Category Archives: Tip Tuesday

Are you a business owner registered with GST and received a GST compliance letter from the CRA?

Are you a business owner & registered with GST? Have you received a GST compliance letter from the CRA? The CRA sent out 250 letters in December, 250 letters will go out in February, another 2500 will go out each in May & August!

Recipients of these letters are/ will being asked to review previously submitted GST returns with possibly or suspected errors. You will need to confirm whether the amounts reported are correct or need to be changed.

The CRA’s campaign is to support their increased emphasis on educating individuals & small businesses to understand better their tax obligation and to encourage them to correct errors made on their past GST returns. The CRA feels that a better understanding of your tax obligations will help and serve in promoting better compliance going forward.

See link for more information: http://www.cra-arc.gc.ca/…/bsnss/gsthst-tpstc…/djst-eng.html

Working Income Tax Benefit Advance Payment

If you are eligible for the working income tax benefit you can fill out an application to have this benefit paid to you quarterly in advance.

These payments are made in equal installments in April, July, October and January.

If you expect your 2016 income to be similar to your 2015 income and want to take advantage of these advance payments fill out and submit an application before August 31, 2016.

Please see the Canada Revenue Agency website for more information http://www.cra-arc.gc.ca/bnfts/wtb/menu-eng.html

Certified Professional Bookkeepers can alert you at the first sign of problems and give you the information you need in key areas of your business on an ongoing basis. Professional bookkeepers can, and do, supply their customers with data that will help their businesses succeed.

Every business is different and every person’s situation is unique. This article is for information purposes only.  Please consult with a Certified Professional Bookkeeper before taking any action based on information in this article. 

We can be reached at 250-286-1649.

DO NOT RESPOND TO CRA Scam Emails!

At this time of year people are receiving an email or letter from CRA telling them they have a refund, just sign in here. Click on the button and your life will become miserable. If you are a customer of ours and receive any kind of notification from CRA forward it to us and we take care of it for you at no extra charge.

Below is an actual email scam:

From: “Canada Revenue Agency” <apps@apple.com>
Sent: March 23, 2015 6:24 AM
To:
ohdannyboy@irishemail.com
Subject: Tax Refund Notification – Reference #791-695601

Date 23 March 2015
Our Ref. C/42186/15
Your Ref. 843211C/234/231

NOTICE OF TAX RETURN FOR LAST YEAR

Dear Sir/Madam,

After the annual calculation of your fiscal activity we have determined that you are eligible to receive a tax return of:

CAD 386.00

To receive your return, you must have a Government Gateway account.

Click here to Register for refund.

Our head office address can be found on our web site at Canada Revenue Agency: www.cra-arc.gc.ca

The contents of this email and any attachments are confidential and as applicable, copyright in these is
reserved to Canada Revenue Agency. Unless expressly authorised by us, any further dissemination or
distribution of this email or its attachments is prohibited.

So you can tell when these are SCAMS, but since you are a customer of S. McInnes & Associates Ltd. you can just forward emails or mail to us and our Stress Free Guarantee ensures that we will take care of this for you at no extra charge, Stress Free.

Certified Professional Bookkeepers can alert you at the first sign of problems and give you the information you need in key areas of your business on an ongoing basis. Professional bookkeepers can, and do, supply their customers with data that will help their businesses succeed.

Every business is different and every person’s situation is unique. This article is for information purposes only. Please consult with a Certified Professional Bookkeeper before taking any action based on information in this article.

We can be reached at 250-286-1649.

A new Tax Credit is available for Teachers in BC!

A new tax credit is available for Teachers in BC – the BC Education Coaching Tax Credit.

The BC Education Coaching Tax Credit recognizes Teachers and Teaching Assistants in BC who are involved in extracurricular coaching activities throughout the year.

To qualify, you MUST have a carried out at least 10 hours of unpaid extracurricular coaching activity during the year. These activities must be performed after school hours or on a weekend and may include sports, arts and many other activities.

The credit is $500 and is available for the 2015, 2016 and 2017 tax years.

