Children oh those children

Is it spring yet?  With April in full bloom we are in the heart of personal tax season. This post is a link to an article talking about some of the more common tax credits and deductions available to taxpayers.

 Many of the credits available in the Canadian tax system are related to dependents. Here is a great article describing them.

Have a great April and hopefully summer is soon to come. 

http://www.cbc.ca/news/business/taxes/story/2013/02/08/f-tax-season-2013-child-credits.html

Moving and RRSP time

With 2013 in full swing, we are now officially in personal tax season. The end of February marks two important deadlines: T slip filings for corporations and RRSP contribution deadline for your 2012 taxes.

On top of that we are Moving.

We’re pleased to announce that our office is expanding, and as such, we’ve relocated to a new space. We will have the same convenient location now two floors up in unit #410.

Please note our new address as of March 1, 2013:

410 - 1228 Kensington Road NW
Calgary, AB  T2N 3P7

As it is RRSP season this article will serve as a guideline for RRSP investing.

http://www.huffingtonpost.ca/2013/02/19/a-users-guide-to-rrsps_n_2715264.html

It is 2013
We avoided the end of the world in 2012, so let's enjoy 2013 to the fullest.
With winter settled in and 2012 come and gone, it signals tax time. The big tax planning option remaining for 2012 are available RRSP contributions.  These must be made by March 01, 2013 in order to be deductible on your 2012 tax return.

Those with a December corporate year end;  you have three months to pay your taxes.  That makes March 31, 2013 an important date.  The earlier your accounting data is compiled and delivered to your accountant the more prepared the company will be for the deadline.

February 28th is another important deadline.  Corporations have until then to file their T slips.  T5s and T4s most notably, for amounts paid to employees and shareholders in 2012 must be filed by then.

So with all that being said there is a lot to think about in preparation for personal and corporate tax filings.  Get in contact to discuss how we can help you.

Finally the TFSA limit has increased in 2013.  This article outlines the changes. http://www.cbc.ca/news/business/story/2012/11/26/pol-tax-free-savings-accounts-increase.html

Enjoy the start to a wonderful year.

Halloween

HAPPY HALLOWEEN

We hope everyone enjoys a great Halloween.  Dress up, eat lots of candy and have fun.

Tomorrow is the start of the last 2 months of 2012.  Really? Wow, time sure does fly.

It is a good time of year to ensure all your tax matters are in order.  This applies to both personal and corporate taxation.

For corporations:

• Ensure that the dividends you may be declaring meets your personal tax plan. 
• Possible bonus to pay/declare is done to reduce taxable income. 
• Pay back of any loans to ensure these are not considered taxable benefits. 
• T4s and T5s fillings are due in early 2013, ensure all payroll and compensation matters are being tracked, paid and accounted for. 
• All business expenses are being accounted for that have been incurred.
• Bookkeeping is up to date.

For personal matters:

• RRSP contributions are on track.
• Any deductible expenses are accounted for. Examples include, child care, transit, child arts and fitness, medical expenses, new home purchase. 
• If you have a rental property, proprietorship, or eligible for employment expenses; ensure you are tracking all eligible expenses, revenues and have the necessary forms are completed by your employer (T2200)
• Capital gains and losses are tracked.

These are just a few examples of  steps you can be taking to tax plan before deadlines come and go.  Being organized and prepared will help you plan for and possibly reduce your taxes before it is too late. 

Happy Halloween!

Thank you

Happy Thanksgiving Everyone.

What a beautiful time of year. This fall has been absolutely amazing.

With the long weekend coming up, everyone at Henderson Campeau Chartered Accountants wishes you and your family a very merry thanksgiving.  Enjoy the bounty of the harvest and be thankful for everything.

With the last 3 month's of the 2012 here, it is a good time to ensure all your personal tax matters are on track. Such things like:  RRSP contributions, personal credits are being tracked (transit passes, child care expenses), employment expenses accounted for, and if you run a proprietorship: all expenses are being records. We would be happy to assist if you require any guidance in these matters or anything else.

If you operate a corporation, there are also things to consider such as; dividends to declare, shareholder withdraws and salary calculations, just to name a few.

We would also like to take this time to thank you all for establishing and continuing a business relationship with our firm here in Calgary.

Most of all, enjoy yourself and those around you.

Dog days of summer

With the dog days of summer in full swing, what a great time to ensure your corporate accounting matters are in order.

Summer is a great time to relax and enjoy family and friends.  Throughout summer you may find a little extra down time.  If you are a small business owner what a great opportunity to ensure your corporate finances are being dealt with efficiently and in a manner that ultimately benefits you.

Many small businesses wait until their year end has come and gone, to work on their accounting and financial strategy.  Doesn't it make sense to address those issues as the year is in progress and not after the fact, when it is too late to make a difference.

We encourage you to contact us and to be pro active and address any financial matters that you personally or your business may have.

Common issue to consider are:

• Bookkeeping being processed correctly and timely to produce the reports and tools that allow you to make effective business decisions.
• Compensation from the company to the owners.
• Meeting all deadlines for reporting and payments to avoid interest and penalties.
• Tracking expenses and revenues to ensure the company is on track
• Ensuring the company is deducting all expenses that may be available and done correctly.

Enjoy those dog days.

Happy 100th

Happy 100th birthday Stampede