Ward & Uptigrove

Summer 2022 Newsletter

July 4, 2022

Please Note Our Summer Hours

The offices of Ward & Uptigrove will close Fridays at 12:00pm from July through to September 2, 2022



Firm Updates

We are excited by our continued growth, which means we are searching for qualified accounting staff to fill new roles. W&U offers incredible opportunities for personal and professional development through a long-standing mentorship program and competitive compensation packages.


We encourage all levels of accountants to reach out or join our talent community at wardanduptigrove.com/careers. A CPA designation is not required in order to be considered. Please email careers@w-u.on.ca if you or someone you know is looking for a change.


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Immediate Expensing of Eligible Property

In the 2021 Federal budget, the government proposed to allow for immediate expensing of up to $1,500,000 per taxation year for eligible property acquired by a Canadian-controlled private corporation (CCPC) on or after April 19, 2021 that becomes available for use before January 1, 2024.


Properties that do not qualify for this immediate expensing incentive are generally long-lived assets such as buildings and similar structures (Classes 1 to 6), goodwill (Class 14.1) and surface constructions such as roads and parking lots (Class 17). There are a few other classes that do not qualify but they generally do not apply to our clients. All other asset classes, such as vehicles, machinery and equipment, would qualify for immediate expensing subject to certain rules and restrictions.


Due to government delays with issuing draft legislation for this measure, many of our corporate clients that had eligible expenses in the eligible period were unable to file a claim for immediate expensing. 


When the 2022 Federal budget was released on April 7, 2022 there still wasn’t draft legislation and further changes were proposed to immediate expensing, being the following:


  • Eligible persons were expanded to include Canadian-resident individuals and Canadian partnerships, where all the members are CCPCs or Canadian-resident individuals for property acquired after December 31, 2021, that becomes available for use before January 1, 2025 (or before January 1, 2024 for partnerships where not all the members are individuals).
  • Provided that individuals or partnerships cannot use the immediate expensing incentive to create or increase a loss.
  • Summary of eligible period based on eligible person or partnership:
  • CCPCs – must be acquired on or after April 19, 2021 and must be available for use before January 1, 2024
  • Individuals – must be acquired on or after January 1, 2022 and must be available for use before January 1, 2025
  • Canadian partnership where all the members are individuals – same as individuals above – must be acquired on or after January 1, 2022 and must be available for use before January 1, 2025
  • Canadian partnership where all the members are not individuals – must be acquired on or after January 1, 2022 and must be available for use before January 1, 2024


Draft legislation, for the immediate expensing measures contained in the 2021 and 2022 Federal budgets, was only released on April 28, 2022 as part of Bill C-19, An Act to implement certain provisions of the budget tabled in Parliament on April 7, 2022 and other measures. CRA only recently started accepting corporate income tax returns that were filed with an immediate expensing claim and stated that it wouldn’t accept amended returns until this Bill had received royal assent.


Bill C-19 received royal assent on June 23, 2022 and as such is now considered law. During the summer and early fall months, our firm will be reviewing our corporate clients that filed a tax return with a fiscal year that ended after April 19, 2021 and where its determined to be beneficial, we will look to amend these returns for immediate expensing. 



Return of Fuel Charge Proceeds to Farmers Tax Credit

In the 2021 Federal Fall Economic Update, the government announced a new refundable tax credit to return fuel charge proceeds from pollution pricing directly to farming businesses in certain jurisdictions, of which Ontario is one of them. This started with the 2021 year and there doesn’t seem to be an end date specified.


The credit is available to corporations, individuals, partnerships, and trusts that:


  • Are actively engaged in the management or day-to-day activities of earning income from farming, and
  • Incur total farming expenses of $25,000 or more.


The amount of the credit will be determined by multiplying a specified payment rate and is claimed as part of the income tax returns.

The payment rate for 2021 and 2022 are set at $1.47 and $1.73 per $1,000 of eligible farming expenses, respectively. The credit will be required to be included in income.


Eligible farming expenses are those amounts deducted in calculating income from farming for income tax purposes, excluding any deductions arising from mandatory and optional inventory adjustments and transactions with non-arm’s length parties.


Regarding our corporate clients, this credit is claimed on schedule 63. The Canada Revenue Agency (CRA) has yet to officially publish this schedule. The tax program that we use to file corporate tax returns allows us to file a claim for this credit; however, we have identified certain issues with the calculation that the publishers of our tax program are working with the CRA to resolve. As such, some claims for this credit may need to be amended if the calculation is updated by our tax program in the future.


