Canada Revenue Agency released the 2012 personal tax credit amounts today.  For anyone doing payroll, you’ll need to update your payroll tax credits with these new amounts on January 1 2012.  Bookmark this page.

This update also includes the new GST/HST Credit and Child Tax Benefit amounts.  If you like to do tax planning, you can take a look at the upcoming payment rates. No big changes, most rates have increased by the rate of inflation (2.8%).

Filed under: Consumer Tax, Personal Tax by David Boese No Comments »

Well not really actually.  But it’s kind of fun to pretend you are, with the new Nova Scotia Back to Balance website.  The (real) Finance Minister of Nova Scotia wants your help in balancing the budget.  You get to play with the numbers and see how hard it actually is!

Would you like to spike the income tax rate on high income earners? On big corporations?  Maybe you’ve always wanted to dramatically reduce the funding for the Department of Justice?   Here’s your chance to give it a try.

Take the budget out for a spin at www.backtobalance.ca

Filed under: Business tax, Consumer Tax, Other tips, Personal Tax by David Boese No Comments »

Well, you can’t say you weren’t warned.  Nova Scotia will be increasing its HST rate, effective July 1, 2010.  Our new HST rate of 15% will mean we have the dubious distinction of one of the highest sales tax rates in Canada.

Filed under: Business tax, Consumer Tax by David Boese No Comments »

If you are a Nova Scotia graduate in 2009, you have reason to celebrate.  Beginning with 2009 the Nova Scotia government is allowing graduates to claim a tax rebate on their taxes.

Graduates are required to graduate from a recognized post-secondary institution, and they must have been taking a program offered on a full-time basis.  You are allowed to take the program part time.

University graduates can claim a maximum of $2,500 against their Nova Scotia taxes in the year of graduation, and the following 5 years.  That’s a total of $15,000!  College grads can clailm $1,250 against their Nova Scotia taxes in the year of graduation, and the following 5 years, for a total of $7,500.

Obviously, since the intent is to keep grads working in Nova Scotia, you must file a Nova Scotia tax return each year.  This rebate is non-refundable, which simply means that if you haven’t earned enough income to pay provincial taxes, you can’t claim back the difference.

This rebate replaces the old Graduate Tax Credit, worth a mere $2,000.  However, if you had graduated from a different program in an earlier year, but then return to school and graduate again in 2009 or later years, you can also claim this new rebate.

You can read more about this exciting tax rebate by clicking here.

Filed under: Consumer Tax by David Boese 1 Comment »