It is once again time to prepare the T4s for your employees; these must be received by CRA by February 28.  Internet filing of the T4s is a convenient way to complete this task.  You will need the Web Access Code (WAC).  The letter containing this information was sent out by CRA earlier this month.  This letter should be retained for use in future years – WAC will no longer be issued each year. There have been a few changes to taxable benefits in the last year.  To find out the taxation of these benefits refer to the handy chart CRA has prepared.  It is a great reminder ...

tri-city-a-list

Thank you to everyone who voted us one of the favorite accounting firms in the Tri-Cities.  We are honoured so many clients took the time to vote for us.  There is no better place to work and play than the Tri-Cities! If you voted for us, let us know.  Tell us your story. ...

cut-tax

Choosing to incorporate your business has many tax advantages, especially if the corporation meets the criteria of a CCPC (Canadian Controlled Private Corporation).  The three main tax advantages include: 1.  Reduced corporate tax rate.  For corporations resident in BC that qualify for the Small Business Deduction, the corporate tax rate is only 13.5%! (That is a reduction of 17%). 2.  Additional month to pay corporate tax.  The due date for corporate tax payable is extended by one month (from two months after the year end to three). 3.  Capital gains exemption.  When a CCPC is sold, there is an entitlement to the $750,000 enhanced ...

We often find G/HST errors when working on the year end for businesses that process their own bookkeeping.  In many cases, G/HST paid on expenses (otherwise known as Input Tax Credits or ITC’s), have gone unclaimed.  There is a time limit to claiming the tax paid so try to avoid these common mistakes: 1.  Change in G/HST rate.  When the GST changed to HST over two years ago, the bookkeeping tax code was not changed to reflect the higher ITC.  To avoid unclaimed ITCs always check the amount refundable against the invoice and set up a new tax code in the ...

Knowing when your return is due is crucial to avoid non-deductible interest and penalty charges from Canada Revenue Agency (CRA). The due date will also affect the cash flow of your business. Taking control of these dates is possible by looking at a few factors: Business Year End Date Frequency of filing Amount due When the G/HST reporting period(s) coincide with the corporate year end it easily enables reconciliation to the financial reports. To change the G/HST filing date fill out and send in Form GST 70.   Options for filing include annual, quarterly, or monthly.  If applicable, we recommend quarterly ...

meals

Meals and entertainment expenses are often a significant portion of the advertising budget for businesses. Time spent with clients, potential clients and strategic alliances are a productive way to build relationships which ultimately build business. Often what makes perfect sense to the business owner may not make sense to the tax governing bodies. Understanding the rules will help you make the most of this deduction. Meals and Entertainment For the meal to be deductable for tax purposes it must be incurred for the purposes of producing business income. For example, taking a customer out for lunch or to a hockey ...

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