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Small business tax rate reductions

In it’s promise to support middle class tax payers, Prime Minister Justin Trudeau, Finance Minister Bill Morneau and Small Business and Tourism Minister Bardish Chagger announced October 16, 2017 that the federal component of the corporate small business tax rate … Continue reading

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TFSA limits 2009-2017

2009 $ 5,000 2010 $ 5,000 2011 $ 5,000 2012 $ 5,000 2013 $ 5,500 2014 $ 5,500 2015 $10,000 2016 $ 5,500 2017 $ 5,500 Total $52,000

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Estate Planning – Original documents

Have a will prepared by a professional and updated as necessary. Ensure an ORIGINAL copy is available and the location is filed with the BC Wills Registry of the Vital Statistics Agency. If you want your vehicle to be left … Continue reading

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When is Probate required in BC

If the estate involves less than $25,000, probate is not typically required. Property owned jointly may pass directly to the joint owner. Some registered assets pass directly to a named beneficiary outside of the estate such as life insurance, RRSPs, … Continue reading

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What is an executor?

When the person who made a will dies, their property and possessions form their estate. The executor administers the estate by locating all of the will-maker’s property, paying any debts, the funeral costs and taxes, and then distributing the rest … Continue reading

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Executor tips 2017.09.25

As an executor of an estate you want to make sure probate happens smoothly. Start by making a list of assets, their account and registration numbers, whether they are a RRSP, TFSA, LIRA, RRIF, RESP or other named beneficiary type … Continue reading

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Bookkeeping online

If you are looking for a new bookkeeping solution try Wave Accounting online. It’s free unless you need a more robust version with payroll. https://www.waveapps.com/ Another online bookkeeping solution is Quickbooks Online https://quickbooks.intuit.ca/accounting-software/quickbooks-online-accounting/

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Executor Tips

Some interesting facts about being an executor coming up… Not a lot moves forward without original copies of the will or death certificate. Make sure you have your affairs in order ahead of time.

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Teacher Supply Tax Credit

Budget 2016 proposes to introduce a teacher and early childhood educator school supply tax credit for 2016 and subsequent taxation years. This measure will allow an employee who is an eligible educator to claim a 15% refundable tax credit based … Continue reading

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Family Tax Cut

Available to claim on your 2014 tax return, the Family Tax Cut will provide up to $2,000 in tax relief for couples with children under the age of 18. This initiative allows a higher income spouse to effectively transfer up … Continue reading

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