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ARCHIVED ISSUES - MARCH 2013


 

FEATURED CLIENT: NURSE NEXT DOOR

By choosing Nurse Next Door, you or your loved ones can have professional elderly care and support in the comfort of your own home. Nurse Next Door's personalized home health care programs allow you to receive as much or as little care as you require, 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 >>


MOST PST REGISTRANTS REQUIRED TO FILE MONTHLY RETURNS

The following chart shows the reporting frequency options for registrants who are required to collect and remit PST:

Tax Collected Per Year Required Filing Frequency
More than $12,000 Monthly only
$6,000 up to $12,000 Monthly or Quarterly
$3,000 up to $6,000 Quarterly or Semi-Annually
$3,000 or less Quarterly, Semi-Annual or Annually

PLANNING FOR THE TRANSITION BACK TO GST/PST

Planning for the Transition Back to GST/PSTWith the upcoming transition back to the GST/PST system, there are some areas to consider to help your business get the most benefits before and after the transition.

Timing of Sales
It is important to ensure a proper cut-off of your sales before and on/after the April 1, 2013 transition date. If a transaction straddles the transition date, it is a good idea to prepare separate invoices to the customer for sales up to that date (taxed with HST) and for sales after that date (taxed with GST/PST). It is also important to consider the effect that invoicing will have on your customers' ability to claim back either the HST or the GST.

Timing of Purchases
If you are registered to collect HST, the 12% HST paid purchases made before April 1, 2013 is recoverable. However, on purchases made on/after April 1, 2013 only the 5% GST will be recoverable while the 7% PST charged will not be.

If you are planning on purchasing any tangible goods where your business would be charged PST, you may wish to purchase these goods before April 1, 2013 so that you may claim back the entire 12% HST. If you are required to pay the PST, you will need to seriously consider the impact of the unrecoverable PST on your pricing strategy.

Forms and Sales Contracts
Forms will need to be updated to reflect your GST and PST numbers. You may also need to determine a reasonable method of keeping track the PST numbers of those customers that are PST exempt. Most importantly, you will need to consider the impact of providing sales quotes.  If you have quoted based on HST and completion of the sale occurs on/after April 1, 2013, you may need to analyze the impact the tax may have on your profitability and ability to charge the proper tax despite the wording of your quote.

Computer Software
If you are using old accounting software, you may need to upgrade your software to accommodate the new tax. 

Intercompany Transactions
Beware the HST vs GST/PST on intercompany sale of tangible goods, leasing of tangible property, premises rental, and services. For example, if one company is leasing equipment to another company, unrecoverable PST will need to be charged on the lease payments.  You will need to carefully consider the ramifications of all intercompany charges.

LEARN MORE FROM THE GOVERNMENT OF BRITISH COLUMBIA WEB SITE >>


EVEN NON-REGISTRANTS REQUIRED TO SELF-ASSESS FOR PST

Business IntelligenceIf should be noted that, even for companies which are not PST registrants, there are times when a business is required to self-assess for PST.

One example of a qualifying situation is when a business purchases an item that will be used in their course of business (not resold) and the item was purchased without paying PST. For example, when buying from a province such as Alberta or from another country where PST is not applicable, an amount equivalent to the PST normally levied by BC on the purchase must be calculated and remitted to the PST department.

This is known as self-assessing and the remittance would be made as a casual remitter. Such payments would be due the last day of the month immediately following the purchase.

CONTACT US WITH QUESTIONS ABOUT PST SELF-ASSESSMENT >>


CONSTRUCTION AND TRADE BUSINESSES REQUIRED TO REMIT PST oN INVENTORY HELD AS OF MARCH 31

Construction or trade-related companies that are in the business of improving real property such as plumbers, roofers, electricians and HVAC specialists, will be required to self-assess for PST on materials they have on-hand as of March 31, 2013.

Self-assessment is required because the construction industry will be required to pay PST on materials purchased effective April 1, 2013.  In turn, they will not be charging PST to their customers unless a contractor's agreement is in place.

