Kenway Mack Slusarchuk Stewart LLP

The Government of Canada implemented the “CPP Enhancement” effective January 1, 2019. One of the main focuses of the CPP Enhancement is to provide greater financial stability later in life, but it requires an increase to current premiums for both employees and employers as well as self-employed persons. Read more:

What’s New with the Canada Pension Plan (CPP) Enhancements - Kenway Mack Slusarchuk Stewart LLP The Government of Canada implemented the “CPP Enhancement” effective January 1, 2019. One of the main focuses of the CPP Enhancement is to provide greater financial stability later in life, but it requires an increase to current premiums for both employees and employers as well as self-employed ...

In the ever-evolving landscape of healthcare in Canada, the proposed amendments to the exemption provisions of Excise Tax Act (ETA) Schedule V, Part II, found in Bill C-59, have sparked further discussions within the industry. The inclusion of “psychotherapy” and “counselling therapy” in the list of exempt services provides an opportune moment to delve into the potential Goods and Services Tax/Harmonized Sales Tax (GST/HST) implications that healthcare professionals may encounter. Read more:

GST/HST Implications in Canada's Evolving Healthcare Landscape - Kenway Mack Slusarchuk Stewart LLP In the ever-evolving landscape of healthcare in Canada, the proposed amendments to the exemption provisions of Excise Tax Act (ETA) Schedule V, Part II, found in Bill C-59, have sparked further discussions within the industry. The inclusion of "psychotherapy" and "counselling therapy" in the list of...

Please note that changes to the Alternative Minimum Tax are expected to become effective at the beginning of 2024 but have not been enacted as of the date of this tax news release. Draft legislative proposals were released for public consultation on August 4, 2023, but have not received royal assent as of the date of the release of this article. The government’s release of legislation in November 2023 excludes any changes to the AMT proposals that were previously expected to be enacted for January 1, 2024. Read more:

Changes to the Alternative Minimum Tax: What Should You Expect for 2024 and Onwards? - Kenway Mack Slusarchuk Stewart LLP Please note that changes to the Alternative Minimum Tax are expected to become effective at the beginning of 2024 but have not been enacted as of the date of this tax news release. Draft legislative proposals were released for public consultation on August 4, 2023, but have not received royal assent...

As proposed in Budget 2023 (further revised August 4, 2023) and where conditions are met and an election is made, the business transfer between a parent and a corporation controlled by a child is excluded from the Section 84.1 deemed dividend rules. The original Bill C-208 rules introduced in 2021 have now become much more complex with rigorous requirements intended to reflect a more genuine intergenerational transfer of a business applicable to transactions dated January 1, 2024, and later.

Summary of the Bill C-208 Rules coming into place for transfers effective January 1, 2024 - Kenway Mack Slusarchuk Stewart LLP As proposed in Budget 2023 (further revised August 4, 2023) and where conditions are met and an election is made, the business transfer between a parent and a corporation controlled by a child is excluded from the Section 84.1 deemed dividend rules. The original Bill C-208 rules introduced in 2021 h...

There are new reporting rules related to filing of Trust tax returns that become effective for Trusts with a December 31, 2023 year end or later. These new rules result in two significant filing changes.

The New Trust Filing Rule Could be a Real "Bare" to Deal With - Kenway Mack Slusarchuk Stewart LLP There are new reporting rules related to filing of Trust tax returns that become effective for Trusts with a December 31, 2023 year end or later. These new rules result in two significant filing changes.

Did you co-sign for a family member’s or a friend’s home purchase? Do you hold investments for a child or grandchild? Are you on title of your parent’s house for estate planning purposes? Do you have bank accounts, loans or leases for your company registered in your personal name, or vice versa? Read more:

KMSS Tax Alert - New trust filing requirements you may have but did not realize! - Kenway Mack Slusarchuk Stewart LLP Did you co-sign for a family member’s or a friend’s home purchase? Do you hold investments for a child or grandchild? Are you on title of your parent’s house for estate planning purposes? Do you have bank accounts, loans or leases for your company registered in your personal name, or vice vers...

Topics in this issue include Tax Tidbits, New Trust Reporting: Unexpected Exposure, Automobile Deduction and Benefit Rates: 2024 Limits Released, T-Slips: Filing and Distribution Issues, Personal Services Business: CRA Education Initiative, Working From Home Expenses: Employment Expenses, Canada Dental Care Plan (CDCP): New Income-Tested Benefit, Farm Losses Can Be Restricted: May Apply Even When Significant Time and Cash is Invested, and more.

Tax Tips and Traps Newsletter – 1st Quarter, 2024 - Kenway Mack Slusarchuk Stewart LLP Topics in this issue include: Tax Tidbits, New Trust Reporting: Unexpected Exposure, Automobile Deduction and Benefit Rates: 2024 Limits Released, T-Slips: Filing and Distribution Issues, Personal Services Business: CRA Education Initiative and more...

