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It has been a chilly start to February here in Alberta. We hope you and your loved ones are staying warm.

As we enter the busy season, practitioners are taking a step back from preparing their practices for transition. We anticipate a quiet few months at Practice For Sale, but we look forward to connecting with potential sellers again when things calm down in May.

There is plenty to juggle at this time of year with the preparation of T4 and T5 slips. In addition, CRA introduced Form PD27 for employers eligible for the 10% Wage Subsidy. Clients who were/are eligible for CEWS, but may not have necessarily reduced their payroll remittances between March 18 to June 19, 2020 by 10%, are still encouraged to submit Form PD27 as they are eligible to receive a credit for their payroll remittances. While there is no deadline for this form, we encourage you to file on behalf of your clients for the 2021 payroll credit.

Practice Tips

Server Disaster Recovery

As we will soon be inundated with documents from our personal tax clients, we wanted to connect with our fellow practitioners about their storage and data recovery procedures. COVID-19 has sent many of us to our home offices, temporarily for some and permanently for others. Nowadays, shifting to exclusively using digital records just makes sense. But do you have an action plan in case these records are lost?

Whether it is a corrupted file, power surge or a ransomware attack, it is important to prepare for all possibilities. For more information, we've compiled a quick and easy-to-read article that can be downloaded here.

To get started, consider the following steps:

1. Define your goals about how much data you can afford to lose and how quickly you want to restore your information to get back up and running.

2. Depending on your goals, choose your backup strategy to cover your bases effectively.

3. Select the destination for your backup information (local and/or cloud storage) and consider a hybrid solution.

4. Ensure both essential files and essential components are covered. Are there any third-party applications that you rely on?

5. Document your recovery plan to ensure a quick and smooth response.

6. Test your recovery plan regularly and ensure your backups are completed on time.

If you have any practice management tips to share or would like to discuss practice transition, please get in touch with us.