News

17
Oct

A frequently asked question is "How much and how can I pay additional amounts to employees without them having to pay tax on it?" The Tax Departments policy is that up to $500 per year, per employee can be paid to an employee as a gift or award but the amount cannot be in the way of cash or near cash. As ...

19
Jul

Suter Brook Merchant Summer Block Party 2013 to be held on August 17th from 10:00am - 2:00pm Come out and have some fun!

14
Feb

WARNING: Have you or anyone you know received this email?   "You have get a Tax Refund on your Visa or MasterCard. Complete the formular, and get your Tax Refund.   (Your Refund Amount Is $376.05)   Complete Formular (link removed)     Copyright © 2013 - Canada Revenue Agency Service. All rights reserved."     Unfortunately, many individuals have fallen prey to this email, claiming to be from the Canada Revenue Agency. This ...

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 ...

19
Oct

If you had a little extra money and you wanted to save it, what is the best route?  This problem is one of the biggest issues for individuals to think about.  Would you put the amount in a TFSA, RRSP or simply pay down your debts?  Well, if you do decide to invest in a TFSA account, there are a ...

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

EI premiums, including the employer portion, amount to 2.4%.  For payments made to family members, it is possible to save this amount by requesting a ruling from the Tax Department. In order to save the amount, the family member must demonstrate that they have terms and conditions different from a regular employee.  Some examples would be, more flexibility in determining work ...

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 ...

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