We’re Hiring!

TCG Chartered Professional Accountants LLP

Administrative Assistant

TCG is looking for an Administrative Assistant who will be responsible to be the “face” of the firm.

The successful candidate will exemplify the firm’s values of exceptional customer service, integrity, excellence, confidentiality and community. This full-time (Sechelt head office) position requires 2 years of previous related experience. Successful completion of some post-secondary education would be an asset.

A full position description may be obtained by contacting the Office Manager (info@thecoastgroup.ca).

TCG provides a safe, supportive and stable work environment as well as annual social activities and support for staff who wish to be involved in socially responsible activities outside of the firm at appropriate times in the year. A competitive salary and benefit package will be provided commensurate with level of experience.

Please apply by July 10, 2017 with materials you deem necessary (such as letter of application, resume, references, etc.) and that demonstrate your level of computer and Internet literacy and English competency to:

Office Manager (info@thecoastgroup.ca)

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

CRA Scam Alert – 2017


It has come to our attention that a CRA scam purporting to be endorsed by TCG Chartered Professional Accountants LLP has been distributed via email.CRA Scam 2017

Be advised that neither TCG nor CRA is involved in any way with this illicit activity.

Please visit the following CRA resource to learn how to best protect yourself online and how to identify fraudulent activity:

http://www.cra-arc.gc.ca/scrty/frdprvntn/menu-eng.html

Have you been a victim?


You should report deceptive telemarketing to the Canadian Anti-Fraud Centre online or by calling 1-888-495-8501.

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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/

Disability Tax Credit

dtcDo you or a family member have a disability?  Are you markedly restricted in performing day to day activities?

If you answered yes to these questions, you may be entitled to receive a tax credit.  The following guide has a wealth of information to help you determine whether or not you or a family member would qualify to claim the Disability Tax Credit.

http://www.cra-arc.gc.ca/E/pub/tg/rc4064/rc4064-15e.pdf

Have you been approached by a company that says they can get you thousands of dollars in tax refunds and grants if you qualify for the Disability Tax Credit?

There are a number of these companies popping up nationwide that offer to help you fill out the appropriate forms to apply for the Disability Tax Credit, setup a Registered Disability Savings Plan (RDSP) and help you apply for the Canada Disability Savings Grant for a fee of about 20 – 30% of the proceeds that you are entitled to receive.

For example, if you qualify for the tax credit for a 10 year period you could receive up to $1,800 per year for a total of $18,000.  Based on the 20 - 30% fee schedule you would lose between $3,600 to $5,400 of your tax credit.  The Federal government has taken steps to help disabled taxpayers apply for the DTC without paying huge fees. Form T2201 has been revised and asks you if you want the CRA to automatically adjust all years, whereas in the past your accountant had to file T1 adjustment requests.  So the process of applying for the DTC is now greatly simplified and you shouldn’t need to incur significant accounting fees to apply and claim the DTC.

To apply for the Disability Tax Credit and save thousands of dollars in fees just follow these simple steps:

  1. If you feel that either you or your family member should qualify for the Disability Tax Credit, take the first step and download the attached T2201 form.http://www.cra-arc.gc.ca/E/pbg/tf/t2201/t2201-15e.pdf
  2. Complete the sections of Part A that apply to you.
  3. Make sure you check the box in Section 3 – “Yes, I want the CRA to adjust my returns if possible.”
  4. Sign Section 4
  5. Make an appointment to see your doctor.  This should be a medical professional who has detailed knowledge of your medical history.  Be sure to bring the T2201 form with you to your doctor’s appointment but BEFORE you give it to your doctor or mention that you have the form, ask for your doctor’s verbal opinion about whether he feels you would qualify for the Disability Tax Credit. If the doctor believes you should qualify for the tax credit then ask your doctor to fill out the T2201 form. No sense in paying to have the form completed if you aren’t going to qualify. The doctors charge a nominal fee of $50 - $150 to fill out the form. 
  6. Before you leave the doctor’s office double check the section that the doctor has completed to see that he has indicated that you are markedly restricted in any of the areas and has indicated the year that you became disabled. To qualify for the DTC this information must be provided by the doctor and sometimes the information regarding the year of the onset of the disability is overlooked.
  7. When the completed the form is ready to be sent to CRA for processing, take a photocopy of the form for your file and mail the original to CRA at one of the addresses on page 6 of the form. 

Please note that to receive the DTC you or a supporting family member must have paid income tax during the period of disability.  For example if you are collecting Social Assistance, WCB, or have had annual income less than $10,000 chances are you would not have paid any tax and would not receive a refund.  However, if you have a supporting person, ie spouse, parent, or a child (in the case of an elderly parent) and that person has paid tax during your period of disability then your DTC can transfer to that person.

If you paid minimal or no tax during the period of disability Section 2 of the T2201 can be filled out by your supporting person to enable your DTC to transfer to him/her.  By checking the box in Section 3 CRA can adjust all of the applicable years for your supporting person.

When you receive your refund cheque you may want to consider investing into a Registered Disability Savings Plan.  Details regarding this plan are available at

http://www.cra-arc.gc.ca/rdsp/

 If you have questions or encounter issues with your DTC application you can ask your accountant to assist you.  If you have followed all of the steps listed above and gotten to the point of mailing in your application, you have already saved on your accounting fees.