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Tax rates going up and new brackets for 2014!

greg@gkinc.ca (Greg Kaniewski) — Thu, 14 Nov 2013 23:11:51 +0000

2 ways you could be affected in 2014.

Tax rate on dividends is going up. If you have investements that produce income by way of dividends or if you receive profit sharing from a Company by way of dividends you will be affected. Depending on your tax bracket - if could cost you 4% in 2014. Do you own a company? Might be wise to take a little extra out before the end of 2013!

In BC there is a new "temporary" tax bracket coming in for 2014 and 2015 for individuals making over $150,000. Your new tax bracket is 45.8%. More important than ever to get your net income below the $150,000 for at least the next 2 years. Talk to your accountant.

Need help organizing your 2012 taxes?

greg@gkinc.ca (Greg Kaniewski) — Sun, 10 Feb 2013 01:10:12 +0000

Make sure you have all your slips and information ready for your 2012 tax filing. Download my attached document to help you. (PDF format)

Download PDF

Did you know...? Organizing your information and making sure you provide all your information the first time reduces the amount of communication and time spent on your tax return and therefore saves you money!

PST is coming...How can I save money?

greg@gkinc.ca (Greg Kaniewski) — Sun, 10 Feb 2013 01:04:48 +0000

If your business is eligible to claim HST input tax credits, I recommend that any large purchases you are planning are made before April 1, 2013.

This will allow you to claim the entire 12% as an input tax credit, where after April 1, 2013 only the 5% GST can be claimed.

If your business is eligible to claim HST input tax credits, I recommend that any large purchases you are planning are made before April 1, 2013.

This will allow you to claim the entire 12% as an input tax credit, where after April 1, 2013 only the 5% GST can be claimed.

The 7% PST that you pay will only be a corporate income tax deduction at 12.5%.

This can be a big difference on large purchases, so get your financing in line and make these purchases before April 1, 2013.

An example: new computer for $1,000

a)Before April 1, 2013: $120 HST ITC – which means $120 bigger refund or $120 less HST to pay.
b)After April 1, 2013: $50 GST ITC and a $8.75 savings in your corporate tax.

An extra $61.25 in your pocket on $1,000 or 6%.

Return to PST

greg@gkinc.ca (Greg Kaniewski) — Sun, 10 Feb 2013 01:01:29 +0000

BC is returning to PST April 1, 2013. Do you need to register? Do you need an exemption number? How is it going to be different from HST and the old PST pre July 1, 2010?

Most answers can be found here: www.pstinbc.com

Greg Kaniewski, Chartered Accountant, Serving the Lower Mainland

greg@gkinc.ca (Greg Kaniewski) — Tue, 01 Jan 2013 00:00:00 +0000

I've launched my new website!