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Top things families should know about taxes

Some good tax time reading from CRA: “Top things families should know about taxes” http://ow.ly/joKzR

BC Senior’s Home Reno Tax Credit

Are you over 65 and have paid for alterations to your residence to improve accessibility? You may be able to claim the BC Senior’s Home Reno Tax Credit. Its a refundable credit worth up to $1,000 on eligible expenditures. Check out this link for more info: http://ow.ly/iLEcT

Home Buyer’s Amount Tax Credit

Did you buy your first home in this year (or 1st in 5 years)? Claim the home buyer’s amount worth $750! http://ow.ly/hFiOq

US Property Ownership

Buying a place in the states? There are pros and cons. Know what you’re getting into. Call us to discuss before you buy.

Don’t Miss the Deferral

Worst advice I’ve ever heard…”Bonus all your profits out of your corporation”. Why would you do that! You’re missing out on tax deferrals!

PST Re-Introduction

Are you ready for the reintroduction of PST? On April 1st the BC Government brings back the PST and many businesses will be required to register. Do you need to register? This document outlines many of the requirements:http://bit.ly/ZPIonv The ministry has created eTaxBC, to...

When to Incorporate?

Thinking of incorporating? Talk to us first. Many people do it too early and end up with more cost than benefit. Hint, it has nothing to do with how much money you make (contrary to what many people will tell you).

Automobile Usage Logs

Don’t forget to keep an automobile log to support your business auto expenses. Make that mileage count at tax time! http://ow.ly/gcpzE

Vacation Property Receipts

If you own a vacation property, keep your receipts for renovations other capital improvements. Pay less capital gains tax when you sell !

RRSP’s or Corporate Investing

What’s better…taking a salary from your Corp and buying RRSP’s, or investing in the Corporation’s name? The truth is, it depends. Ask us why!