August 2010
TSG Recent Tax Tips
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January 2010
TSG Recent Tax Tips
Matters of Interest
August 2009
The Newly Proposed Harmonized Sales Tax (HST) for BC
The BC Government plans to implement HST in July of 2010 as an effective tax solution for boosting investment and job creation in BC. Find out more about what the government has in store and what this new sales tax means for you and your business by referring to the links below:
Changes to Taxable Employee Benefits
On June 11, 2009 the Canada Revenue Agency (CRA) issued technical news discussing policy changes for taxable employment benefits. These policy changes are related to:
- Overtime meals and allowances;
- Travel allowances within a "municipality" or "metropolitan area";
- Loyalty program points collected by employees while travelling for employment;
- Motor vehicles provided by employers;
- Transit passes provided to family members of transit employees.
For complete details, please read the Income Tax Technical News No. 40
May 2009
Prescribed Interest Loans
Effective as of April 1st, 2009, Canada Revenue Agency's prescribed interest rate for family income-splitting loans was reduced to 1%. This low rate is available for arrangements that are put in place by June 30, 2009 and provides a terrific opportunity for clients to reduce their family's overall taxes by splitting income with a low income spouse and/or minors.
Home Renovation Tax Credit
To help stimulate our economy and provide incentives for reducing energy consumption, the Canadian government has introduced s a new home renovation tax credit. Please visit the websites below for details:
