Accounting Services
Serving Barrie, GTA and the surrounding area
At Rumley & Associates, we work with clients of all sizes and disciplines to help develop and build their business. We offer a wide range of advisory and accounting services, as well as breadth of experience, forward thinking, and sound professional judgement.
Our Mission
We are committed to providing our clients with excellence in standards, integrity, quick assignment turnaround, accessibility, and added value. Our goal is to measurably improve our client’s organizational performance through sound financial management and informed advice.
Cash and Near-cash Gifts
If you want to reward your employee with a cash bonus of $500 and a $125 gift certificate, how would you handle this on your taxes?
“You would have to include the total of these cash and near-cash gifts in Box 14 of your T4 as a taxable benefit. As cash and near-cash are considered insurable, you must also deduct Employment Insurance (EI) premiums. A non-cash gift totaling up to $500 twice a year can be given to an employee during the year and not be treated as a taxable benefit. If it is a non-cash taxable benefit, you do not deduct EI premiums,” advises Chartered Accountant Aaron Rumley of, Rumley & Associates.
For further information about taxes, contact a Chartered Accountant.
Brought to you by the Institute of Chartered Accountants of Ontario.
Taxes for U.S. Citizens Living Abroad
A significant number of American citizens who have relocated to foreign countries, either on a short- or long-term basis, are not aware that they are required to continue filing U.S. income tax returns, even if no tax is owing. U.S. tax compliance does not end at the border.
Aaron Rumley, CA, CPA (US), CFE, of Rumley & Associates, provides United States and Canadian income tax preparation, planning and consulting for clients in Canada and the U.S.
» Learn More About Taxes for U.S. Citizens
» FAQ Regarding US Tax ID Numbers
The 8% Ontario sales tax and the 5% GST are being combined into a single 13% value-added sales tax that will be federally administered, starting July 1, 2010.
What is Taxable?
Consumers will now have to pay 13% HST on all goods and services on which they previously paid 5% GST, except for several items which are currently RST exempt and will not be subject to the provincial portion of the HST.
» Learn More About HST