We have moved! Although we only moved across the street, there is one big difference – we used to be part of a co-working space (The Centre for Social Innovation) but now we’ve got our own space, which is necessary because we’re now a team of six – a change that happened over the summer.
What does this mean for you? We have dedicated meeting space which makes it easier to schedule meetings.
Whether you’re moving across the street or across the country, there are a few people you have to alert, not least of which is both your accountant and the CRA.
Once we know that you’ve moved, we can update your HST account if you’re a sole proprietor and your business number if you’re a corporation but you’ll have to update your personal account yourself (https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/change-your-address.html), so please keep that in mind. For other aspects of moving such as what you can and can’t deduct, check out this blog article from 2017.
If you’re a US citizen, keep in mind that the October 15th tax filing deadline has recently passed. Yes, the original deadline for filing a Foreign Bank Account Report (FBAR) disclosure of banking was April 15th, but the nice thing about the IRS (if those words have ever been spoken) is that if you ask for an extension, they’ll give it to you – no questions asked. Of course, just as with the CRA, if you owe money, they want it by the original date, but they’ll give you an additional 6 months for filing your paperwork. You want to pay attention because the penalties for late filing or missing some forms can be very significant.
Back in Canada, the new provincial government has made a number of changes that affect a good number of us. They’ve cancelled the minimum wage increase, but haven’t made any changes to personal exemptions which would affect lower income earners.
Another change I’m learning about from some of my clients in the non-profit sector is that grants and funding that had been automatically renewed year after year are no longer being rubber stamped. So the province hasn’t cut funding exactly, but some grants aren’t being renewed.