This measure is contained in Bill C-8, An Act to implement certain provisions of the economic and fiscal update tabled on Parliament on December 14, 2021 and other measures. It recently received royal assent on June 9, 2022 and as such is now considered law.



Ontario Regional Opportunities Investment Tax Credit (ROITC)

In our Year End 2021 Newsletter published on December 17, 2021, we provided a summary of the ROITC which provides a refundable tax credit of up to $90,000 for purchases, renovations or additions of Class 1 or 6 properties (generally buildings used for commercial and farm activities) in certain geographic regions of Ontario.


Prior to the proposal, the temporary increase in the ROITC rate (from 10% to 20%) was set to expire on December 31, 2022. However, the 2022 Ontario budget proposes to extend this temporary increase to December 31, 2023 (i.e. extended by 1 year).


This measure is contained in Bill 126, Plan to Build Act (Budget Measures), 2022. It’s still in its early stages before it can be considered law.


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Ontario Annual Information Return

Company Key Confirmation Letter 

In our November 4, 2021 news release, we noted that Ontario had introduced a new online Ontario Business Registry. For us to continue filing an Ontario Corporation’s Ontario annual information return (please note this is separate from a Corporation’s annual corporate tax return that is filed with the Canada Revenue Agency) we require access to this new online registry for each of our clients. Where possible, we’ve requested a company key be issued to each of our clients that are Ontario Corporations. If you receive a company key confirmation letter, please provide us a copy of this letter by:


  • Dropping it off at reception
  • Mailing it to our office
  • Emailing it to admin@w-u.on.ca


If you have yet to receive a letter from the Ontario Government, please reach out to our office for assistance.


Our administrative staff have started following up with clients that have not provided us a copy of this confirmation letter due to the deadlines associate with filing the Ontario annual information return.


Important Note on How We Will Complete the Ontario Annual Information Return for our Clients


When we file the Corporation’s Ontario annual information return, we will assume there’s been no changes to the Corporation’s name, business address, and list of directors and officers. These changes should be made by the Corporation’s lawyer by filing a Notice of Change with the Ontario Business Registry soon after there’s been a change. Therefore, it is essential that you inform the Corporation’s lawyer promptly of any changes to the Corporation’s name, business address, and list of directors and officers.


If, for some reason, the Corporation’s lawyer has not made the required changes, please let us know so we can correctly file the Company’s Ontario annual information return.


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Poultry and Egg On-Farm Investment Program (PEFIP)

PEFIP is a 10 year program to support on-farm investments in:

  • increasing efficiency or productivity
  • improving on-farm food safety and biosecurity
  • improving environmental sustainability
  • responding to consumer preferences (improving animal welfare, adopting alternative housing systems, transitioning to organic production, etc.)


Producers who held quota on January 1, 2021 must register with the program prior to submitting a project application. The registration process is to validate your license information and confirm your maximum funding. 


Applicants may apply for eligible activities that started on or after March 19, 2019 and costs that were incurred on or after March 19, 2019. Applicants may submit more than one Project Application prior to the program end date of March 31, 2031 providing the applicant does not exceed their maximum funding.


For assistance with registration or submitting a project application, please contact your accountant. We are starting to see clients receive funding from this program.


The applicant guide can be viewed by following the link here.


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Accounting for Biological Assets – ASPE Section 3041

The new section of accounting standards providing guidance on accounting for agricultural inventories is effective for fiscal periods beginning on or after January 1, 2022. 


This new section will require a distinction be made between agricultural inventories and biological assets with each being reported separately on agricultural producers' financial statements. Agricultural inventories can be measured at their cost or net realizable value. Productive biological assets must now be initially measured at cost and in most cases will be recorded as long-term assets on the financial statements as opposed to being recorded as inventory and a current asset. 


Productive biological assets are:


  • Held for use in the production or supply of agricultural inventories or other productive biological assets (e.g. breeding livestock)
  • Acquired or developed for use on a continuing bases with other than short productive lives (i.e. longer than one year) and
  • Not intended for sale in the ordinary course of business


Agricultural producers’ financial statements will now include additional disclosure requirements for any biological assets and agricultural inventories. Transitional provisions will be considered for each client to reduce the administrative time in applying these new reporting standards. Your accountant will review the effect of the new standards with you during the preparation of your year-end financial statements. 


