Administrative Assistant Position

We are looking to add an administrative assistant to our team!

Working under the regular direction of the Lead Administrator, this role will be a member of the team that is the “face” of the firm both in person and, on the phone. A bright, pleasing, welcoming and professional presentation in all circumstances is required.

The successful candidate will follow established office procedures yet takes appropriate initiative, quickly discerning client needs and makes balanced decisions in efficiently fulfilling the need. Works flexibly and cooperatively with clients and office staff. Maintains the highest level of confidentiality in all interactions. Assists in coordinating client and office meetings as required.

This full-time (Sechelt head office) position would be well suited to a person who is long term coast oriented. Previous experience is not required but, would be an asset. Successful completion of Grade 12 is required. Must also possess the ability to be mentored to work within a fast paced, multitasking environment that values using strong communication, time management and problem-solving skills in providing confidential customer service.

TCG is both an established and growing accounting firm located on BC’s Lower Sunshine Coast Peninsula. We provide a safe, supportive and stable work environment for all staff as well as annual social activities. A competitive ‘entry level’ salary and vacation with benefit package will be provided.

Please apply by Dec. 1, 2017 with materials you deem necessary (such as letter of application, resume, references, etc.) and that highlight your level of computer and Internet literacy to:

[email protected]

TCG Chartered Professional Accountants PO Box 1610
Sechelt BC V0N 3A0

Only those chosen for an interview will be contacted and all references will be checked.

Proposed Changes to the Taxation of Private Corporations

On July 18, 2017, the federal Minister of Finance, Bill Morneau, announced extensive proposed changes to the taxation of private corporations in Canada.  These changes likely will impact you, and will likely result in you having to pay significantly more in taxes starting in 2018.  For more information, please visit the following links:

  1. www.cpacanada.ca/en/connecting-and-news/news/professional-news/2017/july/finance-canada-consultation
  2. www.taxpayer.com/commentaries/bill-morneau-s-attack-on-the-middle-class
  3.  www.fin.gc.ca/activty/consult/tppc-pfsp-eng.asp

These changes were proposed to ensure the wealthiest of Canadians pay their fair share of taxes.  Unfortunately, the proposed changes impact ALL private corporations, not just those that are owned by the wealthiest of Canadians.  In fact, the majority of private corporations in Canada are owned by “middle-class” Canadians, the very group of Canadians that the Government promised to protect. 

We do not believe that these proposals are fair, and are counter-productive to the Canadian economy as a whole for the following reasons:

  1. The proposals are based on the unsupportable argument that an employee and a private corporation owner should be taxed the same.  We believe that a private corporation owner carries significant additional risks and responsibilities that an employee does not, hence warrants the current tax regime;
  2. The proposals argue that spouses who are not directly involved in the business do not share in the risks and rewards of the corporation;
  3. The proposed changes casts a tax net at the wealthiest of Canadians that is so wide that it is going to catch hundreds of thousands of Canadians in the middle-class, resulting in the largest tax increase in decades to the middle-class;
  4. The proposed changes take away an important incentive for people to take risk and to innovate in Canada;
  5. The “trickle-down” effect on the economy will be far in excess of the tax revenues generated;
  6. A 75-day consultation window, in the middle of summer, is not properly consulting with the Canadians affected, especially given the changes proposed are changing tax law that has been in place for over 40 years;
  7. The proposed changes are overly complex, thus resulting in significant tax uncertainty for all impacted.

We think that you, as a private corporation owner, should be aware of these proposals and how they may affect your business, your family, and your future.  It is a very good time to contact your Member of Parliament (Pamela Goldsmith - Jones - [email protected] or 604.913.2660) to express your concerns before the consultation period ends on October 2, 2017.

Some of these proposals are scheduled to come into law on January 1, 2018, which will likely impact your 2017 tax planning decisions.  As there may be significant amendments to the proposed legislation (or hopefully abandoned altogether depending on the response from Canadians during the consultation period), we do not recommend any action with regard to your business structure at this time.  However, we will be in touch with you after the consultation period closes and once it becomes clear as to the extent of the final proposed changes.

Tax Free Savings Accounts (“TFSA”) – Beneficiary Designations

TFSA’s have now been around since 2009.  If you have not made any contributions before, as of 2016 you can contribute a maximum of $46,500, and each year after 2016 you will be able to contribute an additional $5,500 (the annual contribution amount being subject to indexation).

