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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.

Ellen Rewuski


It’s Ellen Rewuskiwith heavy hearts that the partners and staff at TCG Professional Accountants LLP had to say goodbye to our friend and colleague Ellen.

Sadly after a courageous battle with cancer she passed away peacefully Sunday, May 21st.

Our thoughts and prayers are with Ellen’s two daughters and extended family during this difficult time of loss.

She will be deeply missed by everyone.


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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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.