NALH Bookkeeping and Accounting Services - Newsletter: Archived Issues - Vancouver / Burnaby, BC - Personal and Corporate Tax Returns, Quickbooks Setup

HOME RENOVATION TAX CREDIT

The deadline is fast approaching to qualify for the home renovation tax credit (HRTC). The HRTC is a 15% tax credit for eligible renovation expenditures made to your home or vacation property. The credit applies to any amounts spent over $1,000, up to a maximum of $10,000, producing a maximum credit of $1,350.

Although the deadline for the credit was Jan. 31, 2010, the Canada Revenue Agency (CRA) has stated that as long as any materials you purchase to be used in a renovation are acquired by this deadline, they will qualify for the credit, even if they are installed after January 2010. The same, however, does not hold true for labour expenses, as only work completed before February 2010 will qualify for the credit, even if the amount is prepaid.

CLICK HERE FOR MORE INFORMATION ON THE CRA WEB SITE >>

100% DEPRECIATION ON COMPUTER EQUIPMENT & SOFTWARE FOR 2009/2010

To encourage investment by businesses in computer systems and related peripherals, the Income Tax Regulations were amended on May 13, 2009 to add new Class 52 to Schedule II with a 100-per-cent tax depreciation rate for eligible computers and software acquired after January 27, 2009 and before February 2011.

CLICK HERE FOR MORE INFORMATION ON THE CRA WEB SITE >>

CRA RELEASES NEW RATES FOR SIMPLIFIED MEAL & VEHICLE EXPENSES

For meal expenses, the simplified rate is unchanged from 2008, a flat rate of $17 a meal or $51 per day, per person is allowed without receipts. If you choose the detailed method, you must keep your receipts.

For the simplified method of claiming vehicle expenses for trips relating to the northern residents deduction, moving expenses or medical expenses, the number of kilometres driven during the year may be multiplied by the appropriate cents/km rate below for the province in which travel begins.

CLICK HERE TO READ THE FULL ARTICLE ON THE KNOWLEDGE BUREAU WEB SITE >>

THE POWER OF "ONE" IN TRANSFORMING YOUR BUSINESS

Contrary to what a lot of us may believe, change is a process that takes time, not an event that instantly changes everything. Nina Kaufman’s article on the power of “one” discusses how all you need to get to someplace better is one shift, one new action.

There are many transforming actions you can take, many of which involve doing just one thing. Just one. One step at a time!

CLICK HERE TO READ THE FULL ARTICLE ON THE MAKING IT LEGAL WEB SITE >>

BECAUSE YOUR ATTITUDE AFFECTS YOUR CUSTOMERS

We read an interesting article by InfusionSoft recently that talks about how entrepreneurs can lose their passion for their business along the way.

Check out these tips for regaining the passion for your company that got you started in the first place!

CLICK HERE TO READ THE FULL ARTICLE ON THE INFUSIONSOFT WEB SITE >>

ARE YOU REQUIRED TO REGISTER YOUR BUSINESS WITH WCB?

Most businesses in BC fall into the category of companies which are required to register with WorkSafeBC and pay premiums for the workers they employ. Is your business required to register or are you exempt?

Visit the WorkSafeBC web site and find out what you need to know to meet your business' legal registration and coverage requirements.

CLICK HERE FOR MORE INFORMATION ON THE WORKSAFEBC WEB SITE >>

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