Matters of Interest

January 2010

noreply@blogger.com (Niki Kux-Kardos) — Mon, 26 Oct 2009 18:30:00 +0000

TSG Recent Tax Tips

August 2009

noreply@blogger.com (Niki Kux-Kardos) — Fri, 16 Oct 2009 02:12:00 +0000

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

noreply@blogger.com (Niki Kux-Kardos) — Fri, 16 Oct 2009 02:09:00 +0000

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:

2009 Canadian Federal Budget Release (February 2009)