In addition to fitness programs covered by the children’s fitness tax credit, parents can now claim money spent on programs that focus on fine arts, music, performing arts, outdoor wilderness training, learning a language, studying a culture, tutoring, and more. When parents claim the children’s arts tax credit – up to a maximum of $500 [...]

Taxable benefits are an area to which business owners should pay close attention. Many benefits which, on the surface, may not appear to be taxable actually are and it’s important to protect your business and your employees by knowing the difference. For example, a car given to an employee for business use would not be [...]

The HST (Harmonized Sales Tax) in BC has been a topic of debate since well before it was even introduced. Now that the voters have spoken and HST will be repealed, focus is turning to how to take advantage of it before reverting back to the old GST/PST system. SmallBusinessBC.ca has a great article by [...]

Most of us would like to send less of what we earn to the Canada Revenue Agency and keep more of it in our own pockets. One thing that can be done to reduce tax liability is to file for any tax credits that may be applicable to your situation. The Knowledge Bureau shares tips [...]

Whether you love it or hate it, the Harmonized Sales Tax (HST) in BC is soon to be a thing of the past. 55% of the 1.6 million BC voters who cast their ballots in the referendum opted to repeal the tax. So, the work now begins to re-instate the former GST/PST model of taxation [...]

If your company is not up-to-date with its HST filings with CRA, you could be facing serious penalties and/or an audit. The best way to steer clear of the wrath of CRA is to file on time and pay any amounts owing by the due dates. If you’re filing your own HST returns, it’s important [...]

If you or your spouse or common-law partner did business as a sole proprietor or if you have business income in addition to any money you earned as an employee of a company, the deadline for filing your tax return is on or before June 15, 2011. CLICK HERE FOR MORE INFORMATION ON THE CRA [...]

Wow! It’s hard to believe another year has come and gone and it’s tax time again! Make sure you’re informed about tax credits for which you may qualify and any other changes to CRA’s regulations which may apply to you as an individual or to your business. CRA has prepared a list of top 5 [...]

Is a Tax-Free Savings Account a good investment option for you? Learning about any new investment vehicle inevitably leads to a flurry of questions: What type of investments can be included? How much can be contributed each year? How are TFSAs different from other savings accounts? A recent article written by IPBC discusses a number [...]

Rewarding employees for a job well done can be good for business – a team that feels recognized and appreciated is more likely to go the extra mile to do a great job for their employer. Often, however, gifts or other rewards given to an employee in good faith end up being categorized by CRA [...]

We read an interesting article in the IPBC (Institute of Professional Bookkeepers of Canada) newsletter recently which discusses Minister of National Revenue, Keith Ashfield’s, concern for Canadians protecting their tax information to avoid becoming a victim of fraud. “Unfortunately, difficult economic times can lead to an increase in the number of fraudulent activities that affect [...]

With the implementation date of the HST now in effect, be sure to check out the following list of web resources to learn more about the new Harmonized Sales Tax and how it will affect you and your business. BC GOVERNMENT Consumer Taxes Section Harmonized Sales Tax, Creating Jobs, Lowering Prices CANADA REVENUE AGENCY Goods [...]

General rules are provided by the BC Government to help guide businesses and consumers in a smooth changeover to the proposed Harmonized Sales Tax (HST) in July 2010. The HST Transition Rules specify technical details about paying the HST in the period around July 1, 2010. Overall, the HST would apply to goods and services [...]

Quickbooks software maker, Intuit, is offering free webinars on HST for businesses in Ontario and British Columbia. Ontario HST Webinar June 16, 2010 at 11:30am (local time) Hosted by Richard Krummenacher, CA, CPA, CFP, Certified ProAdvisor BC HST Webinar June 24, 2010 at 11:30am (local time) Hosted by Eileen Reppenhagen, CGA, Certified ProAdvisor Visit the [...]

Not on our newsletter subscribers list yet? Here’s a taste of what you’ve been missing… NALH e-Newsletter June 2010 In This Issue: Contact Our Help Desk  For Assistance with Getting Your Business Ready for HST BC Government Offers Grants for Employee Training The Science of Success Getting Back to the Garden NALH Invoices Go Digital [...]