McGowan Professional Corporation, Chartered Professional Accountant

11/05/2025

📢 Budget 2025 – Key Tax Updates You Should Know

Here are the most relevant highlights for our clients:

✅ No Capital Gains Increase
The proposed increase to the capital gains inclusion rate has been cancelled. The Lifetime Capital Gains Exemption still increases to $1,250,000 for 2024

✅ Underused Housing Tax (UHT) Eliminated
The UHT will be cancelled starting in 2025—no more filings or payments required going forward. Past years still apply.

✅ Accelerated Asset Deductions
Businesses can still benefit from accelerated CCA and immediate expensing on certain equipment, buildings, clean energy assets and tech investments.

✅ Bare Trust Filings Deferred Again
Bare trust reporting won’t be required until tax years ending in 2026 or later.

✅ NPO Reporting Requirements Delayed
New reporting rules for non-profits will now start for fiscal years beginning Jan 1, 2027.

✅ Auto Tax Filing for Low-Income Canadians
The CRA will begin automatically filing basic returns for eligible low-income individuals starting with 2025 tax returns (filed in 2026).

✅ Clean Energy Incentives Continue
More enhancements for clean energy investments and tax credits.

✅ Dividend Refund Changes
Some corporate structures may see dividend refunds delayed when paying intercorporate dividends.

✅ Other Measures Moving Ahead
Includes:
• Small business capital gains rollover rules
• Canada Carbon Rebate for small businesses being tax-free
• Early 2025 charitable donations can be claimed on 2024 returns

💬 Questions about how these changes affect you or your business? We’re here to help.

*For more detailed analysis visit our website with our full Budget Commentary*

10/27/2025

🍂 Fall Financial Refresh: Get Ahead Before Year-End! 🍁

As the leaves change and we head into the final stretch of the year, it’s the perfect time to give your finances a quick check-up. A little attention now can save a lot of stress — and taxes — later.

Here are a few smart fall reminders:

✅ Review your books.
Make sure your income and expenses are current and categorized correctly. Clean records now make for a smooth tax season later (and fewer surprises!).

✅ Check your payroll and dividends.
Ensure all shareholder draws or wages are in line with your year-end tax planning. It’s easier to adjust before December than after!

✅ Plan for purchases.
If you’re considering equipment or vehicle upgrades, talk to us before buying. The timing and structure of those purchases can make a real difference for tax deductions and cash flow.

✅ Evaluate your estimated taxes.
Whether you’re self-employed or own a corporation, now’s the time to project your tax position and avoid any balance-due surprises in spring.

Fall is also a great time to revisit your goals — both personal and business. A short consultation can ensure your tax plan, bookkeeping, and growth strategies are aligned for a strong finish to 2025.

🍁 Let’s make year-end easy — not overwhelming.
Reach out to our office if you’d like a fall review or planning session before things get busy!

10/15/2025

🌟 Hey Lloydminster business owners! Our CPA firm at 5019 50 Street is on the hunt for an awesome new neighbour to join us in this prime downtown spot!

🏢 We’ve got a vibrant 2,200 sq ft storefront for lease right below us—perfect for a salon, spa, clinic, or any professional setup with big dreams.

💼 It is a bright, modern space with a glass-front entry, sunlit reception, 4 flexible rooms, tons of storage, in-unit plumbing, and parking galore (street for clients, rear for your team). All for just $11/sq ft/year + $4/sq ft Triple NETs! 🚗✨
We’re not looking for just anyone—we want a dynamic business to share the energy of this bustling location. Ready to be our new neighbour? 👋
Check out the details and let’s make it happen: https://www.realtor.ca/real-estate/28732708/5019-50-street-lloydminster-west-lloydminster

5019 50 Street, Lloydminster, Alberta T9V0L9

04/24/2025

We look forward to this event every year as our tax season ending party 🥳 Always have a great supper and great time catching up with all the businesses in Lloydminster!

🎉 A big THANK YOU to McGowan Professional Corporation, Chartered Professional Accountant for sponsoring the Champagne Breakfast at our Annual Chamber Golf Tournament! 🥂 Your support helps make this event a success and brings our community together. 💼✨

📣 Want to learn more about McGowan Professional Corporation? Check out their Member Profile in our directory: https://business.lloydminsterchamber.com/list/Member/mcgowan-professional-corporation-chartered-professional-accountant-132642

Swing into action and join us for the tournament on Tuesday, May 27, 2025, at the Lloydminster Golf & Curling Centre! 🏌️‍♂️⛳
Register Here: https://bit.ly/3F3ZbUf

04/20/2025

📣 Tax Season Update! 📣

So far, we’ve filed 268 tax returns ✅

We’re currently working on 45 returns that are in progress but awaiting additional info 🕵️‍♀️

21 more are on track to be started and completed this week 📆
And we’re expecting 121 more before the deadline rush hits! 📥

⏰ REMINDER: To guarantee your return is filed by the April 30 CRA deadline, we must receive all documents by end of day TOMORROW (April 21).

