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LATEST NEWS
YOUR PERSONAL INCOME TAX CHECKLIST
We've developed a Tax Checklist for you to review or print and complete so that we may process your personal tax return.
Personal Tax Checklist - click here
GETTING ORGANIZED FOR YOUR PERSONAL TAXES
AND CORPORATE YEAR-ENDS
Here are some helpful guidelines and tax tips for organizing your information for your Accountant (and Canada Revenue):
Getting Organized - The Basics
Getting Organized - Computer Generated Information
BUDGET 2011
Federal Budget 2011
Below is a summary of some select tax changes proposed in 2011:
Increasing
Support for Low Income Seniors - It is proposed to
increase benefits for seniors receiving Old Age Security (OAS) and
qualifying for the Guaranteed Income Supplement (GIS) by up to $600 for a
single senior and $840 for couples starting July 1, 2011.
Proposed
Personal Tax Credits Include:
- Children's
Arts Tax Credit- effective 2011, similar
to the Children's Fitness Tax Credit, this is a non-refundable tax
credit of up to $500 for the enrolment of children 16 and under in
eligible activities including: arts & crafts, drama, languages,
music, photography, pottery, guiding/scouting.
- Volunteer
Firefighter Tax Credit- effective 2011,
available to firefighters who perform at least 200 hours of
volunteer firefighting service in a taxation year. The credit is
non-refundable and based on$3,000.
- Family
Caregiver Tax Credit- effective 2012, this is
a credit based on $2,000 and available to caregivers of the
physically or mentally infirmed.
- Medical
Expense Tax Credit for other dependants-
at current, up to $10,000 can be claimed for medical expenses for a
dependant relative. It's proposed to remove this $10,000 threshold
effective 2011
- Child
Tax Credit- effective 2011 this
credit is no longer limited to one parent per household
- Tuition
Tax Credit- effective 2011 will be
expanded to include examination fees
- Education
/ Tuition Tax Credits for studying abroad-
effective 2011 will amend the minimum course duration requirement to
ensure more programs abroad will qualify for credits
RESP -
Effective 2011 proposes to allow transfers between individual RESPs for
siblings, without tax penalties and without triggering the repayment of
grants
RDSP
- Effective after budget receives royal assent, proposes that RDSP
beneficiaries who have shortened life expectancies can to withdraw more
of their RDSP savings by permitting annual withdrawals without triggering
the 10-year repayment rule, subject to specified limits and certain
conditions
RRSP
- Proposes to enhance the existing RRSP anti-avoidance rules by
introducing rules similar to the anti-avoidance rules that currently
apply to Tax-Free Savings Accounts (TFSAs)
IPP
- Proposes that annual minimum amounts will be required to be withdrawn
from IPPs, similar to current minimum withdrawal requirements from
Registered Retirement Income Funds (RRIFs), once a plan member attains
the age of 72
"Kiddie-Tax"
- Effective March 22, 2011, proposes to extend the tax on split income to
capital gains realized by, or included in the income of, a minor from a
disposition of shares of a corporation to a person who does not deal at
arm's length with the minor, if taxable dividends on the shares would
have been subject to the tax on split income
METC
- Budget 2011 proposes to extend eligibility for the mineral exploration
tax credit for one year, to flow-through share agreements entered into on
or before March 31, 2012
Donation of
flow-through shares - Budget 2011 proposes to limit the
exemption from capital gains tax on donations of flow-through shares
acquired after March 22, 2011
Partnership tax
deferral - Budget 2011 proposes to limit the deferral of
tax by a corporation that has a significant interest in a partnership
having a fiscal period different from the corporation's taxation year
B.C. Budget 2011 http://www.bcbudget.gov.bc.ca/2011/
MEDIA
Richard Wilson
mentioned in the Vancouver Sun
The Coast Group Chartered Accountants' Richard Wilson gets an endorsment
from Play Management talent agency in this July /07 Vancouver Sun
article... [view article]
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The Coast Group
Chartered Accountants
200 - 5710 Teredo St.
Sechelt, BC V0N 3A0
Tel: 604.885.2254
Fax: 604.885.3779
Call us Toll Free:
1-855-885-2254
STAFF UPDATES
Doug Cameron, CGA has announced that he will be retiring in May of 2012. Lisa Kennedy, CGA and our team will provide continued professional services for Doug's clients.
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