Any income and capital gains in your TFSA are tax-free to you, so a TFSA should certainly be part of your overall savings portfolio.

Like registered retirement savings plans (“RRSP”), you have the ability to designate a beneficiary on your TFSA.  Unlike RRSP’s, a TFSA has a third possible designation, the “successor holder”, which is still not well understood by many, and the differences in the designations can have a significant impact to your Estate.  The only person that can be a “successor holder” is one’s spouse.

It should be mentioned that you may not have ANY TFSA beneficiary designation.  In the case of a self-administered TFSA account (i.e. one you opened through an online brokerage), the default may be no designation until you to file a “beneficiary designation form” to have one added to the account.  Your beneficiary designation is typically shown on your investment statements, if not contact your financial institution to confirm your designation.  In the case of no designation made, the default on your death is your TFSA gets paid to your Estate.

Here are the income tax and probate fee differences between the designations:

  1. No designation (default Estate) / Estate designated as beneficiary:
  • Tax on any increase in value up to date of death - none
  • Tax on any increase in value after date of death – fully taxable to Estate as income
  • Subject to BC probate fees – yes

 

  1. Specific individual and/or spouse designated as beneficiary:
  • Tax on any increase in value up to date of death - none
  • Tax on any increase in value after date of death – fully taxable to individuals and/or spouse as income
  • Subject to BC probate fees – no

 

  1. Spouse designated as Successor Holder:
  • Tax on any increase in value up to date of death - none
  • Tax on any increase in value after date of death – none
  • Subject to BC probate fees – no

So if you have a spouse, you should ensure that they are designated as the successor holder of your TFSA.  This ensures, on your death, they step into your shoes as owner of your TFSA, effectively doubling the amount of TFSA that continues to grow tax-free.  If you only designate your spouse as beneficiary, this is not the same as designating them as successor holder, because your TFSA will not continue to grow tax-free in their hands upon your death.

For more information, contact your Chartered Professional Accountant or financial institution. You can get more information at: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/dth/menu-eng.html

Eligible Educator School Supply Tax Credit

school-supplies

New for 2016 – teachers and early childhood educators may be eligible for the Eligible Educator School Supply Tax Credit which will allow you to claim a refundable tax credit of 15% on up to $1,000 of school supplies purchased.  Click the following link for more information including which educators are eligible to claim the tax credit.

http://www.cra-arc.gc.ca/nwsrm/txtps/2016/tt160906-eng.html

Did you know you can now get a proof of income statement online?

cra-online-services-imageDid you know you can now get a proof of income statement online?

Financial institutions or government departments may ask to provide a proof of income statement when applying for student loans, grants, subsidies or mortgages. Having online access to your CRA account will speed up this process as you would be able to login and print your proof of income statements instead of calling and waiting for one in the mail.

Online access also allows you the option to check on your income tax return, view personalized benefit and credit information and check RRSP & TFSA contributions limits.

See the link below for steps to registering for your CRA account online.

 http://www.cra-arc.gc.ca/nwsrm/txtps/2016/tt160823-eng.html

Disposing of or acquiring Canadian property

Ready-to-buy-a-homeAre you a non-resident home owner?  Purchasing a home from a non-resident?

We are all well aware of how hot the real estate market is on the Sunshine Coast and Vancouver at the moment.  There are many people taking advantage of this fact and selling their homes.  However, if you are a non-resident who owns a home in Canada, or you are purchasing a home from a non-resident, there are important things you need to know! See the link below for more information:
Disposing of or acquiring certain Canadian property

If either of these scenarios apply to you, it is always best to contact a tax advisor to aid you in your transaction to ensure the necessary steps are taken to avoid any unpleasant surprises in the future.

Thinking about incorporation?

seedsIf you own a small business, or if you are self-employed, it is likely that the topic of whether or not to incorporate has come to your attention.

Incorporation can be completed at either the provincial level or at the federal level. By deciding to incorporate, your business will become a separate legal entity and the liabilities of the company will become limited. Seeking legal advice before deciding to incorporate is also advisable, as each individual’s situation is unique. There are both advantages and disadvantages that should be considered in the decision of whether or not to incorporate.

Want to keep reading? Click the link below for more information on whether the decision to incorporate is right for you!

http://www.theglobeandmail.com/report-on-business/small-business/sb-money/when-its-time-to-incorporate-your-business/article4242051/