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Happy Birthday Canada!

While Canada is celebrating another birthday day on 1 July 2018.

We can feel lucky to be living in Canada “The land of the strong and free” our opportunities where come true.

 

You can define your dreams?

We defines our success varies from person to person.

For me, I see how lucky we are to live in the “True North Strong and Free!”

We have bestowed upon us the good fortune and freedom to live in Canada.

This blessing allows us to work hard focusing on our dreams through determination, strong will, and resilience – to develop our careers and build our businesses.

We can be proud of living in this country that founded by the people who make this a beautiful place to live in.

Let’s keep Canada the place where our dreams come true.

Let’s Be Proud to be a Canadian!

I’ve often thought about Canadian Lucky Penny.  In the month of July bring your tax returns to us get a free lucky penny.  *limited first 50 new clients.

You can enter the free “Canada Day Trivia” draw featured in the Burnaby Now page 30 now or New Westminster Record page 45

Learn more about my Tax Returns service – or contact me for a free consultation.

 

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Are you deciding to rent out your principal residence out?

When you decide to rent out your principal residency, things you need to know.

Your home is apartment, house, condo, cottage and cabin are personal property.

Your home will become your rental property?

This means you will required to report your rental income if you rent more than 50% of the Personal Property changes to Real Property which is taxable.

Why is this taxable?

In the year change of use on your Personal Property it is deemed to be SOLD, when your property is rented out.  In the year(s) you change the use of Real Property you will pay capital gains on the Rental Property, if you do not use it as your principal residency.

Does this apply to your foreign real property?

Yes, all depending on the country your property is located, you need to declare the rental income on your Canada taxes, if you take up resident in Canada.

Need to know about foreign taxes on selling your foreign property is not your principal resident, if the other country has a tax treaty with Canada.  Then you will not be double taxed. The foreign tax you pay with work as a credit in Canada.

Are you deciding on selling your home – did not live in during the year?  You will be required to pay capital gains on the selling Real Property.

Need help? Tax Planning Rental Income.

We can help you understand the rules about change the status of your resident to income. The capital gains on selling on your personal or real property.

Keep in mind that your financial institutional can help you will the forms on some foreign income, such as your pensions.

For more information – or to get your tax return done for you – contact Ina.

 

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Victoria Day ! Happy Birthday Observances

Happy Victoria Day! Queen Victoria Birthday.

This is the weekend before 25 May is an observance – Queen’s Victoria birthday in June.

Here you maybe asking about, statutory holidays, looking to travel or camping this long weekend.

Need to know about your holiday pay for this statutory Holiday?

You will be paid for this a statutory holiday, if you worked before the holiday.

  • 30 days as a full-time employee in last month
  • 15 days as a part-time employee in last month
  • You pay rate will change all depending – did not work or worked on this holiday.

Did not work is holiday pay is regular time. You are working pay is time & a half or double time.

Planning your vacation for summer or winter?

As an employee working in past 12 months you qualify for vacation leave is 2 weeks or 3 weeks, all depending on your length of service is less or more than 5 years. For more information about your vacation pay 4% or 6% accumulated or retained. (more about vacation paid or owed)

It is a good time to plan your vacation.

Many businesses are planning for vacation for summer breaks by asking employee about their family travel plans.

For more information, see our payroll services or arrange an appointment by email ina@handsonbooks.ca phone 604 314-8395.   Today!

 

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It is summer vacation time, asking for time off?


Get the advice on your holiday pay.

Employers are required to calculate your vacation earnings on your pay cheque.

How is employee net pay calculated?

Employers arrive at net pay by deducting the following:

  • Statutory deductions: EI, CPP and taxes
  • Other deductions that are either voluntary or non-voluntary – including pension plan contributions, insurances and union dues.

These statutory deductions are reported on the Information Slip that are sent after February 28 of the following year.

This money is held in trust until the payroll liabilities are submitted to the proper government agencies or other deductions are sent to 3rd parties for health insurance, union dues, pension and vacation pay.

You will receive holiday pay for this statutory Holiday?

You will be paid for this a statutory holiday, if you worked before the holiday.

  • 30 days as a full-time employee in last month
  • 15 days as a part-time employee in last month

You pay rate will change all depending – did not work or worked on this holiday pay.

  • regular time
  • 8 to 12 hours – time and a half
  • Over 12 hours – double time

The hours on statutory holiday and your vacation time off from work.

What is your vacation pay?

Vacation pay of 4% or 6% may be added to each pay cheque or accrued and paid out when the employee takes vacation.

If you are an employee working less than five years, have worked in last 12 months, you are entitled to 2 weeks vacations are paid at 4%.  If you have worked more the five years, you are entitled to 3 weeks’ vacation leave is paid 6%.

As the employer you are required?

All employers are required by law to pay holiday pay and provide time off for employees’ base on your business operation.  This means employee can have vacation leave at a time it does impair the business profits.  Know about incentive packages, offering benefits and allowances to your employees.

We can help will the understanding of your payroll resources, calculating your pay or answer your questions about payroll.

For more information – or to get advice tax return done for you – contact Ina.

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Are you a trades person?

If you are working in the construction industry as a carpenter, electrician, plumber, mechanic or other type of trade, here’s what you need to know about eligible tax deductions, credits and grant programs.

Tax Deductions

Are you a licensed, journey or apprenticed trades person who is working as an employee or independent contractor?

You can deduct up to $500 for tools purchased for use on the job as part of your employment conditions; includes electronic equipment used for measuring, locating and calculating.

You will need to have a list of tools along with receipts.

Your employer will need to complete the Employee Expenses form.

You can also deduct all or a portion of your cell, home, auto, computer and internet.

Apprenticeship Grants & Tax Credits

Do you qualify as an apprentice in the trades?

If you are working in an apprenticeship in the trades for the first two years of continuous employment or contractor, you can qualify for federal grants and provincial government tax credit. These start at $1000 and go up from there.

The Apprenticeship Incentive Grant (AIG) is a $1000 taxable cash grant in the 1st year and up to $2000 in the 2nd year.

*To be eligible, you must be:

  • A Canada Citizen as a Permanent Resident or Protected Person
  • Not in High School
  • Registered in a provincially authorized Red Seal Trade

You will also need AIG documents and proof that you have done the Red Seal Trade program by June 20 after the working  the required # of hours.

For more information and to find out if you are eligible: AIG Grants

Are you a qualified Journeyman?

As a Journeyman you have passed the exam and proof of your certification; you can qualify for the Apprenticeship Completion Grant, and Tax Credit (ACG) is $2000 federal grant and provincial tax credit $2000 to $2500.

Depending on the trade, you can claim these grants for some trades in the 3rd and 4th years.

You will also need ACG documents and proof that you have completed the Red Seal Trade program by June 20 after the completion of your hours.

Do you employ apprentices?

The Apprenticeship Job Creation Tax Credit is for employers who are paying wages or salaries to an apprentice.

As an employer, you can qualify to claim a federal credit to up to $2000 per year for each eligible apprentice.

For further information, contact Ina for a free consultation.

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