The B.C. Provincial Government has amended the Business Corporations Act in an effort to end hidden ownership of companies and to help crack down on illegal activities. The intention of the new amendment is to identify the actual individuals who own and control B.C. private companies.
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Accounting News
Revenue Recognition
When accounting for revenue, there are few areas of the CPA Canada Handbook one might need to look at depending on which accounting framework is used and the type of revenue generated. The major sections for establishing standards for the timing of recognizing revenue are:
CPA, CGA, CMA, CA…what does it all mean?
Canada’s accounting profession is now represented by a single national body – Chartered Professional Accountants of Canada (CPA Canada).
The Chartered Professional Accountant (CPA) designation came from the belief that Canada needed a single, unified accounting profession. Built on the strengths of the three legacy designations (Chartered Accountant (CA), Certified Management Accountant (CMA) and Certified General Accountant (CGA)), public interest will be served by common codes of conduct, disciplinary systems and licensing regimes.
Common Accounting Letters You May Have To Sign
Have you ever been to your accountant, lawyer or financial advisor’s office and before leaving you’ve signed a dozen letters and documents! Have you ever wondered why there are so many letters and signatures required and what they all mean? For professional accountants, some letters are required by our standards and some are used to ensure all parties are under the same understanding for the work being performed. The following will discuss some common letters and their purpose.
The Benefits of using CRA Online Services for Individuals and Businesses
Your accountant may be recommending that you sign up for online services available through the Canada Revenue Agency (CRA). Like online banking, CRA’s online services provide a secure portal that gives you access to the following information:
- My Account – for individuals – information about your personal income tax and benefit information
- My Business Account – for business owners – provides an opportunity to interact electronically with CRA on various business accounts, such as GST/HST, payroll and corporate income taxes.
RRSP Contribution Explained
An RRSP contribution can generate a tax refund of 43 percent for high-income earners; it is viewed as a good tax strategy.
But what happens when an individual has already retired and wants to reap the benefit of the hard-saved RRSP dollars contributed over the years?
T1135 – Foreign Income Verification Statement
On June 25, 2013, Canada Revenue Agency (CRA) has introduced a revised Foreign Income Verification Statement (T1135) to crack down on international tax evasion and aggressive tax avoidance. All Canadian resident taxpayers are required to file the T1135 if at any time in the year the total cost amount of all Specified Foreign Property to the taxpayer was more than C$100,000. This includes:
Post-secondary students and tuition deduction
Post-secondary students are always looking for tax breaks to help with their tax burden. One major tax deduction is your tuition and education amount each year. If your tuition fees are more than $100 in a calendar year to any one institution for courses taken at the post-secondary level, be sure that you get your T2202A form (Education and Textbook Amounts Certificate) from your educational institution each year. These days, the form is normally available online through your school, sometime in February.
Changes to Canada Pension
Are you aware of the changes to the Canada Pension Plan (CPP) rules that started at the beginning of 2012? If you are working, and are between the ages of 60 and 70, they affect you.
Important Information For The Return of PST
On April 1, 2013, BC will return to a provincial sales tax (PST) system, under the new Provincial Sales Tax Act. Although the new legislation and regulations will look quite different than the old legislation and regulations, the new PST will apply in substantially the same way that the old PST applied, with all of the same permanent exemptions.
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