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TAPA announces 
Lunch & Learn Finance Series

As part of our commitment to ongoing professional development to the TAPA membership, we are pleased to announce a new Lunch & Learn Series as part of the TAPA TRADE SERIES.

The first Lunch & Learn Series focuses on FINANCE and is in partnership with Young Associates. This series is targeted to financial management at producing companies including Managing Directors, Accountants, Bookkeepers, and Controllers. All of the sessions are on ZOOM, scheduled over an hour to be brief and filled with helpful information.

Registration is OPEN for all of the FINANCE SERIES sessions now:

Dotting the T’s and Crossing Your Eyes… Staying Sane While Meeting 2020 Payroll Year-end Filing Requirements

This session is critically important for GMs, EDs and business managers of “small shops” who produce T4s themselves. It will be of great interest to all managers responsible for tax compliance, so that you understand what to expect from your payroll service provider and bookkeeper in this extraordinary year. 
As we write this description, we’re still awaiting word from CRA about how, exactly, T4 filing requirements will change in 2020. From what has been released so far, it seems clear that reporting will be significantly expanded, to enable the government to assess compliance with wage subsidy programs.
In this webinar, we will introduce the 2020 T4 slip and review the new and additional data points required to complete it accurately. We will recap the terms and conditions of the Temporary Wage Subsidy Program (TWSP; 10%) and the Canadian Emergency Wage Subsidy program (CEWS; initially 75%, but since August on a sliding scale) – paying particular attention to what you must do by payroll year-end (Feb 28).

Additionally, we will review the PD27 10% Temporary Wage Subsidy Self-identification Form for Employers. This new mandatory form enables CRA to evaluate compliance with the terms of the subsidy.

Facilitators: 

Date: Tuesday January 19, 2021           
Time: 12 noon – 1:00pm
Location: Zoom - the session will NOT be recorded
Fee: $25+HSTfor TAPA Members, $35+HST for Non TAPA Member

REGISTER

Working from Home: The Tax Edition

For many years, the CRA has allowed employers to give employees a T2200 Declaration of Conditions of Employment to document situations where employees are expected to cover costs of employment personally. The T2200 declaration permits employees to claim an income tax break – effectively, to write off their work-from-home expenses similar to how self-employed people can do. 

If you’ve been reading the news carefully, you’ve probably seen coverage on how the lockdown and enforced working from home might change Canada’s income tax rules and broaden the use of the T2200. This session will review and guide you through the T2200 legislation. If your staff are working from home, you may be able to help save them a few dollars on their taxes. But – what are the limitations? How much money can staff expect?  

In this session we’ll consider the changes that COVID has brought, how to evaluate the benefit your staff might receive from the T2200, and the mechanics of completing the form and staying compliant. We will look at tax treatment of a few common situations, such as taking a work computer home; employer-paid upgrades to employees’ furniture or internet service; reimbursements for phone and internet service and general supplies.

Bonus topic: in November, CRA announced its CEWS audit program for filing periods 1 – 6. We will share what we have learned so far about what to expect from a CEWS audit.

Facilitators:

Date: Tuesday January 26, 2021           
Time: 12 noon – 1:00pm
Location: Zoom - the session will NOT be recorded
Fee: $25+HSTfor TAPA Members, $35+HST for Non TAPA Member

REGISTER

Session Three COVID and the Bottom Line Panel

One of COVID’s side effects has been to throw a real curve at financial forecasting. First wave, second wave? Phased reopening strategies? As the government has been struggling to manage public health policies and push out economic supports, the constantly shifting environment has staggered General Managers. This panel discussion will contemplate three inter-related topics:

  • Determining the bottom line. Never have we spent so much time discussing revenue and expense recognition, relative to emergency funding, government subsidy programs, and drastic changes to programming and daily operations. What can you do – in a principled fashion – to gain some sense of control and, indeed, to shape your bottom line?
  • Positioning for the future. Each year’s surplus or deficit impacts net assets. A 2020 good-news surplus might be offset by a 2021 loss – both of which will impact your balance sheet. How does your bottom-line approach shape your balance sheet, and affect future years’ reporting? 
  • Telling the story. After you and your staff, board and auditor have done your best with the financial statements comes the communication piece. COVID has brought astonishing surpluses to some organizations and deficits to others. How do you build the narrative for your patrons, donors, members, sponsors and funders?

Panellists:

Date: Tuesday February 2, 2021            
Time: 12 noon – 1:00pm
Location: Zoom - the session will NOT be recorded
Fee: $25+HSTfor TAPA Members, $35+HST for Non TAPA Member

REGISTER


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