, 2024.

Links to key 2022 Federal Budget coverage

News, Small Business, Tax Information

Nevcon Accounting is pleased to provide the following links to articles, analyses and more, to help you learn more about the 2022 Federal Budget, delivered April 7, 2022.

Links to key 2021 Federal Budget coverage

News, Small Business, Tax Information

Nevcon Accounting is pleased to provide the following links to articles, analyses and more, to help you learn more about the 2021 Federal Budget, delivered April 19, 2021.

GST / HST registration webinars coming April 28, 2021

Small Business, Tax Information

The Canada Revenue Agency is hosting a free webinar to help businesses determine when and how to register for a GST/HST account. Topics to be discussed in the webinar include:

  • what GST/HST is
  • provincial and territorial GST/HST rates
  • who needs to have a GST/HST account and how to get one
  • taxable supplies
  • GST/HST obligations
  • GST/HST returns, filing deadlines, and payments due dates

This webinar is for you if you’re a:

  • business owner
  • self-employed individual

The webinar is on Wednesday, April 28, 2021, at the following times:

In English

Newfoundland and Labrador
2:30pm
Maritimes
2pm
Quebec, Ontario, Nunavut
1pm
Manitoba, Saskatchewan
12pm
Alberta, Northwest Territories
11am
British Columbia, Yukon
10am

Register now

In French

Newfoundland and Labrador
11:30am
Maritimes
11am
Quebec, Ontario, Nunavut
10am
Manitoba, Saskatchewan
9am
Alberta, Northwest Territories
8am
British Columbia, Yukon
7am

Register now

You’re also invited to submit your questions about GST/HST registration before the webinar takes place. To do so, please visit the registration website on Tuesday, April 20, 2021, between 6:00 am EST and 8:00 pm EDT. We’ll answer as many questions as we can during the webinar.

New product offering – Audit Shield offers peace of mind

Services, Small Business

Suffice to say, the past year has brought many changes and challenges. One result is that the CRA has stepped up their enforcement efforts with more audits. If you and your business are subject to an audit, this can involve significant cost to you because of the added fees to for Nevcon to respond to such requests.

Audit ShieldWith this in mind, I choose to offer Audit Shield as additional add-on protection for these costs. It might seem like a significant cost when you first look at the pricing, but once you factor in the amount it would cost you for an audit, I hope you’ll see that it’s good and proactive. Audit shield covers up to $10,000 (Cdn) in fees to help you respond to an audit request by CRA.

If you are a current Nevcon Accounting client, you will have received or will soon receive an email message with more details on how you can take advantage of this new offering. The message will spell out more of what they do and do not cover. For small businesses and sole proprietors, it’s a smart business decision.

If you are considering becoming a Nevcon Accounting client and would like to learn more about Audit Shield as part of what we can provide, contact us for more information.

Keeping you up-to-date on small business news in response to the pandemic

News, Small Business, Tax Information

As we’re sure you may have already heard, Prime Minister Justin Trudeau made some announcements this morning (March 27, 2020) about additional programs available to support small businesses. What these programs will have to offer could possibly be substantial to you, so we understand completely that you would like to know what this means to you. Unfortunately, the government has not yet released a lot of details, so we’re not able to answer with any accuracy whether you qualify, or whether it will benefit you.

Please bear with us and all of our accounting and bookkeeping colleagues (who are working together and sharing insights) as more information comes out over the next several days. We promise that as we learn more information about what will impact your business, you will be the first to know.

Here is what we do know so far:

  • Temporary Wage Subsidy – Originally introduced at 10% retroactive to March 18th, this new announcement brings the Temporary Wage Subsidy up to 75% retroactive to March 15th. There are no details yet on qualification, caps, or time period.
  • Small Business Loans – Up to $40K, government backed, interest free for one year, up to $10K could be forgiven – is what we know at this point. No additional details have been given as yet.
  • GST/HST Payments – These payments will be eferred until June 1st. Filings are still due, only payments are deferred.
  • Taxes/Duties on Imports – Payments are deferred until June 1st.
  • Bank of Canada has also cut the interest rate – down to 0.25%.

Thank you for your patience as we work to get more information. Wishing you and yours safety and good health as we all make our way through these unprecedented times.

Employment Insurance (EI) and COVID-19

News, Small Business

This information is developing and changing as the COVID-19 situation unfolds. We’ll do our best to update the details as they change.

Laid off due to work closures?

  • Apply for regular EI benefits
  • You will need 700 work hours in last year
  • You will need a ROE saying you’ve been laid off from your employer to get benefits
  • There is a 1-week wait period (so you will not be paid for 1 week)
  • Apply online: https://canada.ca/en/services/benefits/ei.html
  • Call 1-800-206-7218 for more info

Unable to work due to self-quarantine?

  • Apply for EI Sickness benefits
  • You will need 600 work hours in last year
  • You do not need a ROE or sick note to qualify
  • The 1-week wait period has been waived
  • Apply online: https://canada.ca/en/services/benefits/ei.html
  • Call 1-833-381-2725 for more info

Laid off and ineligible for EI?

  • Apply for the Emergency Support Benefit
  • Amounts and eligibility has not yet been announced
  • Applications will be available in April via CRA MyAccount, My Service Canada Account, and a yet to be released toll-free number

Self-quarantined and ineligible for EI?

  • Apply for the Emergency Care Benefit for workers not eligible for EI (including self-employed) who are sick with COVID-19, quarantined, or taking care of a family member with COVID-19
  • Up to 15 weeks of benefits, up to $900 bi-weekly
  • Applications will be available in April via CRA MyAccount, My Service Canada Account, and a yet to be released toll-free number

Unable to work due to school closures?

  • Parents with children who require care due to school closures can apply for the Emergency Care Benefit
  • 15 weeks of benefits, up to $900 bi-weekly
  • Applications will be available in April via CRA MyAccount, My Service Canada Account, and a yet to be released toll-free number

Do I qualify for WorkSafe benefits?

  • WorkSafe benefits are not available for preventative measures or non-work-related exposure
  • Only file a claim for COVID-19 virus infection contracted through work-related exposure,/li>
  • Call 1-888-967-5377 for more info/li>