 See the following link for more details:

http://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/bc-education-coaching-tax-credit

 

 

Dan’s retirement has got us thinking about RRIF’s here at S. McInnes & Associates

** This article is ONLY for information. **

Dan’s retirement has got us thinking about RRIF’s here at S. McInnes & Associates.

As part of the new 2015 budget, the minimum withdrawal amount for RRIF’s was lowered and this allows for more income for seniors in their retirement.

For the 2015 tax year if your RRIF withdrawals were still based on the older (and higher) amounts you are eligible to re-contribute the difference between these two amounts back to your RRIF account.  This re-contribution will be deductible when calculating your income for the 2015 year.  Dates are critical though – this re-contribution follows the same timeline as the RRSP contribution deadline and must be made prior to March 1, 2016.

Please contact the Administrator of your plan to determine if you have over contributed, what your new minimum withdrawal amount is and if this applies to you.

Retirement Planning the Free Way

The University of Calgary’s School of Public Policy is offering free software that will help you in determining how much you will need to retire.  You can use this software on your own or in conjunction with your Investment Advisors advice.

The site is http://www.canada.esplanner.com.  ESPLANNER stands for Economic Survival Planner. You are not required to give your name or personal information so it is safe to use.  It gives you an Excel printout of the results but does not store your information. Make sure you save or print your Excel worksheets.

The premise of the software is that people need to know how much they really need to retire and that traditional planners have a built in bias of more is better (based on the more money you put away the more money they make).

For a couple of articles and reviews on ESPlanner

http://business.financialpost.com/personal-finance/free-retirement-planning-software-aims-to-fix-flawed-advice-of-the-pros

http://moneyover55.about.com/od/howmuchtoretire/ig/Retirement-Calculator-Reviews/ESPlanner-Basic.htm

http://www.mymoneyblog.com/quick-review-of-esplannerbasic-free-version-of-esplanner-retirement-planning-calculator.html

 

Certified Professional Bookkeepers can give you the information you need in key areas of your life on an ongoing basis. Professional bookkeepers can, and do, supply their customers with data that will help them succeed.

Every business is different and every person’s situation is unique. This article is for information purposes only.  Please consult with a Certified Professional Bookkeeper before taking any action based on information in this article. 

We can be reached at 250-286-1649.

Do you have Investment Income?

Do you have Investment Income?  If you do, your Tax Advisor needs all the paper work that your Investment Advisor sends to you.

If you do not bring it with you it is like telling your Tax Advisor the punch line and forgetting to tell them the joke.

Each year you will receive T3’s, T5’s, and possibly T5013’s.  Most Investment Advisors include a Tax Package with these forms.  These packages include explanations, Capital Gain/(Loss) Statements, T5008’s and extra information that your Tax Preparer requires.

When you don’t bring it all to us, either you have to contact your Investment Advisor to give them permission to discuss your file with us, or get them to send you another copy of the documents. Needless to say, this all takes time and holds up your refund if there is one.

Certified Professional Bookkeepers can alert you at the first sign of problems and give you the information you need in key areas of your business on an ongoing basis. Professional bookkeepers can, and do, supply their customers with data that will help their businesses succeed.

Every business is different and every person’s situation is unique. This article is for information purposes only.  Please consult with a Certified Professional Bookkeeper before taking any action based on information in this article. 

We can be reached at 250-286-1649.

Do not respond to CRA Scam emails!

At this time of year people are receiving an email or letter from CRA telling them they have a refund, just sign in here.  Click on the button and your life will become miserable.  If you are a customer of ours and receive any kind of notification from CRA forward it to us and we take care of it for you at no extra charge.

 Below is an actual email scam:

Notice that the email is not from @cra-arc.gc.ca
From: “Canada Revenue Agency” <apps@apple.com>

Sent: March 23, 2015 6:24 AM
To: ohdannyboy@irishemail.com
Subject: Tax Refund Notification – Reference #791-695601

Date
23 March 2015

Our Ref.
C/42186/15

Your Ref.
843211C/234/231

If you click here and fill in their “registration” your life will be an open book to identity thieves.

