Time to budget

So it's June.  What a spring.  Let's hope the April and May showers have passed and the summer sun is on the way. At the office, we are excited for the summer months, as I'm sure you are too.

We have been busy in May and into June.  The idea that everything slows down after April 30th is not so accurate.  It's exciting here at Henderson Campeau, we continue to grow and develop new and existing relationships.

We are trying to get some golf in as the weather improves. We are also looking forward to all the summer events and fun to be had here in Calgary

So this week the government re-introduced the 2011 budget with very little surprises.  In regards to how it may affect you click on the following link and explore the highlights.

2011 budget highlights

A few that stick out are:

• Children's arts credit.  A $500 tax credit for children enrolled in artistic activities.  Similar to the existing fitness credit but for the arts
• Family caregiver credit. An additional tax credit of $2000 for caregivers of mentally or physically infirm dependents.
• For small businesses.  A onetime $1000 EI premium credit on the company's increase in premiums if they hire new employees in the year.  (the total EI premiums for the business must be under $10,000)

Just a few highlights. Keep yourself informed and aware of how tax changes (or even current rules) affect you, your family and your business.

Have a great weekend.

Keeping it local

Let it rain, let it rain.

Instead of going on about accounting and taxes, I'm going to switch it up a bit.  This post is a link to an interesting article in the ffwd paper. It is a good article to stir up debate on an issue Calgary is currently facing.

Check it out
http://www.ffwdweekly.com/article/life-style/urban-living/density-what-good-is-it-7471/

Here at Henderson Campeau we love the idea of living, working and shopping all within a small radius.  Both partners of the firm live within a few of blocks from the office.  We also engage suppliers in the neighborhood and dislike driving in traffic.

Have a great week.

May Day

So the tax season is officially over.  Yahooooooo.  Bring on the summer.

We enjoyed the busy time of year and are very pleased with the last several months.  It is a great time of year to see and get to know our clients a little better.  Thanks to every one of our clients for stopping by and meeting with us.  A big thank-you to all those who stuck with us from previous years and to all those new clients who came and met with us this year.  It is a pleasure to get to know all of you, it is fun to be involved in the community and interesting to keep a pulse on the Calgary economy.

We look forward to meeting more people as the our firm grows and helping you out in any way both personally and corporate.

We finished up the season with a gathering at the Kensington Pub with family and friends to celebrate the end of the tax season.  It was a good time had by all.  As you can see a cake was in order.

So thanks for being a part of Henderson Campeau we were glad to help out with your financial matters and look forward to seeing all our personal clients again next year. As well as meeting more people in this great city as time goes on.

2010 tax filing and decision time

Today is a big day for Canadians.  It is the last day to get your personal income taxes filed and paid.  Hooray.

It is also a big day to have a say and the chance to influence your future taxes. It's a great opportunity to choose the future of this marvellous country. Get out and make this great country even greater. VOTE.

Deadlines, Deadlines Deadlines and Easter

Happy Easter!

I hope you all get out this weekend and enjoy what looks like to be a nice spring weekend in Calgary and area.  Take time enjoy yourselves, have fun with family and friends, and be grateful for life.

We will be very grateful when the tax deadlines have come and gone.  I'm sure you will be too, having your taxes caught up and filed on time is something to be proud of.

With that being said I just wanted to point out how the CRA charges interest and penalties on taxes owing. 

If your taxes are not filed and paid by the income tax deadline you may have to pay the following penalties and interest.

-Interest. CRA charges a compound daily interest on any overdue amounts starting May 3, 2011. The current interest rate is 5%. 

-Late-filing penalty. Additionally if you do not file your tax return on time, the CRA will charge a flat penalty of 5% on the balance owing, plus 1% additionally for every month that the return is late.

-There are additional penalties if you continually file late, if you have other years still outstanding, and if you fail to report amounts on your return.

-Instalments.  If you are required to make instalments throughout the year there are also penalties and interest for not making the appropriate instalment payments or fail to make them on time.

On a much more positive note. If you simply file your taxes on time and accurately. If you are organized and responsible, it will save you a lot of money and give you piece of mind to fully enjoy weekends like this one.

Have fun

Enjoying the Calgary weather

In my last post I was excited for the warm weather and spring like conditions here in Calgary. 

Well yesterday I couldn't resist to snap a few photos of my walk into work in the morning of this beautiful spring we are having.  The winter spring of 2011 continues.  Here is a look at the beautiful spring conditions in Calgary.

ENJOY THE WEATHER

The final countdown

Well dare I say it, spring is here.  Or is it?

With only 3 weeks remaining in the personal tax season, we strongly recommend getting in touch with us to get your tax return completed before it is too late.

The streets in Kensington are getting busier, people are getting out and the smiles are plentiful.  What would feel even better is having your taxes out of the way for another year.

With the upcoming Canadian election, you’ve heard many promises or lack thereof.   Most of them involve taxes and tax credits.  There might even be a few you never even knew existed.  It’s a good time to ensure you are getting the most of all credits and deductions available.  Awareness is key. A good accountant can help you capture everything available on your annual tax return.

A common situation we see on personal tax returns and tax planning is the treatment of a rental property.  There are many deductions available against rental property income.  Examples of expenses that can be deducted towards rental income include:

·         Advestising

·         Property taxes

·         Interest

·         Management and administrative fees

·         Utilities

·         Travel

·         Insurance

·         Even certain motor vehicle expenses

These must be all related to generating income and within reason.

Even more importantly is to plan for the eventual sale of the property.  Since the rental property is no longer your principal residence it is subject to gain/loss when you sell the property.  To ensure you minimize the tax implications it is important to ensure the property is dealt with in the most tax advantageous method.

Get out and enjoy the spring weather while it lasts.