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Federal Budget Changes to the Home Buyer’s Plan and the New First-Time Home Buyer’s Incentive

Federal Budget Changes to the Home Buyer’s Plan and the New First-Time Home Buyer’s Incentive The Home Buyer’s Plan is a program that allows you to take a tax- free, lump-sum withdrawal from your RRSP in order to buy or build a home that you plan on living in, within a year from the date of purchase or construction completion. The withdrawal must be made using form T1036 “Home Buyer’s Plan Request to Withdraw Funds from an RRSP”. Federal Budget Changes to the Home Buyer’s Plan and the New First-Time Home Buyer’s Incentive The Home Buyer’s Plan is a program that allows you to take a tax- free, lump-sum withdrawal from your RRSP in order to buy or build a home that you plan on living in, within a year from the date of purchase or construction completion. The withdrawal must be made using form T1036 “Home Buyer’s Plan Request... View Article

Tax Checklist for 2018 Tax Year

2019 CPP Enhancements For Those Who Are Self Employed

Are you self-employed? Here’s what the Canada Pension Plan enhancement will mean for you As a self-employed person, you are juggling the unique role of both employer and employee. You need to carefully plan for changes that affect your budget. That’s why it is important for you to know about the Canada Pension Plan (CPP) enhancement, which kicks off this January. Starting January 1, 2019, you will invest slightly more in the CPP to help you build a more secure retirement. The enhancement will increase the maximum CPP retirement pension benefit by about 50 per cent, once mature. To fund enhanced benefits, annual CPP contribution rates will increase modestly over seven years. The gradual increase is designed to help you adjust. What’s new? On January 1, 2019, your CPP contribution rate will increase from 9.9% to 10.2% of your CPP pensionable earnings. You will be able to deduct both the employer... View Article

8 Benefits Of Hiring A Business Services Company

Owning and running a successful business can be a lifelong dream but it can also be an onerous task. Bookkeeping and running the financial side of your business is not always an intrinsic skill for every small business owner.  So why do you leave the financial side of the business in unskilled hands?  If we’re right and this is you, you should consider enlisting the help of a professional to set your business up for success. Here’s a look at some of the benefits of and considerations involved with hiring an external bookkeeping service for your business. Save Time When you spend less time on tasks like bookkeeping, you’ll enjoy more time to focus on your clients, customers and other areas of success.  Besides, the bookkeeping you do may take you much longer than it would a professional.  Not only does this make it ‘too costly’ for you to do... View Article

Being In Business For 30 Years Is No Small Feat

Padgett Business Services Hamilton Celebrates 30 Years in Business.   Martine Holjevac, franchise owner of Padgett Business Services, is proud to announce three decades of working with small businesses in Hamilton. In 1987 she recognized that small business in Hamilton were in need of affordable accounting services and she jumped at the chance to buy a franchise that would serve this niche market.   “I got into business all those years ago because I saw a gap in the market and understood there was a need for savvy tax advice for businesses. The opportunity to buy into a franchise was quite novel at the time so I took a chance,” said Holjevac.   Thirty years ago, this franchise model was new in Canada and Holjevac was one the first two originally sold in the country nation-wide.  Her instinct paid off and within five years she had won Padgett’s prestigious Office... View Article

The History of Income Tax

Did you know that our income tax system is now 100 years old?  Did you know that the income tax system was originally meant to be temporary?  How much do you think Canadians have paid to date in income taxes (over 100 years)?  Read this article and find out! According to Global News, income taxes were “meant to be a way to raise extra money during the First World War and have stuck around ever since.” By 2016, it is estimate that Canadians have contributed 148 billion to the income tax system.  This amount accounts for just under half of all government revenues. For the full story, go to the link:       http://globalnews.ca/news/3620689/canadas-income-tax-100-how-much-canadians-have-paid/          

Disability Tax Credit

Does you child need insulin therapy?  Do you have hearing loss?  Have you undergone surgery which led to complications?  Lots of Canadians are entitled to the Disability Tax Credit and are not collecting it and in many cases, they are not collecting retroactively but they may be entitled to do so. What is the Disability Tax Credit? The disability tax credit (DTC) is a non-refundable tax credit that helps persons with disabilities or their supporting persons reduce the amount of income tax they may have to pay. An individual may claim the disability amount once they are eligible for the DTC. This amount includes a supplement for persons under 18 years of age at the end of the year. The purpose of the DTC is to provide for greater tax equity by allowing some relief for disability costs, since these are unavoidable additional expenses that other taxpayers don’t have to face. Being eligible... View Article

Is Your Family Growing? Here are some of the tax benefits…..Are you expecting a baby? If you are the birth mother of a newborn, you can use the Automated Benefits Application on the birth registration form when you register your newborn with your province. This allows you to apply for the Canada child benefit, the GST/HST credit, and related provincial or territorial programs for your child.

Are you expecting a baby? If you are the birth mother of a newborn, you can use the Automated Benefits Application on the birth registration form when you register your newborn with your province. This allows you to apply for the Canada child benefit, the GST/HST credit, and related provincial or territorial programs for your child.   There may be other credits and benefits for your family.  Check out this link for all the details and a chart to determine what you are eligible for:   http://www.cra-arc.gc.ca/bnfts/menu-eng.html

The Basics of the Canada Pension Plan

Canada Pension Plan Basics The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and his or her family caused by the loss of income due to retirement, disability and death. There are three types of CPP benefits: → Disability benefits (which include benefits for disabled contributors and for their dependent children); → Retirement pension; → Survivor benefits (which include the death benefit, the survivor’s pension and the children’s benefit). The CPP operates across Canada, although the province of Quebec has its own similar program, the Quebec Pension Plan (QPP). The CPP and the QPP work together to ensure that all contributors are protected. With very few exceptions, every person in Canada over the age of 18 who earns a salary or a wage must pay into the CPP. You and your employer each pay 50% of the contributions.... View Article