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ARCHIVED ISSUES - MARCH 2012


 

FEATURED CLIENT: NURSE NEXT DOOR

By choosing Nurse Next Door, you or your loved ones can now have professional elderly care and support in the comfort of your own home. Our personalized home health care programs allow you to receive as much or as little elderly home health care as you want, giving you the attention and assistance you need while leaving you with the independence and dignity you deserve.

Our caregivers provide care around your needs, your budget and your time. We provide the busy family with an affordable and caring solution that keeps your loved one at home and allows you to continue with your other responsibilities.

In December 2011, Nurse Next Door was ranked Ranked the #3 Place to work in BC by BCBusiness Magazine and, in November 2011, was named Canada’s most admired emerging corporate culture by Waterstone Human Capital.

CLICK HERE FOR MORE INFORMATION ABOUT NURSE NEXT DOOR >>

 


BC BUDGET 2012 HIGHLIGHTS

The 2012 budget released by the BC Ministry of Finance contains measures of interest to both individuals and corporations. Please find a list of some of the highlighted items below. Full text of the budget can be viewed at the BC Ministry of Finance web site.

Corporate Tax Measures
  • BC Training Credits
    Existing Training Credits are extended until the end of 2014. New credits are also introduced for the shipbuilding and repair industries.

  • Small Business Ventures Capital
    Effective for the 2012 program year, an additional $3 million is allowed as a tax credit for direct investments in eligible new corporations. This brings the total up to $10 million in additional equity financing for qualifying new businesses.

Personal Tax Measures

  • BC Seniors’ Home Renovation Tax Credit
  • Children’s Fitness Credit and Children’s Arts Credit
  • Medical Expense Credit
  • Eligible Dividend Tax Credit
  • Medical Services Plan
  • New Home Buyers’ Bonus
  • Home Owner Grant

Indirect Tax Measures

  • The budget confirmed the government’s intention to transition back to the PST effective April 1, 2013.  Transitional measures were released on February 17, 2012.

CLICK HERE FOR MORE INFORMATION FROM THE BC MINISTRY OF FINANCE >>


NEW CORPORATE AND PERSONAL TAX RATES

The BC small business corporate income tax rate will be maintained at 2.5% as opposed to being reduced to 0%. This rate applies to the first $500,000 of active business income earned by a corporation. In addition, the general corporate income tax rate will, on a temporary basis, increase 1% to 11% effective April 1, 2014.

CORPORATE TAX RATES FOR 2012-2014
 
Active income under $500,000
Active income
over $500,000
Investment
income
2012 - 2013
13.5%
25%
44.7%
2014
13.5%
26%
44.7%
COMPARISON OF 2011 & 2012 FEDERAL PERSONAL TAX RATES
 
15%
22%
26%
29%
2011
Up
to
$41,544
$41,544
to
$83,088
$83,088
to
$128,800
$128,800
or
higher
2012
Up
to
$42,707
$42,707
to
$85,414
$85,414
to
$132,406
$132,406
or
higher
COMPARISON OF 2011 & 2012 PERSONAL BC PROVINCIAL TAX RATES
 
5.06%
7.70%
10.50%
12.29%
14.70%
2011
Up
to
$36,146
$36,146
to
$72,293
$72,293
to
$83,001
$83,001
to
$100,787
$100,787
or
higher
2012
Up
to
$37,013
$37,013
to
$74,028
$74,028
to
$84,993
$84,993
to
$103,205
$103,205
or
higher

TAKE ADVANTAGE OF PERSONAL INCOME TAX CREDITS FOR CHILDREN'S ART PROGRAMS

Beginning with the 2011 tax year, parents can claim a tax credit on their income tax returns (line 130) for up to $500 when children under the age of 16 are enrolled in a qualifying artistic, cultural, recreational or developmental program, including tutoring for academic subjects. This credit may be shared between eligible individuals. An additional $500 is allowed for disabled children if more than $100 is paid for eligible expenses.

CLICK HERE TO READ MORE ON THE CANADA REVENUE AGENCY WEB SITE >>

 


THE BENEFITS OF FILING TAX RETURNS FOR MINORS

One important rule you and your tax preparer will want to follow is completing all family tax returns together, starting with the lowest-earning family member and progressing to the highest. This will allow you to take advantage of provisions for transferring income to children and provide savings opportunities for the young.

There are many reasons to file a tax return for minors. First of all, your minor child is taxable and required to file a return if he or she earned $10,822 or more in 2011.Additionally, each year, 18% of his or her earned income will go toward creating RRSP contribution room; in time, when the child does become taxable, he or she will be able to contribute to an RRSP creating a RRSP deduction that will reduce income and taxes.

CLICK HERE TO READ THE FULL ARTICLE FROM THE KNOWLEDGE BUREAU >>


T1 DEADLINE DATES AND FAILURE TO FILE PENALTIES FROM CANADA REVENUE AGENCY

Late filing of your personal income tax return can result in significant penalties that add up quickly. Keep the following dates in mind to steer clear of penalties and interest due to late filing:

  • Individuals
    On or before April 30, 2012

  • Self-Employed Persons
    On or before June 15, 2012

If you have a balance owing for 2011, CRA charges interest compounded daily starting May 1, 2012, on any unpaid amounts owing for 2011. This includes any balance owing if your return is reassessed by CRA. In addition, you will be charged interest on the penalties starting the day after your return is due.

If you owe tax for 2011 and do not file your return for 2011 on time, CRA will charge you a late-filing penalty. The penalty is 5% of your 2011 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.

CLICK HERE FOR MORE INFORMATION FROM CANADA REVENUE AGENCY >>


T1 PREPARATION CHECKLIST / LETTER OF ENGAGEMENT

We have prepared a checklist to assist you in gathering the required documents for your 2011 personal income tax return.

2011 T1 Checklist

Also, we require that you sign and return to us our letter of engagement with your checklist.

Letter of Engagement

NOTE: All tax returns must be paid by Visa upon signing.


THE CONNECTED WOMAN: EXECUTIVE SUITE PEER ADVISORY COUNCIL

Application Deadline
March 31, 2012


This accelerated six session program is designed for women entrepreneurs who are in small and early stage businesses and ready to step up to the business they envision.

What is a Peer Advisory Council?
A group mentorship program led by a facilitator which leverages the energy, experience, and collective wisdom of all the group members to achieve their goals.

CLICK HERE FOR MORE INFORMATION >>


MASTER YOUR TAXES: 2012 EDITION

Sure, it's difficult to be an expert at filing your income tax return – something you do only once a year – but once again Canada's most trusted tax author, Evelyn Jacks has come to the rescue with over 200 quick and easy Essential Tax Facts you need to know to get the job done and to your best advantage in 2011 and beyond.

CLICK HERE FOR MORE INFORMATION >>


NALH SEEKS CLOUD ACCOUNTING BETA TESTERS

As you may have read in a previous issue of our newsletter, our office is transitioning to cloud-based delivery of our accounting and bookkeeping services.

Part of our transition is ensuring that this new system works well for our clients. If you are interested in being a beta tester for our cloud accounting solution, contact us for more information.

CLICK HERE FOR MORE INFORMATION >>


 
 
 
       
NALH Business Solutions Ltd.
#112 - 8988 Fraserton Court
Burnaby, BC V5J 5H8
(604) 412-3885

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