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Are you ready for BC’s switch back to PST?

Last updated: May. 5, 2013 
It’s probably not news to you, but the HST in British Columbia, 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 … Read more

Avoid Tax Evasion Penalties With Planning

Last updated: Apr. 29, 2013 
Canadian taxpayers owe the Canada Revenue Agency (CRA) $29 billion in unpaid taxes according to a recent article in the National Post. The article states that the growth in tax debt in recent years — according to CRA officials — can be attributed to a number of factors, including: An increase in overall … Read more

Why File a Tax Return if You Don’t Owe Income Taxes?

Last updated: Apr. 24, 2013 
The tax deadline is April 30 — less than a week away. For many Canadians, this means searching a mountain of paperwork for missing tax slips, scouring wallets for wayward receipts and making the annual visit to the accountant for tax preparation. But for some, April 30 will come and go … Read more

Join FBC For a Walk to Support Kids Help Phone

Last updated: Apr. 22, 2013 
FBC is proud to support national charities and local programs that work to strengthen the communities in which we operate. One of the charities that we’re honoured to support is Kids Help Phone. This organization provides counseling to kids, teens and young people by phone or online during times of … Read more

Working Together Results In The Strong Tax Plans

Last updated: Apr. 22, 2013 
It’s tax season! It’s the time of the year you start seeing tax preparation kiosks popping up at your local shopping mall. As a small business owner, are you considering using one of these “pop-up tax professionals” or will you go it alone? Or, perhaps you’re expanding your search for tax … Read more

RESP are a Tax Deduction & Long-term Strategy

Last updated: Apr. 7, 2013 
A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter). Under the contract, the subscriber names one or more children as beneficiaries and agrees to make contributions for them. The promoter agrees to pay Educational Assistance Payments (EAPs) to the … Read more

Pension Income Splitting will Reduce Your Taxes

Last updated: Apr. 3, 2013 
Reduce Your Taxes by Splitting Pension Income Pensioners are able to split eligible pension income and splitting pension income between the higher and lower income spouse just might save your family some tax dollars. This is an important consideration for any retirement plan.  If you’re 65 or over, your eligible pension … Read more

When is a Shareholder Loan not a Loan?

Last updated: Apr. 1, 2013 
Do you have excess funds in your corporation which you would like to withdraw but you want to avoid taking income with the related tax implications? Or do you have children who are also shareholders and you want to lend funds to them? Withdrawing the funds as a loan seems like … Read more

Are You Missing The Small Business Tax Deduction?

Last updated: Mar. 17, 2013 
What is the Small Business Deduction? Do you qualify? As an incorporated business, you could qualify for the small business deduction. Small businesses receive particularly favourable treatment under federal and provincial corporate tax rates. The federal rate amounts to only 11% on active business income up to $500,000. Section 125 of … Read more