Tax Tips Category

Tax Tips for your personal and business needs.

Ten Things you should know about HST

1. Generally there will be 12% HST on the sale of all goods and services after July 1, 2010.

Under the proposed rules, HST will apply to sales of goods where ownership and delivery are transferred to the purchaser on or after July 1, 2010. If either ownership or delivery of the goods occurs before July 1, 2010, the sale will not be subject to HST regardless of when the customer is invoiced for or pays for the purchase.

Charitable Donations – Critical Information for Haiti Donors

CRA has set up a special website to help advisors and their clients avoid scam artists in the huge effort to help Haiti earthquake survivors. To access the website, link here.

Year-End Accounting Checklist

December 31st has come and gone. Was this the end of your fiscal year? If so, then it’s time to start thinking about taxes and organizing the shoebox of receipts to send off to your accountant. Despite year-ends being the source of numerous sleepless nights and headaches, they are also the most important reports for any business to issue. They will be used for tax preparation, future reference, and smarter decision making. Below is a simple checklist of items you should prepare for your tax professional:

The Practical Side of IFRS

Prepared by Tyler Hudson,, Articling CA Student

For private companies January 1, 2011 is an optional conversion date, but PAE’s (Publicly Accountable Enterprises) will have no choice, they are required to report under IFRS for 2011. This also means that they need to be taking action now as opening balance for the 2011 year ends will need to be IFRS compatible. In practical terms PAE’s need to be up and running with their IFRS plans in less than one month, implementing the changes required to ensure a seamless transition from GAAP to IFRS come year end.

Benefits of the new HST in British Columbia

You have probably heard the announcement made on July 23 by Premier Gordon Campbell and Finance Minister Colin Hansen about the implementation of an harmonized sales tax (HST) in British Columbia.

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