NALH Bookkeeping » Tax Tips

Making the Most of HST While It’s Here

NALH Bookkeeping Services — Wed, 14 Dec 2011 18:56:47 +0000

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 Now that the voters have spoken and HST will be repealed, focus is turning to how to take advantage of it before reverting back to the old GST/PST system.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 North Vancouver accountant Gabriel Loren about ways you can benefit from HST while it’s still in effect.

As of March 31, 2013, small business owners across the province will face a big change as the HST system will be reverted back to PST/GST. What this means for small businesses operating in British Columbia, and businesses that have clients in BC, is that until March 31, 2013, you will need to continue to charge your clients in accordance with the current HST rules.

CLICK HERE TO READ THE FULL ARTICLE FROM SMALL BUSINESS BC >>

Keep More of What You Earn in 2012

NALH Bookkeeping Services — Wed, 07 Dec 2011 18:51:28 +0000

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 on how to keep more of what you earn in your pocket and give less to CRA by taking advantage of tax credits for which you may qualify.

CLICK HERE TO VISIT THE KNOWLEDGE BUREAU WEB SITE >>

BC Voters Opt to Repeal HST in Referendum

NALH Bookkeeping Services — Fri, 09 Sep 2011 18:15:18 +0000

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 for the Province of BC.

Interested in learning more about the results of the referendum and what reverting back to the GST/PST model could mean for your business?

CLICK HERE FOR MORE INFORMATION >>

Is Your Business HST-Compliant?

Kaitlyn — Mon, 16 May 2011 09:00:56 +0000

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 to be as accurate as possible in your filings. Inaccurate information can lead to headaches down the road if your company is selected for an audit – potentially in the form of penalties and/or interest that may accrue as a result.

If your bookkeeper or accountant prepares and files returns on your behalf, it’s crucial to provide as much information as possible, so that your returns accurately reflect your business activity.

CLICK HERE FOR MORE INFORMATION ON THE CRA WEB SITE >>

Self-Employed Tax Returns Due By June 15, 2011

Kaitlyn — Fri, 13 May 2011 19:16:00 +0000

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 WEB SITE >>

Ready – Set – File! CRA’s Top 5 Ways to Get Ready to File Your 2010 Tax Return

NALH Bookkeeping Services — Fri, 11 Mar 2011 16:55:52 +0000

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 things you can do to get in gear to file your 2010 tax return, including the following:

Claim your credits
Check out other credits, deductions & benefits
Go electronic
Review this year’s tax package
Stay connected

CLICK HERE FOR MORE INFORMATION >>

What you need to know about Tax-Free Savings Accounts

NALH Bookkeeping Services — Mon, 21 Feb 2011 19:37:05 +0000

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 of need-to-know facts about TFSAs that are good for any investor – large or small – to know.

CLICK HERE TO READ THE FULL ARTICLE >>

Beware of benefits – are the rewards your employees receive taxable?

NALH Bookkeeping Services — Fri, 18 Feb 2011 18:13:37 +0000

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 as taxable to the employee.

Wolridge Mahon has a fantastic article in a recent newsletter that discusses a number of scenarios to watch out for if you decide to compensate your staff in the form of a gift or reward.

CLICK HERE TO READ THE FULL ARTICLE >>

Revenue Minister Cautions Canadians to Keep Tax Information Safe

NALH Bookkeeping Services — Wed, 11 Aug 2010 21:14:03 +0000

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 law-abiding Canadians,” said Minister Ashfield. “Our Government, through the Economic Action Plan, has established initiatives to help Canadians educate themselves in identifying fraud and safeguarding their personal information in order to protect themselves and their families. Initiatives like Canada’s Task Force on Financial Literacy will help create a cohesive national strategy to support the improvement of financial education.”

Read more articles on keeping your tax and personal information safe on the Canada Revenue Agency web site.

This article is an excerpt from the NALH e-Newsletter. Click here to read the current issue.

Missed an issue? You can also read all previous issues in our newsletter archive. Want to join our subscribers list? Visit our site to subscribe to our newsletter.

More Information on HST

NALH Bookkeeping Services — Fri, 06 Aug 2010 17:03:20 +0000

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

CANADA REVENUE AGENCY

This article is an excerpt from the NALH e-Newsletter. Click here to read the current issue.

Missed an issue? You can also read all previous issues in our newsletter archive. Want to join our subscribers list? Visit our site to subscribe to our newsletter.

HST General Transition Rules

NALH Bookkeeping Services — Fri, 23 Jul 2010 18:01:48 +0000

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 purchased on or after July 1, 2010. In addition, the HST would generally apply to prepayments starting on May 1, 2010, for goods or services that would be provided on or after July 1, 2010.

Visit the BC Government web site for more information.

This article is an excerpt from the NALH e-Newsletter. Click here to read the current issue.

Missed an issue? You can also read all previous issues in our newsletter archive. Want to join our subscribers list? Visit our site to subscribe to our newsletter.

Free HST Webinars by Intuit

NALH Bookkeeping Services — Tue, 15 Jun 2010 23:16:53 +0000

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 Intuit Canada web site to register for the free HST webinars.

NALH Newsletter Archive: June 2010

NALH Bookkeeping Services — Thu, 03 Jun 2010 21:21:29 +0000

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
Get Out There and Work the Pond
Media Coverage 101 – Tips & Tricks of the Trade
Canadian Mortgage Rate Comparison
Let’s Get Social: Join Us on Facebook, Twitter & LinkedIn

Read the June 2010 issue of our newsletter.

Missed an issue? You can also read all previous issues in our newsletter archive. Want to join our subscribers list? Visit our site to subscribe to our newsletter.

15 Small Business Tax Deductions

NALH Bookkeeping Services — Fri, 02 Apr 2010 17:55:09 +0000

We found a great article on the SOHO web site about items that small businesses should keep track of in order to maximize legitimate business deductions on tax returns. See below for part of the article, then visit the SOHO web site to read the full article.

Opportunities abound for small businesses to cut their tax bills. The key is understanding what’s deductible for your business.

A good tax preparer can guide you, but it is your responsibility to save receipts throughout the year.

“Organization and good record keeping are the keys to lower tax preparation fees and painless IRS audits,” says Sam Fawaz, a certified financial planner and certified public accountant with Y.D. Financial Services in Franklin, Tenn. “Bringing a shoe box to your CPA or accountant and saying, ‘Here are my tax records; please prepare my return’ will undoubtedly cost you more in compilation and accounting fees to arrive at tax return numbers.”

Want to know more? Visit the SOHO web site to read the full article.

Free CRA HST Informational Webcasts

NALH Bookkeeping Services — Fri, 19 Mar 2010 21:10:37 +0000

CRA has produced several webcasts that will help existing GST/HST registrants and small businesses learn how to prepare for the transition to the harmonized sales tax (HST) which will replace existing provincial sales taxes and the federal goods and services tax in Ontario and, subject to legislative approval, in British Columbia beginning July 1, 2010.

The webcasts include:

Introduction to Harmonized Sales Tax (HST)
Transitional Rules for Goods
Transitional Rules for Services

View the free HST webcasts at the CRA web site.