FBCWe make life less taxing2021-10-08T15:33:35Zhttps://fbc.ca/feed/atom/https://fbc.ca/wp-content/uploads/2020/12/fbc-favicon.pngAnna Ricioppohttps://fbc2024.flywheelsites.com/?p=104092021-10-08T15:33:35Z2021-03-18T18:57:13ZRead more]]>Good news from Ottawa: the government will provide interest relief for people who accessed COVID-19 programs last year. Anything to make your life a little less taxing right now is a win. We’ve summarized the news below and other recent COVID-19-related updates that could help you and your business. For up-to-date information on government programs, along with tax and business insights…
]]>Anna Ricioppohttps://fbcgo.ericksongroup.ca/uncategorized/are-you-ready-bcs-switch-back-pst-transition-rules/2013-03-05T12:52:48Z2013-03-05T12:52:48ZIt’s probably not news to you, but the HST, which is a combination of a 5% federal component and a 7% provincial component, will be replaced by the Goods and Services Tax (GST) and a B.C. provincial sales tax (PST) on April 1, 2013, subject to some transitional rules. It’s probably not news to you, but the HST, which is a combination of a 5% federal component and a 7% provincial component…
]]>Anna Ricioppohttps://fbcgo.ericksongroup.ca/uncategorized/year-end-tax-decisions/2013-01-02T15:11:03Z2013-01-02T15:11:03ZDecember 31 is the deadline for several important tax-management decisions. Year-end tax planning can ensure you don't lose these opportunities to keep more money in your pocket. Pay less tax and have a happier new year. December 31 is the deadline for several important tax-management decisions. Don’t lose these opportunities to keep your money in your own pocket. Every year at this time…
]]>Anna Ricioppohttps://fbcgo.ericksongroup.ca/uncategorized/squeeze-most-out-your-rrsp/2013-01-02T14:50:50Z2013-01-02T14:50:50ZRead more]]>Most taxpayers are thankful to just having the opportunity to shelter some income in an RRSP. They usually make their once-a-year installment – immediately before the last minute deadline on March 1. Then they forget about it until the next year’s deadline rolls around. That’s way better than doing nothing, but an investment as important as an RRSP deserves more hands-on management. …
]]>Anna Ricioppohttps://fbcgo.ericksongroup.ca/uncategorized/pooled-registered-pension-plans-alternative-cpp/2013-01-02T14:37:55Z2013-01-02T14:37:55ZPooled Registered Pension Plans or PRPPs provide Canadians with an increased range of retirement savings options beyond CPP and RRSPs. Ottawa has shown interest in overhauling the Canada Pension Plan (CPP) to accommodate a rapidly aging population, longer life spans and fewer young people to pay the taxes to fund the government-run pension system. The government has also investigated a private…
]]>Anna Ricioppohttps://fbcgo.ericksongroup.ca/uncategorized/reap-tax-benefits-worthless-investments/2013-01-02T13:58:26Z2013-01-02T13:58:26ZReview your portfolio of non-registered investments with a view to possible tax-loss selling. This involves selling losers prior to year-end to achieve a tax loss that can offset capital gains incurred this year and/or possibly in past or future years. Don’t simply forget that delisted dog sitting in your stock portfolio. It might still be worth money. Review your portfolio of non-registered…
]]>Anna Ricioppohttps://fbcgo.ericksongroup.ca/uncategorized/ontario-trillium-benefit/2013-01-02T13:28:24Z2013-01-02T13:28:24Z 2. Ontario Energy and Property Tax Credit 3. Northern Ontario Energy Credit If you are eligible for any of these credits, ... Read more]]>The Ontario Trillium Benefit started in 2012 with the first payment being sent in July. The Ontario Trillium Benefit combines the following credits into one monthly payment: 1. Ontario Sales Tax Credit 2. Ontario Energy and Property Tax Credit 3. Northern Ontario Energy Credit If you are eligible for any of these credits, you receive one combined payment every month.
]]>Anna Ricioppohttps://fbcgo.ericksongroup.ca/uncategorized/use-caution-when-buying-latest-tax-shelters/2013-01-02T12:54:12Z2013-01-02T12:54:12ZThis rear-guard action was justified not only by the government’s desire to save money but also on the grounds of protecting the public. The history of tax shelters is rife with abuse and misuse. Even the government seems finally to realize this. Year-end is the heaviest promotion period for tax shelters, including a current favorite, TV and film production service tax shelters.
]]>Anna Ricioppohttps://fbcgo.ericksongroup.ca/uncategorized/take-another-look-accrual-accounting/2012-12-28T14:06:27Z2012-12-28T14:06:27ZIf your farm is small and its activities don’t change much from year to year, cash accounting can be quite adequate. But if your operation is growing and you’re changing your product mix and production processes, accrual accounting can become essential in managing your business effectively. It’ll be an eye-opener. Once an accrual accounting system is up and running, you’ll be amazed by what it…