Nyvall & Assoc CPA

Client sent this to me. Pretty funny.

https://twitter.com/i/status/1479807894887407621

Shibetoshi Nakamoto on Twitter “most relatable video ever https://t.co/pTHsqoyab2”

We owe a big THANK YOU to our loyal clients and to Abbotsford. June 30 is the end of our fiscal year and we closed off the year by signing on 2 more corporate clients today. 2021 has been our best year yet and we enjoy every month dealing with new clients who entrust us with their business.

We've all seen the photo below. We just cut the cheque to sponsor a local team. We always want to be a great corporate community partner in Abbotsford

With the Cyrus Centre staff presenting our office's end of year Christmas gift to them. God bless them for what they're doing for marginalized youth in Abbotsford and Chilliwack and a Merry Christmas.

Our office promised to donate all new revenue from clients signing on before Christmas to the Cyrus Centre. We've signed on 2 new clients and we're at $5,000. The cheque is still blank. You tell me what to give to Cyrus on Dec 23.

Crypto traders beware.

We have been asked before. People should be aware that gains on crypto trading are really not that different than trading in your o line brokerage account - thus taxable.

If CRA examines these exchanges and gets customer data there is no limitation period for CRA to audit a taxpayer if they've not claimed their gains.

https://nationalpost.com/news/politics/cra-goes-after-client-details-of-major-canadian-cryptocurrency-marketplace-in-battle-against-underground-economy/wcm/4413de24-081e-4948-a6e2-9d3bee039dc5/amp/

CRA goes after client details of major Canadian cryptocurrency marketplace in battle against 'underground economy' Canada’s tax agency is asking a judge to force Toronto-based crypto trading platform Coinsquare to hand over information and certain documents about all its…

A finance colleague had a client who needed to get a 2019 tax return filed ASAP. We arranged the appointment over the long weekend. Everybody came in this morning first thing and by 9:45 the colleague and my new client were done, left the office. Tax return was filed, everyone happy.

We are here to help and we have some of the most satisfied customers in Abbotsford.

www.AbbotsfordAccountant.com

The CRA is extending the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020.

Always consider Nyvall CPA for your business needs. We want to be one of the first places an entrepreneur would think to go.

CRA's very innovative and aggressive approach to get US property info on Canadian owners should be of concern for future examinations and projects. Good representation is more important than ever and consider our office for our Audit-insurance.

https://vancouversun.com/personal-finance/taxes/snowbirds-beware-the-cra-is-hunting-for-bulk-u-s-real-estate-data-to-keep-tabs-on-transactions-by-canadians/wcm/8871fb4b-408d-4bc6-861b-d61e00976513/

Snowbirds beware: The CRA is hunting for bulk U.S. real estate data to keep tabs on transactions by Canadians Failure to file a T1135 can result in harsh penalties, even when the income from the foreign property has been reported

As your trusted advisors, we need to be independent and look out only for our clients' best interests. We pledge to do that every time.

Know that when we refer you to a financial advisor, lawyer, commercial realtor, etc we are doing so after having used that person ourselves or seen the great work they've done for another client. We take no money for professional referrals and only send you somewhere we'd consider going ourselves in the same circumstance.

https://youtu.be/xb6bVDopcV8

Eric Nyvall CPA talks accountant independence Eric Nyvall CPA talks accountant independence. As your trusted advisors you need to know that your accountant looks out only for your best interest.

Received an invoice payment from a client today and he felt so bad that it had gone long overdue. I said "don't worry, man. I do business with a couple other members of your family. I always knew you were good for it. Its pretty easy to tell you're good people."

Very thankful to have great clients to work with. And we do have space to take on more work. We are always looking for new clients who want an accountant as a partner while you grow your business and do what you do best.

www.AbbotsfordAccountant.com

Nyvall & Assoc CPA uses CRA audit insurance to make sure you can properly respond to CRA. You pay nothing for the accounting/legal fees. We have saved clients over $25,000 in professional fees this year.

More importantly, we have had a 100% success rate dealing with CRA this year!

https://youtu.be/k3hORLymDU0

Eric Nyvall CPA talks CRA audit insurance Eric Nyvall CPA talks CRA audit insurance and saving clients money on responding to an audit

Tough times. People who still have jobs should be very thankful. I've had numerous conversations with(professional firm) business owning clients and have suggested they might need to cut wages/benefits to keep things going on a short term basis. See link here, Canada's biggest national law firms are taking drastic steps.

https://www.theglobeandmail.com/business/article-major-law-firms-conserve-cash-by-cutting-lawyer-salaries/

Major law firms conserve cash by cutting lawyer salaries The cuts come as the industry moves to rein in costs amid falling workloads and growing fears that clients will struggle to pay their bills

A month ago we pledged to take 3 Abbotsford non-profits on as clients on a complimentary basis.

