Changes to the Reporting of the Principal Residence Exemption
Wednesday, January 11, 2017
Changes to the Reporting of the Principal Residence Exemption and How This Affects All Residential Real Estate Sales for the 2016 Year One of the greatest tax saving incentives offered by Canada Revenue Agency (CRA) is the principal residence exemption (PRE). The basics behind this exemption is tha...
Alberta Carbon Levy
Thursday, December 15, 2016
Alberta Carbon Levy Starting January 1, 2017 a carbon levy will be included in the price of all fuels that emit greenhouse gases when combusted at a rate of $20/tonne in 2017 and $30/tonne in 2018. These include transportation and heating fuels such as diesel, gasoline, natural gas and propane. Ce...
OHS RULES FOR FARMERS
Wednesday, September 14, 2016
OHS Rules for Farmers New Occupational Health and Safety (OHS) rules require that all farms that employ paid employees (other than family members) have a safety program that includes training of employees. OHS should only inspect your farm if a serious accident or a death occurs at your worksite. ...
U.S. Tax Issues for Both Canadian and U.S. Citizens - Part 2
Monday, August 22, 2016
Canadian Residents or “Snowbirds”: The term snowbirds is used to describe Canadians who spend a fair amount of time in the U.S. usually to vacation and escape our winters. The number of days you spend in the U.S. will have an impact on the determination of your residency for tax purposes. The U.S. ...
U.S. Tax Issues for both Canadian and U.S. Citizens - PART 1
Thursday, July 14, 2016
U.S. Tax Issues for both Canadian and U.S. Citizens: The tax implications involved in cross-border activities are complex and can apply to many situations that face both Canadian and U.S. citizens. Each individual’s personal scenario will be unique when dealing with either business, employment, ret...
Feedlot Auditor - It's coming whether you want it or not.
Monday, July 11, 2016
Feedlot Auditor – It’s coming whether you want it or not “You can’t manage what you don’t measure.” Starting this spring, the National Cattle Feeders Association is unveiling the culmination of its last few years of work to present a brand new, voluntary audit tool that allows feedlot operators...
Year End Preparation
Wednesday, June 15, 2016
Year End Preparation What do we need and why? A copy of bookkeeping records whether it be manual synoptic, Sage Simply Accounting, Quickbooks etc. All bank statements for the year and reconciliation reports Asset listings Receipts for purchases of depreciable assets greater than $5...
Proposed changes to the Small Business Deduction from the recent Budget
Monday, June 13, 2016
Proposed changes to the Small Business Deduction from the recent budget:
What is the Small Business Deduction “SBD”? The Small Business Deduction provides a reduced rate of tax on the first $500,000 of active business income for any Canadian Controlled Private Corporation “CCPC” in Canada. What ch...
Employee or Self-Employed Worker
Wednesday, May 18, 2016
Employee or self-employed worker? It is important to decide whether a worker is an employee or a self-employed individual. Employment status affects a person’s entitlement to employment insurance (EI) benefits while also having an impact on how a worker is treated under other legislation such as th...
Proposed Liberal and Implemented NDP Tax Policy Implications
Wednesday, December 02, 2015
Rates 1. Personal Tax a) Federal: The Liberals have proposed that they will cut the income tax rate for middle class Canadians, and increase the marginal rate on higher earning income individuals. The following rates highlighted in yellow represent the only changes to the personal federal tax ...
Changes Affecting your GST/HST Return
Wednesday, December 02, 2015
Changes affecting your GST/HST return Unique access code As part of its ongoing efforts to reduce red tape for businesses and simplify its electronic services, starting October 19, 2015, the Canada Revenue Agency (CRA) will provide all GST/HST registrants with a new and unique access code on the...
CRA Telephone and Email Scams
Wednesday, September 02, 2015
Telephone and Email Scams: Over the last few months, we have had clients who have received phone calls and/or emails “supposedly” from the Canadian Revenue Agency (CRA). The “supposed” CRA agent is requesting additional information, such as social insurance numbers, credit card or bank account numb...
December at Burns Valkenburg
Friday, December 19, 2014
The month of December is always equally busy and fun at Burns Valkenburg & Associates. We try to have a lot of fun at work and really get into the Christmas spirit. It all started on December 1st when the whole staff helped to decorate the office. Our Christmas tree in our lobby is 18 feet tall ...
Thursday, November 13, 2014
We got into the Halloween Spirit last Friday, October 31. Besides eating too much candy, our staff got all dressed up in costumes. We did a vote and we decided that the 2 best costumes were awarded to Rena Brown and Trish Nelson. They both received Cinemax Movie gift cards, way to go ladies! ...