 Notice that when you hover the mouse over the Click here the link that pops up is canadaatmidnight.ca not cra-arc.gc.ca

NOTICE OF TAX RETURN FOR LAST YEAR

Dear Sir/Madam,

After the annual calculation of your fiscal activity we have determined that you are eligible to receive a tax return of:

CAD 386.00

To receive your return, you must have a Government Gateway account.

Click here to Register for refund.

Our head office address can be found on our web site at Canada Revenue Agency: www.cra-arc.gc.ca

The contents of this email and any attachments are confidential and as applicable, copyright in these is reserved to Canada Revenue Agency. Unless expressly authorised by us, any further dissemination or  distribution of this email or its attachments is prohibited. 

                                                                                                                                                        

So you can tell when these are SCAMS, but since you are a customer of Reynen Business Services Ltd.  you can just forward emails or mail to us and our Stress Free Guarantee ensures that we will take care of this for you at no extra charge, Stress Free.

Certified Professional Bookkeepers can alert you at the first sign of problems and give you the information you need in key areas of your business on an ongoing basis. Professional bookkeepers can, and do, supply their customers with data that will help their businesses succeed.

Every business is different and every person’s situation is unique. This article is for information purposes only.  Please consult with a Certified Professional Bookkeeper before taking any action based on information in this article. 

We can be reached at 250-286-1649.

Have you heard of the annual bus pass for low income seniors and individuals receiving disability assistance from the Province of British Columbia?

** This article is ONLY for information. **

If you are needing more information please call the Ministry of Social Development and Social Innovation at 1-866-866-0800 or go to their website at http://www.sd.gov.bc.ca/programs/bus-pass.html

Phone

Call 1-866-866-0800 and choose the appropriate option:

  • Option 1 – If you are receiving Ministry services, input your Personal Identification number and PIN, or your Social Insurance Number, then press option 3, and then press option 1.
  • Option 2 – If you are receiving Ministry services and do not have a Personal Identification Number or Social Insurance Number, or for all general inquiries, enter your 10 digit phone number, then press option 3, and then press option 1.

Phone service is available Monday – Friday between 9:00am – 4:00pm. Please note that peak call volume occurs between 9:00am – 9:30am and 1:00pm – 2:00pm each day


The BC Bus Pass Program offers a reduced cost, annual bus pass for low income seniors and individuals receiving disability assistance from the Province of British Columbia. Passes are valid in communities serviced by BC Transit or TransLink. The pass is only valid for the eligible rider and is non-transferable. Handy Dart is not included in this program.

To be eligible for the BC Bus Pass Program, the applicant must be living in a transit service area where the annual pass is available and meet one of the following criteria:

  • Receiving Federal Guaranteed Income Supplement (GIS), or the Federal Allowance, or the Allowance for the Survivor;

  • 18 – 64 years of age and receiving Persons with Disability (PWD) assistance from the Ministry of Social Development and Social Innovation;

  • 60 – 64 years of age and receiving Income Assistance from the Province of British Columbia;

  • Over 65 years of age and would qualify for GIS but does not meet the Canadian 10 year residency requirement;

  • 18 – 64 years of age, living on a First Nations reserve and receiving disability assistance from the band office; or

  • 60 – 64 years of age, living on a First Nations reserve and receiving assistance from the band office.

The Acts, Regulations, and Policy that guide BC Bus Pass Program eligibility can be found on the Online Resource.

The bus pass is provided for an administrative fee of $45 per year and is valid for one calendar year from January 1 – December 31. The fee is not prorated for applicants applying part way through the year.

Certified Professional Bookkeepers can alert you at the first sign of problems and give you the information you need in key areas of your business on an ongoing basis. Professional bookkeepers can, and do, supply their customers with data that will help their businesses succeed.

Every business is different and every person’s situation is unique. This article is for information purposes only. Please consult with a Certified Professional Bookkeeper before taking any action based on information in this article.