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Wage & Rent Subsidy Program Updates & Deadlines

All Canada Emergency Subsidy programs implemented during the COVID-19 pandemic have ended, effective May 7, 2022. 


The deadline to apply for the final period of The Canada Recovery Hiring Program (CRHP), The Tourism and Hospitality Recovery Program (THRP) and the Hardest-Hit Business Recovery Program (HHBRP) is November 3, 2022. 


The Canada Emergency Business Account (CEBA) Loans repayment deadline has been extended until December 31, 2023 for eligible CEBA loan holders in good standing.


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Occupational Health & Safety Act, 1990 

Amendment – effective July 1, 2022


  • Increased penalties for employers that are convicted of offences under the OHSA (up to $1.5 million) plus increased penalties for officers, directors and other individuals. 
  • Increased limitation period for prosecutions to two years after the later of 
  • the occurrence of the last act or default upon which the prosecution is based, and 
  • the day upon which an inspector becomes aware of the alleged offence.
  • Requirement to provide naloxone kits in the workplace when an employer becomes aware, or ought reasonably to be aware, that there may be a risk of a worker having an opioid overdose at a workplace. 
  • Changes to the OHSA in this regard also include requirements for training and limits on disclosure of personal information.


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Bill 27 – Working for Workers Act, 2021

The Right to Disconnect – effective June 2, 2022:


  • Applies to all employers in Ontario with more than 25 employees;
  • Requires a written policy that must have been communicated to staff by June 2, 2022


Non-Compete Agreements – effective October 25, 2021:


  • Applies to all Ontario workplaces;
  • Employers are prohibited from entering into employment contracts or other agreements with an employee that include a non-compete agreement.

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Bill 88 – Working for Workers Act, 2021

Digital Platform Workers' Rights – awaiting proclamation of the Lieutenant Governor as to specific date


  • Applies to companies with “an online platform that allows workers to choose to accept or decline digital platform work.”;
  • Digital Platform Workers will be recognized as workers under the Employment Standards Act, 2000 and will be entitled to rights as provided by the Act, including minimum wage. 


Business and Technology Consultants – effective January 1, 2023


  • The Employment Standards Act, 2000 will update definitions for business consultants and information technology consultants;
  • Where previously exempt from ESA provisions, these positions will now only be exempt from the application of the ESA where very specific criteria are met.
  • More detail has yet to be released on specific criteria. 


Electronic Monitoring – effective October 11, 2022


  • Applies to all employers in Ontario with more than 25 employees;
  • Requires a written policy;
  • At present, the amendment does not define “electronic monitoring,” and does not seek to limit or prohibit electronic monitoring of employees but does require that such practices are transparent. 


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Dates for Fall – Emerging Leaders Program

Virtual Interview

As a manager or owner, you may have felt the disappointment of promoting someone and having them fail to meet your expectations. Maybe they were very good at their job from a technical point of view, but when it came to managing people, there was ambiguity, confusion, and ultimately frustration. Maybe this resulted in staff losses.


Or maybe you are that new manager, and you're feeling in over your head.


Emerging Leaders Development Program gives you the tools to confidently and competently lead your teams and avoid common leadership mistakes. Join us as we explore the skills required to be a great leader, manager, supervisor or team lead in an interactive program designed to set you up for success.


The next course will run on the following dates:
On-site Monday, September 19 9:00 - 3:00 pm
Via Zoom Thursday, September 22 9:00 - 1:00 pm
Via Zoom Monday, September 26 9:00 - 2:00 pm
Via Zoom Monday, October 3 9:00 - 2:00 pm
Via Zoom Thursday, October 6 9:00 - 1:00 pm

Learn more about the program and how to register here.


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The Executor Checklist 

Person standing up holding their arms out

So, you’ve been chosen to be the Executor of someone’s Will – maybe a loved one or maybe a friend.


It is an honour to be asked, however, the responsibilities of an Executor are very important and can be very extensive. It is not like taking up a new sport or a hobby, where you can take your time and practice until you are good at it.


As Executor you will need resources to help you; professional support services or the advice from someone who you trust that has acted in the capacity AND a good checklist that you can reference to ensure that you don’t miss any key aspects of your responsibilities.


