McGowan Professional Corporation, Chartered Professional Accountant

10/16/2026

💼 Ever wonder what accountants actually do all day? Spoiler alert… it’s a LOT more than tax returns! 😉

We’ve had some pretty exciting projects on the go lately at McGowan Professional Corporation, and it’s a good reminder of just how diverse our work really is!

On any given day, you might find our team working on:

🏢 Buying & Selling Businesses – Helping clients navigate major transactions, business sales, acquisitions, and the tax implications that come with them.

📊 Business Valuations & Succession Planning – Helping business owners understand what they’ve built, plan their exit strategies, and transition businesses to the next generation.

🌾 Agricultural Accounting & Planning – Working with farm corporations on financial performance, AgriStability, equipment decisions, and long-term tax strategies.

💰 Corporate Reorganizations & Tax Planning – Restructuring companies, planning dividends, managing shareholder transactions, and finding tax-efficient ways to move money.

🏗️ Real Estate & Investment Structures – Navigating property purchases, corporate ownership, financing, and the tax considerations behind major investments.

🤝 Partnerships & Shareholder Changes – Helping business partners come together, buy each other out, or go their separate ways.

📈 Business Advisory & Financial Analysis – Going beyond the numbers to help owners understand cash flow, profitability, debt, and where their businesses are headed.

📚 And of course, the everyday essentials! Corporate year-ends, GST, payroll, bookkeeping, CRA matters, and keeping businesses compliant and organized.

And sometimes, several of these land on our desks in the very same day! 😅

The best part of our job isn't just preparing financial statements or filing returns. It's being involved in the big decisions, solving complicated problems, and helping business owners navigate some of the most important moments in their businesses.

We get a behind-the-scenes look at some pretty incredible businesses, and we're proud to play a part in their stories.

We're not just here to tell you what happened last year. We're here to help you figure out what comes next. 💙

09/18/2026

📢 The proposed “Productivity Mega Deduction” is getting a lot of attention — and it could create meaningful tax savings for some businesses.

The proposal would allow immediate deductions for a much broader range of qualifying capital purchases, rather than claiming the amortization cost over several years.

A few important points:

• It does not apply to every capital purchase.
• It is proposed legislation — not law yet.
• The details and eligibility will matter, so purchasing an asset simply for the tax deduction may not make sense.

As with all significant tax announcements, we will review the final legislation and consider the opportunities client by client. If we see something that is relevant to your business or upcoming planning, we will reach out to you directly.

Good tax planning is about applying the right opportunities to the right situation — not simply following the headlines.

09/02/2026

📣 We’re Growing — and Accepting a Limited Number of New Incorporated Clients!

We’re excited to share a couple of updates at McGowan Professional Corporation.

We’re very happy to welcome Deanna back to our team and to welcome Gus, our new CPA student. With our team growing, we now have some additional capacity and are opening a limited number of spots for incorporated business clients.

At this time, we are not taking on new personal-only tax clients or unincorporated businesses. Our focus is on small to mid-sized corporations that are looking for an ongoing accounting relationship and want to stay organized, current and proactive.

We work best with business owners who:

• Provide information on time and respond when questions come up
• Keep their accounts current and pay professional fees when due
• Are comfortable with digital communication and electronic record keeping
• Want to stay organized throughout the year rather than scrambling at year-end
• Value professional advice and are willing to work collaboratively with their accountant
• Want to take advantage of legitimate tax planning opportunities
• Communicate openly and value a fair, long-term professional relationship

We also have very limited availability for quarterly bookkeeping for incorporated consultant or professional-service-type businesses with relatively straightforward bookkeeping needs.

Our goal is to work with clients who want more than just a tax return — we want to help you understand your numbers, stay compliant, plan ahead and make better business decisions.

If you own an incorporated small or mid-sized business and think we may be a good fit, feel free to reach out.

And once again, welcome back Deanna, and welcome to the team, Gus! We’re excited to have both of you on board. 🎉

11/05/2025

📢 Budget 2025 – Key Tax Updates You Should Know

Here are the most relevant highlights for our clients:

✅ No Capital Gains Increase
The proposed increase to the capital gains inclusion rate has been cancelled. The Lifetime Capital Gains Exemption still increases to $1,250,000 for 2024

✅ Underused Housing Tax (UHT) Eliminated
The UHT will be cancelled starting in 2025—no more filings or payments required going forward. Past years still apply.

✅ Accelerated Asset Deductions
Businesses can still benefit from accelerated CCA and immediate expensing on certain equipment, buildings, clean energy assets and tech investments.

✅ Bare Trust Filings Deferred Again
Bare trust reporting won’t be required until tax years ending in 2026 or later.

✅ NPO Reporting Requirements Delayed
New reporting rules for non-profits will now start for fiscal years beginning Jan 1, 2027.

✅ Auto Tax Filing for Low-Income Canadians
The CRA will begin automatically filing basic returns for eligible low-income individuals starting with 2025 tax returns (filed in 2026).

✅ Clean Energy Incentives Continue
More enhancements for clean energy investments and tax credits.

✅ Dividend Refund Changes
Some corporate structures may see dividend refunds delayed when paying intercorporate dividends.

