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More Information on HST

August 6th, 2010

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 & Services Tax / Harmonized [...]


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CRA Releases New Rates for Simplified Meal & Vehicle Expenses

July 29th, 2010

For meal expenses, the simplified rate is unchanged from 2008, a flat rate of $17 a meal or $51 per day, per person is allowed without receipts. If you choose the detailed method, you must keep your receipts.
For the simplified method of claiming vehicle expenses for trips relating to the northern residents deduction, moving expenses [...]


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100% Depreciation on Computer Equipment & Software for 2009/2010

July 28th, 2010

To encourage investment by businesses in computer systems and related peripherals, the Income Tax Regulations were amended on May 13, 2009 to add new Class 52 to Schedule II with a 100-per-cent tax depreciation rate for eligible computers and software acquired after January 27, 2009 and before February 2011.
Visit the CRA web site for more [...]


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HST-Related Reading

July 26th, 2010

Canada Revenue Agency
Bulletin B-103: Place of Supply Rules for Determining Whether a Supply is Made in a Province.
The Tax Detective
We also recommend checking out Eileen Reppenhagen’s web site, the Tax Detective. Eileen’s site includes links to a wealth of bulletins, articles and other information related to HST.
Fraser Institute – Countering the Myths Surrounding HST
The Fraser [...]


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CRA Policy Shift on Employee Benefits

July 26th, 2010

Administrative Policy Changes for Taxable Employment Benefits to reduce a number of administrative difficulties and increase fairness include:

Overtime Meals and Allowances Provided to Employees
Municipality or Metropolitan Area
Loyalty Programs
Employer Provided Motor Vehicles Required to be Taken Home at Night
Non-cash Gifts and Non-cash Awards
Surface Transit Passes Provided to Family Members of Transit Employees

Read the full article on [...]


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GST/HST Notices & Technical Bulletin List

May 20th, 2010

CRA has compiled a list of notices and bulletins with regards to GST/HST. The list includes information sheets on transitional rules, along with question and answer bulletins for specific areas of concern.
Download the bulletin list in PDF format from the Curriculum Services Canada web site.

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CRA HST Transition Webinar PDF

May 20th, 2010

Curriculum Services Canada has posted a PDF of a a webinar presentation given by the Canada Revenue Agency to help give business owners an overview of the upcoming implementation of HST (Harmonized Sales Tax) in BC and Ontario. The presentation covers many areas of confusion and concern and is a good primer on what you [...]


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15 Small Business Tax Deductions

April 2nd, 2010

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 [...]


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Free CRA HST Informational Webcasts

March 19th, 2010

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 [...]


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CRA Offering Free Seminars on HST Transition

March 19th, 2010

The provinces of Ontario and British Columbia have agreed to implement the harmonized sales tax (HST), which would replace existing provincial sales taxes and the federal goods and services tax in those provinces beginning July 1, 2010 and would be administered by the Canada Revenue Agency.
The Canada Revenue Agency offers a number of informative seminars to [...]


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Make Sure March 15th CRA Instalments Are Correct

March 5th, 2010

Will your clients overpay their March 15th instalment payment?  It is important that they don’t, particularly if their income has taken a hit over the past year.  Canadians taxpayers may find that due to employment layoffs or possibly due to their portfolio tanking,  overall income may have taken dropped off.  There may be a bit [...]


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Canada’s taxman goes after eBay sellers

October 22nd, 2009

Canadians who are high-volume sellers of products on the online eBay marketplace may find themselves being audited by the Canada Revenue Agency beginning this fall.
Revenue Minister Jean-Pierre Blackburn said Thursday anyone who has sold products on the Web site could avoid audits, fines and penalties by voluntarily coming forward and declaring the revenue to the [...]


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Burnaby, BC V5J 5H8
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