Tax Alerts

What’s new for this tax-filing season? 2014 Edition

Below are a list of the major income tax changes that are effective for the 2014 taxation year.

No more safety deposit box – The deduction for amounts paid for the use of a safety deposit box of a financial institution will no longer be allowed.

Family Tax Cut – For eligible couples with minor children, a $2,000 non-refundable tax cut will be available.  The Family Tax Cut is calculated based on the reduction to you and your spouse’s combined federal taxes if up to $50,000 of taxable income was transferred from the high income spouse to the lower income spouse.

A New World for Alberta… the very slow move away from Oil.

Here in BC we have looked towards Alberta as a low cost tax competitor for years. In BC we were happy to advertise that we have the lowest personal tax rates but we know that we cannot compete with Alberta whose tax system is subsidized by Oil and uses flat tax rates and the lack of sales tax to attract those seeking the benefits.

However using Oil to subsidize Alberta’s tax system has been attacked often by those comparing their Heritage Fund which started later than Alberta’s but is now approaching 1-Trillion Dollars (compared to Alberta’s 17-Billion).

Hiring a Nanny? … Welcome to being an Employer.

We hear from our clients quite regularly that they are employing a nanny, we then have the unfortunate task of welcoming them to the world of payroll withholdings, WCB and T4 slips. Here are some of the steps one has to be aware of when they embark on being an ‘Employer’. Don’t worry we can work with you and provide payroll support for your new job.

Step 1: Register with the Canada Revenue Agency (CRA) for a business number.

2015 ASPE Accounting Standards Changes

The Accounting Standards Board (AcSB) made changes for Part II of the CPA Handbook – Accounting Standards for Private Enterprises (ASPE) as a result of the 2014 ASPE Annual Improvements Process.

Amendments were made to ASPE and the amendments to the standards will be effective for years beginning on or after January 1, 2015 for the following:

Section 3856, Financial Instruments

Phone: 604-688-7800 / 587.401.4900