Elgin Bookkeeping "Accounting and Tax"
107 Ross Street N5R 3X8 Saint Thomas, ON, Canada

JUST A FYI!!! The CERB program in place by the Canadian Federal Government that just started on April 6, 2020, in some instances, is issuing double cheques. Please put these extra payments aside as it will have to be paid back at some point in time.

There's good news and bad news about the 75% Employer Emergency Wage Subsidy. We unpack the complex details you need to know. https://www.knowledgebureau.com//finally-details-on-the-75

Wage Subsidy Info

https://www.canada.ca//introduces-canada-emergency-respons

Good Information

Good Info but you must be patient!

HERE'S MORE INFO! MUST READ! What should I do if I sold a property and want to claim the principal residence exemption but I forget to report the designation of principal residence on my income tax return for the year of sale? For the sale of a principal residence in 2016 or later tax years, CRA will only allow the principal residence exemption if you report the sale and designation of principal residence in your income tax return. If you forget to make a designation of pri...ncipal residence in the year of the sale, it is very important to ask the CRA to amend your income tax and benefit return for that year. Under proposed changes, the CRA will be able to accept a late designation in certain circumstances, but a penalty may apply. The penalty is the lesser of the following amounts: 1.$8,000; or 2.$100 for each complete month from the original due date to the date your request was made in a form satisfactory to the CRA. More information on late designations is available on the CRA website under Late, amended, or revoked elections. The CRA will focus efforts on communicating to taxpayers and the tax community the requirement to report the sale and designation of a principal residence in the income tax return. For dispositions occurring during this communication period, including those that occur in the 2016 taxation year (generally for which the designation would be required to be made in tax filings due by late April 2017) the penalty for late-filing a principal residence designation will only be assessed in the most excessive cases.

Reporting the sale of your principal residence for individuals (other than trusts) On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency's reporting requirements for the sale of a principal residence. When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case... if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it. Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption.

And the count down is on!!! Happy, Happy

Watch out for these. Just had a client get a call yesterday saying that they were going to send the police to their house! The police "Never" gets involved with CRA issues!

Here's a few new tax Laws taking effect tomorrow

Don't Forget - The 2014 tax year RRSP contribution deadline is Monday March 2nd. Don't forget, at the beginning of each year you can also contribute an additional $5,500 to a TFSA (tax-free savings account).

Here's a little Tax Humour for this year! A little boy wanted $100.00 very badly and prayed for weeks, but nothing happened. Then he decided to write God a letter requesting the $100.00. When Canada Post received the letter addressed to God, Canada, they decided to send it to the Prime Minister. The Prime Minister was so amused that he instructed his secretary to send the little boy a $5.00 bill. ... The Prime Minister thought this would appear to be a lot of money to a little boy. The little boy was delighted with the $5.00 bill and sat down to write a thank-you note to God, which read: Dear God, Thank you very much for sending the money. However, I noticed that for some reason you sent it through Ottawa, and, as usual, those assholes deducted $95.00 in taxes.

Once again it's heading into that time of year. Here's some of the changes for the 2014 year! http://www.cra-arc.gc.ca/nwsrm/txtps/2014/tt141208-eng.html

Did you know? As of January 1, 2014, lottery ticket retailers must now include as income the amount or value of any prize received from a provincial lottery corporation for selling a winning ticket. As with any business income, taxpayers must report all taxable amounts received in a year on that year's income tax and benefit return

CRA's New deadline for Filing your 2013 Tax Return is May 5th without Penalties or Interest!

Time to call it a night! I'm all taxed out!!!

Well-maintained and balanced accounting records are one of the vital parts of a business whether it be large or small, a start-up, or a long-standing business. When things are financially unstable, good accounting records can provide you with answers as to what changes to make or what to do away with in order to keep your business growing and prospering. There are many answers to good business management in your accounting records.

Did you know? You may have to pay tax by instalments if you earn income for more than one year from which no tax was withheld. You may also have to pay tax by instalments if not enough tax was withheld. This can happen if you earn rental, investment, or self-employment income, certain pension payments, or income from more than one job. Important facts... What are instalments? Instalments are quarterly income tax payments that some individuals have to pay to the Canada Revenue Agency (CRA) on or before March 15, June 15, September 15, and December 15. Instalments are made regularly through the calendar year as income is being earned. This is similar to when employees have taxes withheld from their pay. You may have to pay interest and possibly penalties if your instalment payments are late or less than the required amount.

ONTARIO HEALTHY HOMES tax credit (line 4) You may be eligible for this credit if, at the end of 2012: you were a resident of Ontario; you were a senior (65 years of age or older) or a nonsenior living with a family member who is a senior; and;...Continue reading

DID YOU KNOW? There are several benefits and credits designed for seniors. Age Amount You can claim this amount if you were 65 years of age or older on December 31, 2012, and your net income is less than $78,684. The maximum amount you can claim is $6,720.... Pension income amount You may be able to claim up to $2,000 if you reported eligible pension, superannuation, or annuity payments on your return. Pension income splitting If youre receiving a pension, you may be eligible to split up to 50% of your eligible pension income with your spouse or common-law partner. Registered retirement savings plan (RRSP) Deductible RRSP contributions can reduce your tax bill. You have until December 31 of the year you turn 71 to contribute to your RRSP.

Once again it's that time of year when all of you are looking for some tax saving stratagies. Please visit the link below and learn some of the tax credits that may be applicable to you!

The Tax-Free Savings Account (TFSA) Allows all Canadians to earn tax-free income through a range of investment products. TFSAs have become increasingly popular, with approximately 8.2 million Canadians having opened an account and roughly 2.5 million Canadians contributing the maximum in 2011. Starting on January 1, 2013, Canadians will be able to contribute $5,500 to their TFSAs annually.

Here is a great tool for you to use while trying to determine how much to invest in a RRSP before the deadline date of March 1st, 2013. Please follow this link. http://www.taxtips.ca/calculators/taxcalculator.htm

Let's face it: Revenue Canada is in the business of collecting as much tax revenue as legally possible, They may not give you the best advice on saving taxes. The best way to get good tax advice with your bests interests in mind, is to seek the advice of a Qualified Tax Professional. We are here to give you that advice.

WHAT'S NEW - Students Tuition Amount Examination Fees For examination taken in 2011 and subsequent years, the budget proposes to amend the tuition amount to include certain... examination fees paid to take an occupational, trade or professional examination that is required to obtain a professional status recognized by federal or provincial statute, or to be licensed or certified as a tradesperson, to allow the person to practice a profession or trade in Canada. Contact Elgin Bookkeeping Accounting & Tax for more Info!

Canada Revenue Annouces November 1st of 2012 - The maximum employer and employee contribution to the plan for 2013 will be $2,356.20, and the maximum self-employed contribution will be $4,712.40. The maximums in 2012 were $2,306.70 and $4,613.40.

107 Ross Street, St Thomas, Ontario

Today my staff & I are heading out to GKN Sinter Metals for a Poor Boy Lunch supporting the United Way Campaign. We have donated some of our services to a lucky winner for the 2012 Tax Preparation Year.

Welcome to our New Page, were anything you want or need to know about Tax, accounting, or Bookkeeping is just a question away.