It seems like only yesterday we said good-bye to this tax, yet here we are again having to deal with it.  I miss the single sales tax already! Most businesses that are required to register should have already received their Registration Package.   If you haven’t received your package there are several ways to register: Online In person By mail or fax Are you required to register?  If your business has taxable sales or services you are required to register.  A better question would be ‘What is a taxable sale or service?” It is probably easier to tell you what isn’t… Some of ...

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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. ...

grad-hat

Obtaining a post secondary education is costly. Use that cost to your advantage and claim the Education and Tuition tax credit. Not all the fees paid are deductible for tax purposes so be sure to access your T2202A. In most cases, these forms are no longer mailed out – they are generally sent to the student’s in-box. If you are paying for your child’s eduction, you may be able to claim up to $5,000 of the costs by way of an education transfer. Your child must complete the back of the form assigning their unused credit to you. Continuing education is often a life ...

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When gathering your tax receipts to bring in, be sure to include your RRSP contributions for the first 60 days of 2012.  These slips MUST be recorded on your 2011 tax return – whether you claim them as a deduction or not. If they get missed, your return will have to be amended. You want to make sure you get the deduction for contributions as you will have to pay tax on these funds when withdrawn. RRSP contributions are usually claimed as a deduction when your income is in a higher bracket than it would be at retirement.  RRSPs are a ...

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Take the mystery out of organizing your tax papers.  If you are a member of the Tri-City Chamber of Commerce, register for this upcoming seminar March 16.  Space is limited. ...

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money

If you consider ONLY the income tax (BC Personal tax and the Active Small Business Corporate tax rate), you should be indifferent what form your income takes – either salary or dividend.  Our tax system is designed so that there is close integration of tax on these two sources.  However, there are several other factors that should be considered when making the salary versus dividend decision including: CPP EI RRSP Contribution Limit Income splitting Old Age Clawback CPP contributions are NOT paid on dividends Although the savings from not contributing to CPP can be quite substantial (the maximum contribution for ...

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