CRA Updates

08
Nov

Starting on April 1, 2013,  British Columbia’s 7% provincial sales tax (PST) will be re-implemented.  There has been little information regarding this process until recently when the Provincial Government released some basic details of what this entails.  We have summarized some of the major points below: GOODS AND SERVICES SUBJECT TO PST There is little change from the previous PST legislation.  The ...

27
Aug

It's that time of year again! Summer is wrapping up and parents are making plans for their children's upcoming school year.  As children are registered for programs that care for them or that assist in their development, parents can also benefit from these programs through the tax incentives made available by the federal government.   Children's Fitness Tax Credit (maximum $500 per child) In ...

23
Jul

Employees in past years have incorporated to reap the benefits of the lower tax rates from corporate tax deductions and tax deferral incentives. However, the CRA has been active in applying new rules which are intended to eliminate the tax incentives of incorporated employees by imposing a 13% surtax on personal service business income. What is a Personal Service ...

08
Feb

Deduction Limits - Despite what the car sales person will tell you when they are trying to sell you a car, the amount you can deduct for tax purposes is restricted.  For 2012 the amounts are: Auto allowances - an individual can receive a tax free allowance for automobile use.  This would apply to employees and to owner managers from their ...

Gregory & Associates