Choose an Executor – And choose wisely.


Remember, some of our most critical life decisions to be made affect outcomes after we die.


The next steps after someone passes away:

Immediately


  • Locate and review the Will or any other supporting documents regarding funeral, burial, etc.
  • Make proper arrangements that follow the deceased’s wishes
  • Approve organ donation if applicable
  • Secure assets (home, business, cars, etc.)
  • Arrange for the care of children and/or pets


The Following Days


  • Obtain proof of death, or death certificate
  • Cancel credit and debit cards
  • Cancel all government cards (driver’s license, passport, health card, SIN)
  • Cancel all subscriptions and membership cards
  • Cancel benefits such as CPP, OAS, pensions, etc.






Need Help? Contact a Ward & Uptigrove Wealth Management Representative.


519-291-3040 or email info@w-u.on.ca.


The Following Weeks


  • Contact and meet with an estate lawyer
  • Complete list of the deceased assets
  • Review the Will and supporting documents with the beneficiaries
  • Ensure proceeds from RRSP, TFSA, life insurance, etc. are paid to the estate or the designated beneficiaries
  • Contact deceased’s creditors to arrange payment of debts
  • Notify banks, financial advisors, accountants, insurance
  • Apply for government death benefit
  • Notify utility companies
  • Arrange for payment of recurring expenses
  • Start making a list of the deceased assets
  • Review any legal actions in which the deceased was involved
  • Apply for probate
  • Collect debts owing to the estate
  • Sell / distribute assets as directed by the Will
  • Maintain meticulous records of all actions taken on behalf of the estate
  • File outstanding tax returns
  • File terminal tax return
  • File estate tax return
  • Obtain a tax clearance certificate
  • Apply for executor compensation if applicable
  • Distribute residual estate assets
  • Obtain releases from beneficiaries


Staff Updates

We are proud to congratulate the following staff members on their development and progression into new roles.

Agriculture Department 

Progressions


Michael McMurren

Michael McMurren

Senior Accountant
Erin Stahlke

Erin Stahlke

Intermediate Accountant
Jordan Wilson

Jordan Wilson

Intermediate Accountant

Business Department

Progressions


Braydon Allen

Braydon Allen

Senior Accountant
Don Annett

Don Annett

Intermediate Accountant
Bradley Babstock

Bradley Babstock

Intermediate Accountant
Cole Fletcher

Cole Fletcher

Intermediate Accountant
Alana Rubick

Alana Rubick

Senior Accountant
Madison Topic

Madison Topic, CPA

Senior Accountant
Brody Tucker

Brody Tucker

Senior Accountant
Alyssa Wright

Alyssa Wright

Intermediate Accountant

Operations

Stephanie Wilkison

Stephane Wilkinson

HR Generalist
Emily MacRobbie

Emily MacRobbie, CHRL

HR Manager

Congratulations on achieving your designation!

Evan Fallis

Evan Fallis, CPA

Accounting Manager
Valerie Gillespie

Valeria Gillespie, CPA

Accounting Supervisor
Shanna Yang

Shanna Yang, CPA

Senior Accountant

Welcome!

We are thrilled to welcome the following new staff members to our team:

Brenda Annett

Brenda Annett

Executive Administrator
Bradley Babstock

Bradley Babstock

Intermediate Accountant
Venice Dela Sierra

Venice Dela Sierra

Accounting Clerk
Cole Fletcher

Cole Fletcher

Intermediate Accountant
James Hruska

James Hruska

Junior Accountant
Colleen Jackson

Colleen Jackson

Accounting Clerk
Lena Kamasinska

Lena Kamasinska

Administrative Assistant
Kelli Kirkham

Kelli Kirkham

Accounting Clerk
Sara Mckee

Sara McKee

Intermediate Accountant
Terri McNamara

Terri McNamara

Bookkeeping/Payroll Administrator
Amy Noonan

Amy Noonan

Marketing & Communication Generalist
Jordan Wilson

Jordan Wilson

Intermediate Accountant

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Have a Wonderful Summer

from the Partners and Staff of Ward & Uptigrove


Southwestern Ontario's Top Employers Award

Southwestern Ontario's Top Employer Award Winner

February 5, 2025
We are th rilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, human resources manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers

2024 Year End Newsletter

December 19, 2024
Accounting

Summer 2024 Newsletter

June 27, 2024
Accounting
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