Author Archives for McGovern Hurley
June 12, 2026 7:12 pm
Published by McGovern Hurley
Soheil Talebi Appointed Audit Leader at McGovern Hurley June 12, 2026 Following the planned retirement of Glen McFarland and Jessica Glendinning’s appointment as Managing Partner, McGovern Hurley is pleased to announce Soheil Talebi as the firm’s new Audit Leader. In this role, Soheil will continue to support the growth and development of McGovern Hurley’s audit practice while working closely with our clients and teams. With 25 years of public accounting experience across national and mid-sized firms in Canada and the United States, Soheil brings extensive technical knowledge and a strong commitment to supporting clients across a variety of industries, including
June 12, 2026 7:10 pm
Published by McGovern Hurley
Jessica Glendinning Appointed Managing Partner at McGovern Hurley June 12, 2026 Following the planned retirement of Glen McFarland, McGovern Hurley is pleased to announce Jessica Glendinning as the firm’s new Managing Partner. Jessica previously held the role of Audit Leader. Jessica joined McGovern Hurley as a co-op student from the University of Toronto in 2001 and obtained her CPA, CA designation while articling with the firm. Over the years, she has become a respected leader within the organization and the profession, advising both publicly listed entities and private companies. In addition to having led the firm’s audit practice, Jessica has
June 11, 2026 8:14 pm
Published by McGovern Hurley
Honouring Glen McFarland’s Leadership as Managing Partner June 12, 2026 At McGovern Hurley, leadership is built on experience, dedication, and a long-standing commitment to both our clients and our people. We extend our sincere appreciation to Glen McFarland for his leadership and contributions as we announce his retirement as Managing Partner of McGovern Hurley. Throughout his 30-year career at our firm, Glen played an important role in the firm’s growth and evolution while continuing to uphold the high standards of service and professionalism our clients expect. Glen began his career at McGovern Hurley as our very first co-op student, when
February 19, 2026 4:25 pm
Published by McGovern Hurley
From Courtroom Expansion to Legislative Contraction: BC Aligns the Mining Exploration Tax Credit with Federal Rules Prepared by McGovern Hurley LLPFebruary 20, 2025 In light of the release of the 2026 British Columbia provincial budget on February 18, 2026, we are providing an important update on the BC Mining Exploration Tax Credit (BC METC) and its interaction with recent legislative developments. This update is particularly relevant to readers of our earlier analysis of Seabridge Gold Inc. v. British Columbia (2025 BCSC 558) and the resulting divergence between federal and provincial tax treatment of mining exploration expenditures. Our prior article was prepared based on
February 18, 2026 2:49 am
Published by McGovern Hurley
Navigating the New Divide Between CEE and the BC METC Prepared by McGovern Hurley LLPFebruary 18, 2025 Background Both the federal Canadian Exploration Expense (CEE) regime under the Income Tax Act and the British Columbia Mining Exploration Tax Credit (BC METC) require that qualifying expenditures be incurred for the purpose of determining the existence, location, extent, or quality of a mineral resource. While the concepts of existence, location, and extent are generally well understood, the meaning of “quality” has been the subject of ongoing debate. In particular, uncertainty has existed as to whether studies focused on economic viability or engineering
November 13, 2025 2:06 pm
Published by McGovern Hurley
2025 Federal Budget Review Prepared by McGovern Hurley LLP November 10, 2025 Introduction and Fiscal Overview On November 4, 2025, Finance Minister François-Philippe Champagne tabled the first federal budget under Prime Minister Mark Carney’s government, entitled “Building Canada Strong.” This budget was presented amid global economic uncertainty, domestic affordability challenges, and a strategic effort to promote sustainable growth and fiscal discipline. Budget 2025 introduces a dual reporting framework separating operational and capital spending, a move designed to improve fiscal transparency and discipline. For 2025–26, the government projects an operating deficit of $33 billion and a capital deficit of $45 billion,
October 30, 2025 4:54 pm
Published by McGovern Hurley
Our very own Jessica Glendinning, 2025 Chartered Professional Accountants of Ontario Fellow! Jessica Glendinning, Partner and Audit Leader at McGovern Hurley LLP, has been selected as a 2025 Fellow of the Chartered Professional Accountants of Ontario (FCPA). An FCPA is the highest honor that may be bestowed upon a CPA, celebrating exemplary leaders who have made an extraordinary impact within their communities and across the business landscape. Truly, few professionals stand out in this manner within the accounting profession. Jessica has spent her entire career with McGovern Hurley, joining the firm as a co-op student in 2001 and rising to
April 23, 2024 2:07 pm
Published by McGovern Hurley
The Finance Minister Chrystia Freeland delivered the 2024 federal budget on April 16, 2024. Unprecedented changes were made with respect to the capital gain inclusion rate. The capital gain inclusion rate is proposed to be increased from 50% to 66 2/3%. The following is a summary of some of the most significant announcements contained in the 2024 federal budget. Increasing the Capital Gain Rate: Budget 2024 proposes increasing the capital gains inclusion rate from 50% to 66 2/3%. In particular, the inclusion rate increased for corporations and trusts to 66 2/3% and for individuals on the portion of capital gains
March 28, 2024 8:31 pm
Published by McGovern Hurley
On March 28, 2024, the Canada Revenue Agency announced that it will no longer require bare trusts to file a T3 trust return, including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request. https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html For more information the team here at McGovern Hurley LLP is always happy to help. John Mendis, Tax Advisory and Compliance Partner, jmendis@mcgovernhurley.com Greg Furyk, Business Advisory and Compliance Partner, gfuryk@mcgovernhurley.com
March 19, 2024 2:21 pm
Published by McGovern Hurley
In a previous article (linked here), we discussed the introduction of the long-awaited new trust reporting rules, which will come into effect for trusts with taxation years ending on or after December 31, 2023. Due to the change in reporting requirements, many trusts that were not required to file a trust return in previous years are now required to file a T3 Trust Income Tax and Information Return (“T3 return”) as well as a Schedule 15: Beneficial Ownership Information of a Trust (“Schedule 15”) by 90 days after its year-end of every year starting for the 2023 tax year. Further,
