Author Archives: Administrator

obama small business taxes 2013

With every newly re-elected president comes new policies and actions with Obama been is no different. These new tax related policies and actions often affect the small business owner but some businesses aren’t always aware of these changes. Below are 3 proposed policies we have summarized for your ease of reading.

Posted in Accounting, Bookkeeping, Economy, Taxes, Tips

If you are a business owner in British Columbia, you are familiar with the big tax changes occurring on April 1, 2013. On this day, the reimplementation of our Provincial Sales Tax (PST) and Goods and Services Tax (GST) will take the place of the current Harmonized Sales Tax (HST). In this post, we will be discussing some tips for small businesses regarding the return of the PST.

Posted in Accounting, Bookkeeping, HST, Taxes, Tips

Fiscal Cliff

There has been a lot of talk in the past couple days about the American Taxpayer Relief Act, which was eventually agreed upon by the Senate on January 1 2013. Signed into law by US President Barack Obama on January 2 2013, this 156 page Act pulled the United States back from the edge of the fiscal cliff, and addresses the expiration of a number of tax relief provisions enacted in 2001 and 2003. You may ask why there are 156 pages; well, there is a lot of information is this Act, ranging from payroll taxes to extensions of credits for green energy. Let’s take a look into the key parts of this Act, and how they affect the individual taxpayer:

Posted in Economy, Finances, Taxes

It is necessary for any business, especially those in British Columbia, to be aware of the BC provincial government re-implementing the Provincial Sales Tax (PST) along with Goods and Services Tax (GST) that will take the place of the Harmonized Sales Tax (HST) that is currently in place. In order to be ready for the shift back, here is some information and tips that might make for an easier transition.

Posted in Accounting, Bookkeeping, HST, Tips

The Canada Revenue Agency’s main duty is to maintain public confidence in the fairness and integrity of Canada’s tax system. Generally, they do this through income tax, GST/HST, and payroll audits. The Canada Revenue Agency records tax returns in a computer system, enabling them to easily select returns that stand out. There are four main ways of selecting files to be audited:

Posted in Accounting, Bookkeeping, Finances, HST, Taxes, Tips

Tax planning is a year-round activity and a vital component of the financial planning process.

Since we are approaching the end of the calendar year, it is an ideal time to pay special attention to various tax issues in advance of the end of the 2012 taxation year.

Posted in Accounting, Bookkeeping, Finances, HST, Taxes, Tips
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