For the fourth time, GGFL has been named ‘Best of the Best Accounting Firms’ for North America by INSIDE Public Accounting. GGFL was one of just five firms in Canada to receive the recognition. ‘Best of Best’ recipients are assessed through an in-depth survey and analysis of 50 criteria including strategic planning, training and development, […]
This is the second in an occasional series highlighting GGFL employees who devote time to volunteering in the community. Sarah Tremblay is a Principal of Assurance and Advisory Services at GGFL and was recently-appointed chair of the Ottawa Food Bank board of directors. ‘It’s given me way more than I’ve been able to give back.’ […]
In March 2020, as Canada began to realize the severity of COVID-19, we at GGFL decided to close our office and become a virtual firm. Had we decided to do that in ‘normal’ times, it would likely have taken years. With COVID looming large, it took us roughly a week. We asked a great deal […]
By: Kody Wilson, CPA, CA, CBV There has been a great deal of confusion coming from Parliament Hill over a Bill intended to reduce the tax bill when a family business is transferred to the next generation. As it stands now, Bill C-208 is law. But the government has announced that it intends to amend […]
Deferred revenue (or unearned revenue) and deferred contributions (and/or restricted contributions) are likely among the most difficult concepts to understand in your financial statements, yet these amounts often significantly impact your results from operations.
Accounts payable and accrued liabilities generally are more problematic to capture completely in internal statements due to the number of estimates involved, or the delays in receiving information. Nevertheless they are as important as accounts receivable, if not more so.
All board members, including those involved with non-profit organizations, are held to a minimum standard of care and diligence when it comes to the finances of an organization. This is why, at a minimum, it is important for a non-accountant to understand what “accounts receivable” are on an internal financial statement. Check out our other articles on Financial Literacy.
Board members are often bored during the financial discussion or financial statement presentation at a meeting. If they are lucky, they have someone with a financial background as a treasurer or chair of the finance committee. This article addresses how the financial process of your organization should operate and how it impacts you because you share the responsibilities for ensuring that proper financial controls are in place.
The federal and Ontario governments have tax credits available to taxpayers, including those paid for medical expenses. The Medical Expense Tax Credit (METC) can be claimed for costs associated with nursing and retirement homes that are paid by you or your spouse. METC claims depend on several factors, including the kind of facility you reside in, your medical condition, the level of your income, and dependency on others.
By Casey Murray, CPA, CA, LPA, Principal Canada Recovery Hiring Program In their April budget, the federal government announced the creation of a new Canada Recovery Hiring Program (CRHP). Bill C-30, the Budget Implementation Act is now before parliament. CRHP benefits will be available retroactively to June 6th and will run until November 20th, 2021. […]