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Gregory, Harriman & Associates LLP Blog

Drought Relief Measures for Livestock Producers (Updated December 22, 2021)

With severe drought conditions providing a significant challenge to livestock producers in 2021, there are some important assistance measures available that all Alberta producers should be aware of. The following are two of the most important and widely accessible benefits available, including a new program recently introduced for 2021.

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2021 Christmas Letter

 

With the holiday season upon us, the staff and partners at GH&A would like to take this opportunity to say THANK YOU to all of our clients. As we reflect on 2021 and look forward to the new opportunities that 2022 will have to offer, we want to let our clients know that we are here to help you navigate whatever challenges lie ahead.
 
In this year’s edition of the Christmas Letter, we will focus on important updates to COVID-19 benefits and other COVID-19 support measures, recent developments in personal and corporate tax, and some important tools and tips available to help manage your business and accounting needs.

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Basic Tips for Payroll & Remittances

Employers have responsibilities they must fulfill for their employees.  Part of these responsibilities are the correct calculation and timely remittance of payroll deductions.  

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Lease vs. Buy - Determining the Best Fit

When looking to upgrade equipment or acquire new buildings or grain storage, leasing is often presented as an option to traditional purchase financing.  

Under a standard purchase, the purchaser takes ownership of the asset immediately. The vendor is paid in full, and if necessary, the purchaser can obtain financing from a lender who will likely only finance a portion (down payment or trade-in will be needed).  The terms of this loan (payments, interest rate, amortization period) are negotiated between the lender and the purchaser.

Under a lease contract, the leasing company purchases and takes ownership of the asset. The vendor is paid by the leasing company.  The lessee then agrees to use that asset for a set time period, for set lease payments paid to the leasing company over that time period.   At the end of the lease term, the lessee usually has an option to purchase the asset from the leasing company for a pre-determined residual value. 

When making a decision on how to finance new equipment purchases for your business, it is important to understand both the cash flow and tax implications of each option.

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The Disability Tax Credit – Expanded Access and Applications Made Easier

 

The federal government has recently taken steps to make applying for the Disability Tax Credit (DTC) easier, as well as expand eligibility for the DTC to provide access to more taxpayers with certain severe and prolonged impairments.

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The Canada Greener Homes Grant – How you can Access up to $5,600 for Home Energy Efficiency Retrofitting

In May 2021 the Federal Government announced the new Canada Greener Homes Grant intended to provide grants of up to $5,600 for Canadian homeowners to cover the cost of certain retrofitting improvements aimed at improving the energy efficiency of their home.

The program does not provide funding up-front, but instead requires eligible applicants to cover costs out-of-pocket, which may be eligible for reimbursement of all or a portion of the costs incurred. Before applying for this new grant, here are a few important points to know about how this new program works:

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