Category Archives: Press Release

2015 Federal Budget

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The 2015 Canadian Federal Budget has been released.

For complete details please see: http://www.budget.gc.ca/

For a review of the budget, please see: http://www.bcbusiness.ca/finance/2015-federal-budget-gets-an-a-from-cfib

The Canadian Federation of Independent Business (CFIB) liked Tuesday's budget, which will reduce the tax burden on small businesses. The small business corporate tax will fall from 11 to 9 per cent over the next four years, and the lifetime capital gains exemption for farmers and fishers will immediately increase to $1 million, both of which were on the CFIB’s wish list.

2015 BC Budget

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British Columbia Budget 2015 Below is a summary of some select tax changes proposed in Budget 2015:
  • BC Tax Reduction Credit – Effective 2015 increased to $432, as well as the phase out rate was increased to 3.5% of net income, and the credit phase-out threshold was increased to $19,000.
  • Children’s Fitness Equipment Credit Introduced – Effective for 2015, a parent can claim a tax credit in respect of fitness equipment purchased for their children. The credit is calculated as 50% of the existing BC children’s fitness credit amount claimed. Receipts are not required to be maintained. This credit provides a maximum benefit of $12.65 per child.
  • BC Education Coaching Tax Credit Introduced – Effective for 2015-2017, the credit is available to teachers and teaching assistants who carry out at least 10 hours of extracurricular coaching in the year. The maximum credit is $500, providing a benefit of up to $25.30 per taxpayer.
  • BC Early Childhood Tax Benefit - Will be effective April 1, 2015 and provide up to $660 a year for children in BC under the age of six to assist with the cost of child care. The tax credit will be phased out for families with income over $100,000.
  • BC Training and Education Savings Grant – As previously announced, the minister confirmed that starting in August 2015, parents can apply at participating financial institutions for the grant which is a one-time payment of $1,200 for every eligible BC resident child born since 1 January 2007. Once the child turns six and enters elementary school, the funds will be transferred to the child’s registered education savings plan.
  • BC Training Tax Credits – Extended for an additional three years to 2017
  • BC Mining Flow-Through Share Tax Credit – Extended to end of 2015
  • Medical Services Plan Premiums Increased – Premiums are increased about 4%
For complete details, please see: http://bcbudget.gov.bc.ca/2015/default.htm

2014 Year-End Tax Tips

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Here are some great Year-End Tax Tips from your accountants at The Coast Group.

  • Develop a TRUSTED relationship with an accountant, investment advisor, banker, and lawyer.
  • The only way to build trust is over time. Having a trusted team of advisors can help you save thousands of dollars over your lifetime. From a tax perspective, yes some tax returns are very easy, but we frequently pick up new clients that have managed to miss opportunities in the thousands of dollars. Tax laws are constantly changing and opportunities come and go every year.
  • FILE a return – if your income is under your personal credits technically you don’t have to file, but consider filing to get RRSP contribution room, qualify for GST credit, carry forward tuition tax credits, qualify for child tax benefits, etc.

For more great tips, download our easy-to-print 2014 Year End Tax Tips.

The Coast Group Expands: Merges with Chris Reid Accounting

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TCG Logo

RICHARD, ROB AND LISA ARE PLEASED
TO ANNOUNCE THE INCLUSION OF
CHRIS REID, CA, CFP, TEP
AS A PARTNER
OF OUR FIRM EFFECTIVE OCTOBER 1ST, 2014

Chris, and his team from
CHRIS REID ACCOUNTING
will be merging with the existing team at
The Coast Group in serving all of our clients
on the Sunshine Coast and beyond from our
existing Sechelt location and now from our Gibsons location as well.

Maps and Contact Information

200 - 5710 Teredo St., Sechelt
Phone: 604-885-2254
Fax: 604-885-3779

818 Kiwanis Way, Gibsons
Phone: 604-886-4555
Fax: 604-886-4566

The Coast Group: Bourne Again Shell (BASH) Vulnerability

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As you may be aware, a major vulnerability has recently been dApple Icon (BASH)iscovered for Bourne Again Shell (BASH), the command‐line shell used in many Linux and Unix operating systems.

We take the security of our customer data very seriously and can assure you that The Coast Group Chartered Accountants does not employ Unix or Linux‐based Operating Systems.

Our IT infrastructure is fully insulated from this latest digital threat (Shellshock) and your data is stored securely and is not at risk.

We will continue to monitor the development of this latest security risk and will take corrective measures as needed.

Thank you for choosing The Coast Group for all your financial needs and know that you can continue to use our services with confidence. Sincerely,

The Partners and Staff
The Coast Group Chartered Accountants