In the case of a roofing company with roofing supplies on hand prior to April 1, 2013, HST would have been paid on these supplies at the time of purchase. The HST on the purchase would then have been taken as an ITC on the company’s HST return. As a result, PST would now need to be self-assessed on those materials.

It is allowable to self-assess at a time in the future when the materials are used, and the project is invoiced, until the entire pre-transition inventory is depleted to zero. In this case, returns and payments would be due the last day of the month following the date of invoice. 

For further details, please refer to the PST website at www.gov.bc.caNotice 2012-010 - General Transitional rules for the re-implementation of the Provincial Sales Tax or by calling 1-877-388-4440.


T1 PERSONAL TAX 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.

2012 T1 Checklist

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

Letter of Engagement

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


BOOK OF THE MONTH: ESSENTIAL TAX FACTS

Essential Tax Facts 2013 Edition by Evelyn JacksIs it time to take charge of the results you get with your money? Are you tired of being let down, paying fees that are too high and worrying about losing your savings? Do you want to keep more of your money? Make more for the future? Then you need to recharge with some Essential Tax Facts!

Canada's most trusted tax author, Evelyn Jacks, is your guide to tax-savvy decision-making at every age. Make no mistake: tax efficiency is your #1 weapon in taking control of your time and money. Whether you are rebuilding your portfolio or simply wishing to avoid the wealth eroders that will make you poorer in the future, Essential Tax Facts is your must-have guide to self-reliance. Essential Tax Facts addresses the special life events that trigger important money moments, with hundreds of meaningful and impactful tax savvy tips you will easily understand, so you can build and grow your wealth, significantly, over time. 

PURCHASE FROM AMAZON.CA >>


FEATURED IPHONE APP: GRANT THORNTON TAX PLANNING GUIDE

Download the Grant Thornton Tax Planning Guide iPhone AppThe Tax Planning Guide is an up-to-date tax reference tool featuring the latest personal income tax developments. No matter where you live in Canada, the Tax Planning Guide will give you accurate information about personal income and corporate taxation. Whether you need assistance for tax planning or calculating your income tax for the upcoming year based on your RRSP contributions or other tax information, the Tax Planning Guide provides simple tools that can help.

Using the latest information about individual income and corporate taxation, the app's tax calculator will help you estimate your individual income tax according to where you live. Though it cannot replace expert advice, this easy-to-use tool will help you plan your finances by providing an overview of the results through a tax scenario feature that allows you to adjust the main tax settings to maximize calculation accuracy.

DOWNLOAD FROM THE APP STORE >>


HOW THE PST REINSTATEMENT WILL AFFECT YOUR BUSINESS

March 26, 2013
8:00am-10:00am

Surrey Board of Trade
101-14439 104 Avenue
Surrey, BC

Want to have a better understanding of how PST will affect your company? Join Brian Titanich of BDO Canada as he discusses the implications of the reinstatement of the provincial sales tax (PST) in the province of British Columbia.

CLICK HERE FOR MORE INFORMATION >>


BC INNOVATORS OF THE YEAR 2013

March 27, 2013
5:30pm - 8:00pm

Vancouver Convention Centre West
Vancouver, BC

For the fifth year in a row, BCBusiness crowns BC’s 20 most innovative companies and organizations.

Join local businesspeople for a cocktail reception to honour and reveal BC’s Innovators of the Year for 2013. 

CLICK HERE FOR MORE INFORMATION >>


THE ART OF LEADERSHIP CONFERENCE

April 11, 2013
8:30am - 5:00pm

The Centre in Vancouver for Performing Arts
777 Homer Street
Vancouver, BC

This one day conference features 5 internationally renowned bestselling authors and visionaries, who will share an exciting blend of cutting edge thinking and real world experience on today's most critical leadership issues. Gain a competitive advantage and network with over 1,500 of Canada's most influential leaders.

CLICK HERE FOR MORE INFORMATION >>


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

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