As of March 30-2020 there were 2 proposals that were a no-brainer for us and we accepted very quickly. There were other good groups that came forward and we plan to maintain discussions with those groups and see if they're a fit. But with COVID issues changing things so quickly I expect Abbotsford non-profits to have more need than ever and we're waiting to see what the next 6 months bringsm

The 2 non-profits we accepted as clients to serve on a complimentary basis:

1). Jaja Barb's Home of Angels. It was a group I'm very familiar with as I've (many times) eaten the banana bread that Barb made to fundraise for her charity and my Church (Northview Community) has often featured her and supported it. They run an orphanage in Uganda, and are a charity operated out of Abbotsford. Barb Giraud runs an amazing group with a very compelling story and speaks to my desire to care for the defenseless and promote social justice.

https://www.jaajashomeofangels.com/home.html

2). The Abbotsford Soccer Association: that's where my 2 sons learned to play soccer(very well) and I previously served on their board of directors. They serve roughly 1,300 players in Abbotsford every year and definitely coincides with my desire to promote health and wellness in Abbotsford.

https://www.abbotsfordsoccer.com/

Home Jaaja Barb's Home of Angels

Just my 2-cents worth....... I am certainly aware of the pain out there. But please be aware the economy and our way of life has always recovered.

I'm old enough(barely) to remember my dad starting out as an investment advisor and experiencing the 1988 crash, then the 1990s government budget cuts and our outrageous government debts, then 9/11, and the crap-out of 2008.

Please don't take this as me making light of the struggles that are very real that we are going through. But we've always come back.

Outline of small business programs, and how to apply

https://business.financialpost.com/personal-finance/taxes/heres-what-small-businesses-need-to-know-about-the-covid-19-wage-subsidy-program

Here’s what small businesses need to know about the government’s COVID-19 hardship measures Jamie Golombek: Here’s how the program works, how to get the subsidy and more

Today the Federal Government announced changes announcing a 75% payroll subsidy for small business. Posted below is an email from the company that does my payroll. We are learning on the fly. Details are coming. We'll know how this will work in the coming days.

-------------------------------------------------------------
Wave Financial
Hi Eric,

Earlier this week, we introduced the ability to add the Temporary Wage Subsidy offered by the Government of Canada to your payrolls in Wave. This program was recently announced by the Government of Canada as part of their COVID-19 economic response plan to help businesses.

Today, the government has announced some beneficial changes to the program, including an increase from the 10% subsidy to 75%, and a limit change. The changes will be retroactive from March 15, 2020. Further details on this change are to be communicated by the Department of Finance and CRA between now and the end of March, 2020.

Wave is closely monitoring finalization and direction from the Government of Canada on how these measures are to be implemented, and our focus is on supporting you through these changes. Please stay tuned for more communication from us on how you can leverage this subsidy in Wave Payroll. We’re updating our Help Centre article with information as it becomes available.

Thanks for being a part of the Wave community.

David Axler
VP, Strategy & Business Development

------

Today was not the 1st Record of Employment we've ever had to issue. But the toughest one.

We've had young accountants who got their 1st job with here, then over time moved on to a successful career in regional and national CPA firms.......
...Yes, we've had to let people go where it just wasn't going to work out......
....But today for the 1st time where I had to issue an ROE for an employee who was doing fine. Work quality and learning curve was good. But there's so much disruption, uncertainty, obviously a complete lack of new business creation..... It just wasn't possible in the short term to keep everybody going.

A very ominous sign for our economy. It took me 3+ hours to get online with Service Canada and electronically issue the ROE. Excessive traffic kept bumping me out and crashing it. There's a ton of pain out there right now, and certainly not all of it is physical.

Eric Nyvall
Nyvall & Assoc., CPA

Our civic leaders called on us to help each other. My firm will do 10 tax returns FREE for employees in the grocery industry. If you have a T4 from a Save-On, Costco, Lepps, you name it. We are so grateful for you showing up at work everyday and probably working a lot of OT right now. Don't worry about getting your taxes done this year. We are very good at it.

My team of nerds and I will take care of it for you as our thank you for you keeping the grocery stores open.

Returns will be done virtually. You do not need to come to us as our office has been closed. We are all working remotely. So take pics of T4 documents, etc. I'll send authorizations back and forth with DocuSign.

Message me directly if you want this and I'll let you know if we can do it for you.

Eric Nyvall, CA/CPA, Owner
Nyvall & Assoc., CPA
www.AbbotsfordAccountant.com

Heartbreaking to go here.....but we must.

Monday I instituted steps to insulate staff in our office but I realize that is not enough. An office I completed and moved into only 2 months ago I just spent the morning disassembling computers and sending staff home with computers to work virtually.

Not exactly rocket science.......but I predicted this yesterday in my video. Don't worry about getting taxes done. Its not important on your list of "to do" items right now.

Government extends tax deadline to June 1 amidst COVID-19 outbreak Canadians will have one extra month to file their taxes to the Canada Revenue Agency, the National Post has learned.  

Tax tip #1: top marginal tax rates in BC going to 54%. If you can travel to a convention or conference for business the whole thing will be a tax write-off. Spend $5,000 on travel costs and you'll get a $2,700 refund. Almost like an RRSP, except - well, it's fun. Sure nice that the top medical obstetrics course on the West Coast is hosted last week of Feb in Maui. Accompanying my lovely wife.

We're full of good ideas. Contact Nyvall and Assoc CPA for your business and personal tax needs.

We always give a complimentary consultation. Our great ideas are yours to keep. Move your business over us, or stay with your current provider.

WWW.AbbotsfordAccountant.com

It's now easier to send Nyvall & Assoc CPA a message.

Nyvall & Assoc CPA updated their business hours.

Nyvall & Assoc CPA updated their website address.

Nyvall & Assoc CPA updated their phone number.