Exciting Announcement

The partners of Connelly & Koshy are delighted to share some exceptional news that reflects the continued growth and success of our firm. We are immensely pleased to announce that Ms. Brenda Quast, CPA, CA has been admitted to the partnership.

Brenda is a Chartered Professional Accountant who specializes in tax and has completed the CPA Canada’s in-depth tax program. Brenda has been an integral part of our team for almost 19 years, consistently demonstrating outstanding professionalism, leadership, and a deep commitment to the success of our firm. Her hard work and diligence have not only contributed to the growth of our clients but have also played a significant role in shaping the positive and collaborative culture we value at Connelly & Koshy.

As Brenda steps into this new role, we are confident that her skills and leadership will continue to elevate the standards of excellence we uphold at Connelly & Koshy. Her promotion to partnership is not just a recognition of her past achievements but a testament to the trust we have in her ability to contribute to the future success of our firm.

Please join us in congratulating Brenda on this well-deserved achievement and a significant milestone in her career. We are fortunate to have her as part of our leadership team and we look forward to seeing the positive impact she will undoubtedly make in her new role as a partner.

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Download Federal Budget 2023 Summary

March 29 2023, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2023: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons.

Below is our summary of the budget’s contents.

Download Federal Budget 2023 Summary

Underused Housing Tax

Under a recently passed law (called the Underused Housing Tax Act), certain residential property owners now have a new annual return filing requirement with the CRA, and in some cases a new tax payment obligation.

Click here to Read Document.

Download Federal Budget 2022 Summary

On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons.

Below is our summary of the budget’s contents.

Download Federal Budget 2022 Summary

2021 Personal Tax Organizer

It is now tax season. For your reference please download our personal 2021 tax organizer. Ensure you bring details, official receipts, and all tax slips as applicable.

Download Tax Organizer 2021

Change to Annual Ontario Filing Requirement

Click here to read newsletter.

Federal Budget Commentary 2021

On April 19, 2021, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, to the House of Commons.

No changes were made to personal or corporate tax rates (other than a temporary measure for zero-emission technology
manufacturers), nor to the inclusion rate on taxable capital gains.

Some highlights include:

A. Personal Measures

  • The Canada Recovery Benefit and related programs will be extended.
  • Individuals will have the option to claim a deduction in respect of the repayment of a COVID-19 benefit amount for the year when the benefit was received.
  • Access to the disability tax credit will be broadened.

B. Business Measures

  • The Canada Emergency Wage and Rent Subsidies (CEWS and CERS) will be extended.
  • The Canada Recovery Hiring Program was introduced.
  • The ability to immediately expense 100% of many capital asset purchases was introduced.
  • The disclosure requirements for aggressive tax planning and filing positions will be expanded.

C. International Measures

  • A 1% tax on the value of vacant or underused real estate owned by non-residents will be implemented.

D. Sales and Excise Tax

  • Access to the GST/HST New Housing Rebate will be broadened for co-owners.
  • A new tax of up to 10% will apply to the purchase of luxury vehicles, aircrafts or boats.

E. Electronic Filing, Payments and Certification

  • Some CRA communications will be undertaken electronically without the taxpayer’s authorization.
  • Certain levels of payments will be required to be made electronically.

To access our in-depth commentary please click here.

Personal Tax 2020

Dear Client:

We are pleased to provide a “Personal Income Tax Organizer” form to help you compile the information necessary for preparation of your 2020 income tax return.  Please complete a separate organizer for each individual in your household (who is filing a tax return).

As well, please advise us of any changes to your circumstances – for example changes to address, marital status, phone or email contact info, April vacation plans, etc.

There have been relatively few tax-related changes during the year.  However, we do wish to bring the following to your attention:

  • The climate action incentive has increased modestly for the year.  If you have joint custody of children, arrange in advance who will claim them for purposes of that credit.
  • In light of the pandemic, CRA has provided an alternative method to calculate workplace at home expenses for 2020.  We will need the exact number of days worked from home, excluding any non-working weekends, vacation days or paid sick/other leaves of absence.
  • The new credit advertised by the government, in respect of digital news subscriptions, is effective for 2020.  Please provide related receipts from your provider.

When your information is ready, please send it to our office (or drop it off with reception).  Alternatively, if all your records are electronic, you can email admin@ck-ca.com or use the more secure File Share Centre service (a link is in the top right hand corner of our website or below the contact information in emails).

Please note that if documents are delivered to us after April 15, we cannot guarantee that the returns will be filed before the April 30 filing deadline.

We will contact you by telephone if additional details are required and/or once the returns are drafted.

The organizer can be accessed by clicking here.

CERB T4A Issues

You may have recently received your T4A slip relating to the Canada Emergency Response Benefit (CERB) completing your documents to file your 2020 tax return.  However, it has been noted that individuals who repaid their CERB and other benefits on or before December 31, 2020 may have received inaccurate T4A slips related to the repayments.  In certain cases these repayments have been allocated by CRA as a tax installment or part of another account.

In this case, the T4A income amount related to CERB (box 197) would be overstated as it wouldn’t take into account the net CERB received during 2020 (total received less amounts repaid on or before Dec. 31, 2020).
CRA’s comments about this issue are noted below:
If you find an issue on your T4A slip, call the CRA right away to resolve it.
Call the CRA
For any of the following:

  • your T4A slip shows an incorrect amount
  • the amounts you repaid before December 31, 2020 are not reflected on your T4A slip
  • your T4A slip shows incorrect personal information such as SIN or address
  • you did not apply for COVID-19 benefits, but received a T4A slip
Before you call
Have the following ready, where applicable:

  • benefit type (CERB, CESB, CRB, CRCB, CRSB)
  • eligibility period you repaid or applied for
  • amount and date of any repayment
Telephone number

After you’ve called the CRA, we may provide you with an amended or cancelled T4A slip.

Source: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/covid19-taxes/t4a-report.html
Considering the extremely long wait times on the phone with CRA, this may become a serious issue for people who have been issued incorrect T4A slips.  This is problematic as the filing deadline is fast approaching.
If you have any questions regarding your T4A and related repayments please contact our office.

Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee

To assist hardest-hit businesses with covering operational costs, the Business Development Bank of Canada (BDC) has been mandated by the Government of Canada to provide a guarantee to the financial institutions providing low interest loans ranging from $25,000 to $1,000,000 for qualifying businesses, called the Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee.  Repayment terms are up to 10 years, with principal repayments deferred for 12 months. Interest rates are expected to be 4%.

Applications are done directly through financial institutions, with the program being available until June 30, 2021.

To see if your business is eligible and to learn more about the program (including details on how to apply), please refer to the link below:


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