✅ Other Measures Moving Ahead
Includes:
• Small business capital gains rollover rules
• Canada Carbon Rebate for small businesses being tax-free
• Early 2025 charitable donations can be claimed on 2024 returns

💬 Questions about how these changes affect you or your business? We’re here to help.

*For more detailed analysis visit our website with our full Budget Commentary*

10/27/2025

🍂 Fall Financial Refresh: Get Ahead Before Year-End! 🍁

As the leaves change and we head into the final stretch of the year, it’s the perfect time to give your finances a quick check-up. A little attention now can save a lot of stress — and taxes — later.

Here are a few smart fall reminders:

✅ Review your books.
Make sure your income and expenses are current and categorized correctly. Clean records now make for a smooth tax season later (and fewer surprises!).

✅ Check your payroll and dividends.
Ensure all shareholder draws or wages are in line with your year-end tax planning. It’s easier to adjust before December than after!

✅ Plan for purchases.
If you’re considering equipment or vehicle upgrades, talk to us before buying. The timing and structure of those purchases can make a real difference for tax deductions and cash flow.

✅ Evaluate your estimated taxes.
Whether you’re self-employed or own a corporation, now’s the time to project your tax position and avoid any balance-due surprises in spring.

Fall is also a great time to revisit your goals — both personal and business. A short consultation can ensure your tax plan, bookkeeping, and growth strategies are aligned for a strong finish to 2025.

🍁 Let’s make year-end easy — not overwhelming.
Reach out to our office if you’d like a fall review or planning session before things get busy!

10/15/2025

🌟 Hey Lloydminster business owners! Our CPA firm at 5019 50 Street is on the hunt for an awesome new neighbour to join us in this prime downtown spot!

🏢 We’ve got a vibrant 2,200 sq ft storefront for lease right below us—perfect for a salon, spa, clinic, or any professional setup with big dreams.

💼 It is a bright, modern space with a glass-front entry, sunlit reception, 4 flexible rooms, tons of storage, in-unit plumbing, and parking galore (street for clients, rear for your team). All for just $11/sq ft/year + $4/sq ft Triple NETs! 🚗✨
We’re not looking for just anyone—we want a dynamic business to share the energy of this bustling location. Ready to be our new neighbour? 👋
Check out the details and let’s make it happen: https://www.realtor.ca/real-estate/28732708/5019-50-street-lloydminster-west-lloydminster

5019 50 Street, Lloydminster, Alberta T9V0L9

04/24/2025

We look forward to this event every year as our tax season ending party 🥳 Always have a great supper and great time catching up with all the businesses in Lloydminster!

🎉 A big THANK YOU to McGowan Professional Corporation, Chartered Professional Accountant for sponsoring the Ch*****ne Breakfast at our Annual Chamber Golf Tournament! 🥂 Your support helps make this event a success and brings our community together. 💼✨

📣 Want to learn more about McGowan Professional Corporation? Check out their Member Profile in our directory: https://business.lloydminsterchamber.com/list/Member/mcgowan-professional-corporation-chartered-professional-accountant-132642

Swing into action and join us for the tournament on Tuesday, May 27, 2025, at the Lloydminster Golf & Curling Centre! 🏌️‍♂️⛳
Register Here: https://bit.ly/3F3ZbUf

04/20/2025

📣 Tax Season Update! 📣

So far, we’ve filed 268 tax returns ✅

We’re currently working on 45 returns that are in progress but awaiting additional info 🕵️‍♀️

21 more are on track to be started and completed this week 📆
And we’re expecting 121 more before the deadline rush hits! 📥

⏰ REMINDER: To guarantee your return is filed by the April 30 CRA deadline, we must receive all documents by end of day TOMORROW (April 21).

This internal deadline was shared in our 2024 Welcome to Tax Season email sent on February 24.

📌 Returns submitted after April 21 will be completed as soon as we can, but we cannot guarantee they’ll be filed by the April 30 CRA deadline due to the volume already in the queue.

Thank you for your continued support and understanding during our busiest time of year! 💼🙌

03/17/2025

📢 Tax Season Update! 📢

The first 100 personal tax returns are in! That is 20% for our office and the STATS are pretty typical for this time of year.

Because we love data and counting down the clicker here’s where we stand:
✅ 30 completed but about half pending filing awaiting signatures
📂 50 waiting on missing information communicated
⏳ The rest are in the queue and we hope to catch up this week

If you’ve submitted your return, check your email for any follow-ups. If you haven't heard from us, you will soon! We aim to communicate within a week of drop off so please be patient with us while we caffeinate and do our best.

Many are still waiting on final slips to be received and all the delayed items this year so no worries! We appreciate you waiting until you are sure everything is gathered.

📨 Contact us if you have questions!

02/05/2025

🚨 Important CRA Update for Business Owners! 🚨

Starting Spring 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method for most business correspondence. 📩 This means your business tax notices and other important CRA communications will be sent through My Business Account instead of traditional mail.

✅ How to Prepare:
🔹 Log in to My Business Account
🔹 Go to Notification Preferences under your profile
🔹 Ensure your email address is up to date to receive important tax notices & updates

Staying informed is key to keeping your business compliant and avoiding missed deadlines! Need help navigating My Business Account? Feel free to reach out.