On January 4, 2024, the BC Ministry of Finance announced that the Municipal and Regional District Tax (“MRDT”) for the Invermere and Panorama area is being increased from 2% to 3%, effective February 1, 2024.

MRDT is an additional tax which has to be charged on most short-term rentals in BC. The rate at which MRDT must be charged depends on the location of the property in BC. Read more:

KMSS Tax Alert - Rate Change for the BC Municipal and Regional District Tax - Kenway Mack Slusarchuk Stewart LLP On January 4, 2024, the BC Ministry of Finance announced that the Municipal and Regional District Tax (“MRDT”) for the Invermere and Panorama area is being increased from 2% to 3%, effective February 1, 2024.

Kenway Mack Slusarchuk Stewart LLP would like to congratulate 100% of its 2023 CFE writers for successfully passing the 2023 CPA Common Final Exam (CFE).

Taylor Gibb has developed the skills from rigorous training programs, as well as demonstrated the expertise required to provide exceptional service in all areas of accounting to our existing and future clients.

Taylor's hard work and perseverance is a testament to her dedication to the profession, and the Partners and Team of KMSS are proud of Taylor's accomplishments.

Taylor graduated from the University of Calgary with a Bachelor of Commerce and a major in Accounting in April 2021. Soon after, Taylor joined KMSS as a full-time CPA Candidate in September 2021. Taylor completed the CPA PEP program and passed the 2023 CFE on her first attempt.

Taylor has participated in campus recruiting and has helped to organize many successful KMSS social committee events.

Before joining KMSS, Taylor was a Youth Leader organizing weekly activities and mentoring youths for over six years in her religious community.

Kenway Mack Slusarchuk Stewart LLP would like to congratulate 100% of its 2023 CFE writers for successfully passing the 2023 CPA Common Final Exam (CFE).

Riley Kettenbach has developed the skills from rigorous training programs, as well as demonstrated the expertise required to provide exceptional service in all areas of accounting to our existing and future clients.

Riley's hard work and perseverance is a testament to his dedication to the profession, and the Partners and Team of KMSS are proud of Riley's accomplishments.

Riley joined KMSS for an eight-month co-op in January 2020. Although Riley is from Calgary, he attended Acadia University in Wolfville, NS and graduated with a Bachelor of Business Administration in Accounting. Riley accepted a full-time position as a CPA Candidate with KMSS commencing September 2021. Riley was successful in the CPA PEP program and passed the 2023 CFE on his first attempt.

Riley also volunteered as a Student Orientation Leader at Acadia and was a cadet with the Calgary Police Cadet Corps for five years. Riley has participated in a number of recruiting events and has contributed to the firm’s social committee helping to organize many social events.

Kenway Mack Slusarchuk Stewart LLP would like to congratulate 100% of its 2023 CFE writers for successfully passing the 2023 CPA Common Final Exam (CFE).

Mark Dumaine has developed the skills from rigorous training programs, as well as demonstrated the expertise required to provide exceptional service in all areas of accounting to our existing and future clients.

Mark's hard work and perseverance is a testament to his dedication to the profession, and the Partners and Team of KMSS are proud of Mark's accomplishments.

Mark originally joined KMSS as a co-op student from January to August 2019. After graduating from the University of Calgary with a Bachelor of Commerce degree and a major in accounting in December 2020, Mark joined KMSS as a full-time CPA Candidate in January 2021. Mark completed the CPA PEP program and passed the 2023 CFE on his first attempt.

Mark is a competitive swimmer and has his National Lifeguard certification and has been involved in the swimming community as both a lifeguard and coach. Mark has also been a soccer referee in a number of communities in NW Calgary.

Mark has volunteered his time extensively in swimming, for a kids after school program, as a beekeeper, with sled dogs in in the Yukon, and with the Haskayne Undergraduates Society and Student Union Tax Volunteer program. Mark has also been involved in recruiting for the firm as well as being involved in our social committee.

Mark enjoys travelling, skiing, camping, surfing, hiking, biking, mechanics and playing guitar.

Kenway Mack Slusarchuk Stewart LLP would like to congratulate 100% of its 2023 CFE writers for successfully passing the 2023 CPA Common Final Exam (CFE).

Leonard Jawe has developed the skills from rigorous training programs, as well as demonstrated the expertise required to provide exceptional service in all areas of accounting to our existing and future clients.

Leonard's hard work and perseverance is a testament to his dedication to the profession, and the Partners and Team of KMSS are proud of Leonard's accomplishments.

Leonard graduated with a Bachelor of Commerce degree and a major in Accounting from St. Mary’s University in Halifax, NS in 2020. While attending St. Mary’s, Leonard worked in a variety of accounting roles in Dartmouth, NS. After graduating, Leonard joined a small firm in Yellowknife where he entered the CPA PEP program.

Leonard decided to relocate to Calgary in August 2022 and joined KMSS as a CPA Candidate in September 2022. Leonard was successful on his first attempt of the 2023 CFE and will earn his CPA designation in early 2024.

Leonard is passionate about volunteering and enjoys playing soccer and tennis.