Priority Tax

My Business Account – new feature

David Boese — Wed, 18 Apr 2012 09:22:57 +0000

Have you ever wanted to email the Canada Revenue Agency? Until now, that’s not really been possible. It still isn’t, but at least now you can send a secure electronic message through the My Business Account service. It’s another great reason to register for Canada Revenue Agency’s my business account.

For now, this is only available for business related questions, but I wonder if they’ll make this available at some point through the personal My Account service as well.

Here’s the official news release from the CRA. http://www.cra-arc.gc.ca/nwsrm/rlss/2012/m04/nr120417-eng.html?rss

And remember, you need to sign up for the My Business Account feature before you can use it….. it takes a few days for the activation process to be completed, to be sure to register before you need it!

HST rate to go down in Nova Scotia?

David Boese — Tue, 03 Apr 2012 10:43:45 +0000

Anyone living in Nova Scotia will recall the disappointment when our HST rate went from 13% up to 15%. So it is very welcome news to hear that the same government that increased the rate is now promising to lower it back to 14% in 2014 and 13% in 2015. It seems our provincial fortunes have increased enough to make this possible.

While this is indeed very welcome news, there is one item of annoyance. Are any other businesses getting a bit tired of changing all their billing systems to account for the change in the HST rate? Shouldn’t there be some compensation to small business owners for the extra paperwork involved? I’m (mostly) just kidding, but the governments need to keep that in mind as they tinker with the sales tax rates.

As the HST rates change, if you need help with reconfiguring your Simply Accounting or QuickBooks programs, give us a call or an email. We at Priority Taxation will be happy to assist.

Reminder from CRA: March is fraud prevention month

David Boese — Tue, 13 Mar 2012 20:39:38 +0000

Here is a friendly reminder from CRA……. and remember, the CRA will NOT be asking for information via email.

http://www.cra-arc.gc.ca/nwsrm/rlss/2012/m03/nr120305-eng.html

2012 Federal Budget

David Boese — Tue, 13 Mar 2012 20:16:01 +0000

Mark the date on your calendars……..March 29, 2012.

This is the date the Conservative government releases its 2012 federal budget. What is a federal budget? To a tax person, a large part of the budget is the government’s announcements on what type of new tax changes are coming. This is when most new tax policies are announced, so it’s always interesting to see what direction the tax world is headed.

Most large news outlets have some fairly decent coverage on budget day, but if you want the details, head over to www.fin.gc.ca. I’ll try to post some of the more interesting tid-bits as well, provided there is anything new worth talking about!

Nova Scotia Graduate Retention Rebate

David Boese — Thu, 08 Mar 2012 02:26:49 +0000

I’ve written about this tax credit before, but it’s definitely worth talking about again. The Nova Scotia Graduate Retention Rebate is worth from $7,500 to $15,000 in actual tax savings, over a 6 year span.

If you are a recent college or university graduate, and you are living in Nova Scotia, be sure to check this one out.

http://www.gov.ns.ca/finance/en/home/taxation/personalincometax/grr.aspx

Provincial Tax Refund for Seniors

David Boese — Thu, 01 Mar 2012 11:42:24 +0000

This is a reminder for Nova Scotia seniors, who are receiving the Old Age Security Guaranteed Income Supplement (GIS).

Tax Refund for Seniors receiving Guaranteed Income Supplement (GIS)

In the 2010-11 provincial budget, the Minister of Finance committed to a new program to help low income seniors make ends meet. The program provides a refund of the provincial income taxes paid by seniors who receive the Guaranteed Income Supplement (GIS).

In total, about $9 million will be returned to about 18,000 seniors this year.

The Department of Finance used information from 2010 tax returns to assess eligibility and process the refund. The program is in accordance with new regulations under the Income Tax Act.

Seniors do not have to apply for this refund, but they must file their tax return each year.

Individuals who did not file a return in this taxation year, but who are eligible, can still receive the refund when they file their tax return.

If you have questions about this tax refund, please call 1-800-670-4357.

http://www.gov.ns.ca/finance/en/home/taxation/personalincometax/seniorsgis.aspx

If you are a senior who currently received the base Old Age Security pension, you may be entitled to the GIS. You can check by going to the this link.

http://www.servicecanada.gc.ca/eng/isp/oas/tabrates/tabmain.shtml

Online Options for Business

David Boese — Tue, 21 Feb 2012 21:22:13 +0000

The Canada Revenue Agency has made tremendous progress over the last several years with new online options. This is one area that has truly made life easier and more convenient. Today, they announced a new page that groups these services together.

http://www.cra-arc.gc.ca/nwsrm/txtps/2012/tt120221-eng.html?rss

Simplified Mileage rates for 2011

David Boese — Fri, 03 Feb 2012 02:08:55 +0000

When you are calculating a mileage claim for certain tax deductions, like medical expenses or moving expenses, you are allowed to use a simplified method to determine your mileage costs. The simplified method lets you use a flat per-kilometre rate.

For 2011, these rates can be found here:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns248-260/255/rts-eng.html

GST/HST Access Codes

David Boese — Tue, 24 Jan 2012 10:00:10 +0000

Need to file your GST/HST return and you can’t find your elusive access code? Get a new one here:

http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/gsthst-tpstch-ntfl/cd-eng.html

Or better yet, sign up for the online My Business Account service, and you’ll never again need an access code. You can file your GST/HST return from directly within the My Business Account service.

Apprenticeship Job Creation Tax Credit

David Boese — Thu, 19 Jan 2012 00:23:36 +0000

Employers, if you have hired a new apprentice, don’t miss out on the Apprenticeship Job Creation Tax Credit. A very generous tax credit, this can save you up to $2,000 per employee per year. Your employee must be enrolled in a Red Seal Trade, but you might be surprised what types of trades qualify. Did you know that cooks and hair stylists are Red Seal eligible trades?

Check out the full list of eligible trades here.