This internal deadline was shared in our 2024 Welcome to Tax Season email sent on February 24.

📌 Returns submitted after April 21 will be completed as soon as we can, but we cannot guarantee they’ll be filed by the April 30 CRA deadline due to the volume already in the queue.

Thank you for your continued support and understanding during our busiest time of year! 💼🙌

03/17/2025

📢 Tax Season Update! 📢

The first 100 personal tax returns are in! That is 20% for our office and the STATS are pretty typical for this time of year.

Because we love data and counting down the clicker here’s where we stand:
✅ 30 completed but about half pending filing awaiting signatures
📂 50 waiting on missing information communicated
⏳ The rest are in the queue and we hope to catch up this week

If you’ve submitted your return, check your email for any follow-ups. If you haven't heard from us, you will soon! We aim to communicate within a week of drop off so please be patient with us while we caffeinate and do our best.

Many are still waiting on final slips to be received and all the delayed items this year so no worries! We appreciate you waiting until you are sure everything is gathered.

📨 Contact us if you have questions!

02/05/2025

🚨 Important CRA Update for Business Owners! 🚨

Starting Spring 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method for most business correspondence. 📩 This means your business tax notices and other important CRA communications will be sent through My Business Account instead of traditional mail.

✅ How to Prepare:
🔹 Log in to My Business Account
🔹 Go to Notification Preferences under your profile
🔹 Ensure your email address is up to date to receive important tax notices & updates

Staying informed is key to keeping your business compliant and avoiding missed deadlines! Need help navigating My Business Account? Feel free to reach out.

01/21/2025

📢 Canada Carbon Rebate for Small Businesses: Tax-Free or Not? 💰🚨

There’s been a lot of discussion about the Canada Carbon Rebate for Small Businesses (CCR-B)—a tax-free payment meant to return $2.5 billion from carbon pricing back to small and medium-sized businesses. However, there’s uncertainty around its tax treatment that businesses need to be aware of.

🔹 What We Know So Far:
✔️ The rebate is scheduled to be delivered by the end of 2024 via the CRA.
✔️ It is intended as financial relief for businesses impacted by carbon pricing.
✔️ The former Minister of Finance previously stated on social media that it would be “tax-free.”

🔹 The Issue? It Might Be Taxable!
🚨 Despite these statements, no formal legislation or official guidance has been passed to confirm its tax-free status.
📜 As per current Income Tax Act provisions, government assistance is generally considered taxable unless explicitly exempted by law.
💼 The CRA currently considers CCR-B taxable upon receipt unless legislation states otherwise.

🔹 What This Means for Your Business:
📊 If the rebate remains taxable, it will be included as income in the year it’s received.
🔍 We are closely monitoring updates from the Department of Finance and CRA and will keep you informed of any changes.

⚠️ Bottom Line: Until official legislation confirms otherwise, businesses should prepare for the possibility that the Canada Carbon Rebate for Small Businesses will be taxable income.

📩 Contact us for guidance and stay tuned for further updates!

12/23/2024

🎄✨ Season's Greetings from McGowan Professional Corporation! ✨🎄

As the holidays approach, we want to express our heartfelt gratitude to our clients and community for an incredible year. 🥂

Please note our holiday office hours below.

Wishing you and your loved ones a joyous holiday season filled with happiness and success. We look forward to working with you in the new year!

🎁 Stay safe, stay merry, and enjoy this festive time!

11/05/2024

📢 Important Update from the CRA: “Digital by Default” Coming May 2025!

Starting May 2025, the Canada Revenue Agency (CRA) will be moving to a “Digital by Default” communication system for businesses using My Business Account. This means that digital communication will become the default for businesses with CRA, including those represented by authorized representatives in the “Represent a Client” system.

Here’s what you need to know:

✅ CRA will ensure all My Business Account users and their representatives are fully informed about this shift.
✅ Businesses will still have the option to opt-out of digital-only communication, but only if their mailing address information is kept up-to-date with CRA.
✅ CPA Canada has emphasized the importance of this opt-out option to prevent tax practitioners from receiving mail on behalf of their clients.

If you’re currently using My Business Account or working with us as your authorized representative, make sure you’re ready and informed as CRA moves to a more digital future! 🌐