Change to the Employment Insurance waiting period

Article Source: Government of Canada Website- News Release Change to the Employment Insurance waiting period

February 24, 2017

NEWS RELEASE: Employment and Social Development Canada

Starting January 1, 2017, the Employment Insurance (EI) waiting period will be shortened from two weeks to one week. This measure is part of the Government of Canada’s robust plan to improve the EI program and help Canada’s middle class and those working hard to join it.

The waiting period acts like the deductible that must be paid for other types of insurance. Shortening the waiting period is expected to ease the financial strain for EI claimants and will put an estimated additional $650 million in the pockets of Canadians annually beginning next year.

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The HUB South Shore listed as one of the best co-working spaces in Canada for 2017

Big congratulations to Matt, Dave and Tim for their success with the The Hub South Shore!

http://www.hubsouthshore.com/

 Article Source: Nomad Capitalist- The best co-working spaces in Canada for 2017 by Marija Kovačević

February 24, 2017

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Mahone Bay

If you are, by any chance, a fan of world-class sailing and boating then you should visit this little town named for the Mahone Bay and its 365 islands. Don’t be surprised if you hear a lot of German, because it was the main language spoken there for many years.

While tourism has been a foundation of the economy for several decades, in recent years Mahone Bay has focused on a new era of prosperity based on small business, arts & crafts communities and green initiatives. You can always enjoy and relax with their traditional folk art and folk music festivals and there is always a course or workshop available in creative writing, visual arts, dance or drama for creative minds.

The Hub South Shore
This co-working space compliments the charm and vibe of the city, with its cosy chairs, comfy couch areas, wooden floor, high ceilings and funky design. It features a very spacious shared office area, two soundproof phone rooms for video & conference calls where you can get some privacy, a meeting room, stand up work stations, a library, a kitchenette with snacks to keep you powered up and a deck with a sea view for relaxing in between.

The Hub has a very lively and loyal community where you can network and share ideas with like-minded people at their hosted events such as “ Healthy Eating for Busy People”, “The Start Up Life”, “Lightning Talks” and more.

http://www.hubsouthshore.com/

Seven ways your family can save at tax time

Article Source: Canada Revenue Agency: Tax Tips - Seven ways your family can save at tax time

February 14, 2017

Raising a family can be expensive, but there are many benefits, credits, and deductions that can help your family with costs during the year. They could even lower the amount you owe at tax time! However it is important to file on time if you want your credits.

Check out these potential savings:

Canada child benefit (CCB) - The CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under the age of 18. The CCB might include the child disability benefit and any related provincial and territorial programs. You could get up to $6,400 annually for each child under the age of 6 and $5,400 annually for each child aged 6-17. 

Child care expenses – Did your kids attend daycare or a child care program in 2016? You or your spouse or common-law partner might be able to claim what you spent on eligible child care in 2016.

Working income tax benefit – If you are a working family or individual with a low income, you might be eligible for this refundable tax credit intended to provide tax relief to low-income Canadian workers. Eligible individuals and families may be able to apply for advance payments.

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Buying or selling a home? What you should know...

Article Source: Canada Revenue Agency: Buying or selling a home? What you should know.

February 3, 2017

If you bought your home in 2016 or plan to buy a home, the Canada Revenue Agency (CRA) has information that may help you.

Principal Residence Exemption

Sold your principal residence in 2016? File a tax return and claim the principal residence exemption for capital gains.

Starting with sales in the 2016 tax year, you are required to report basic information (date of acquisition, proceeds of disposition (e.g. sale) and address) on your income tax and benefit return when you sell your home to claim the full principal residence exemption. You do not have to pay tax on any capital gain when you sell your home if it was your principal residence for all the years you owned it and did not use any part of it to earn income. A property may qualify as your principal residence for any year that you or certain family members lived in it, if none of you designated another property as a principal residence for that year.

Home buyers’ amount

If you are a first-time home buyer, you may be able to claim $5,000 for the purchase of a qualifying home in 2016.

You qualify for the home buyers’ amount if you did not live in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.

A qualifying home must be located in Canada and registered in your name and/or your spouse’s or common-law partner’s name according to the applicable land registration system. It includes existing homes, such as single-family houses, semi-detached houses, townhouses, mobile homes, condominium units, apartments in duplexes, triplexes, fourplexes, or apartment buildings, as well as homes under construction.

You do not have to be a first-time home buyer if:

you are eligible for the disability tax credit; or you acquired the home for the benefit of a related person who is eligible for the disability tax credit.

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STUDENTS SAVE WITH "EXTRA CREDITS" THIS TERM

Article Source: Canada Revenue Agency: Students save with "extra credits" this term

February 1, 2017

The Canada Revenue Agency (CRA) is helping you keep more money in your pocket with tax credits, deductions, and benefits for you when you do your taxes. Even if you have little or no income, you should still file your income tax and benefit return to claim tax credits and get benefits and credits.

Here are nine of your top tax-time savings and potential benefits and credits. Remember you need to file on time if you want your credits!

1. Eligible tuition fees – You may be able to claim the tuition fees paid to attend certain post-secondary educational institutions for the tax year in question.

2. Education amount – As a full-time student (or a part-time student, who has a certified mental or physical impairment or who is eligible for the disability tax credit), you can claim $400 for each month you were enrolled in a qualified education program in a designated educational institution. As a part-time student, you may be able to claim $120 for each month you were enrolled.

3. Textbook amount – Claim this amount only if you are entitled to claim the education amount. $65 for each month you qualify for the full-time education amount$20 for each month you qualify for the part-time education amount

4. Interest paid on your student loans – You may be able to claim an amount for the interest paid in 2016 on your student loan for post-secondary education after you complete your education. You can also claim interest paid over the prior five years if you haven't already claimed it. It must be interest paid on a loan received under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Canada Apprentice Loans Act, or a similar provincial or territorial law.

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Liverpool Office OPEN HOUSE

PLEASE NOTE:

Due to expected weather conditions, our Liverpool Open House has been postponed until a further date.

Stay Tuned...

 Belliveau

Tax tips for Seniors

Article Source: CRA > Enjoy your golden years with these tax credits and benefits

January 17, 2017

The Canada Revenue Agency (CRA) wants seniors to get the tax credits, deductions, and benefits they are eligible for.

Here are 11 of the most common credits and benefits for seniors.

1. Pension income splitting –If you receive a pension, you may be eligible to split up to 50% of your eligible pension income with your spouse or common-law partner.

2. Guaranteed income supplement – If you receive the guaranteed income supplement or allowance benefits under the old age security program, you can renew your benefit by filing your return by the filing deadline.

3. Registered retirement savings plan (RRSP) – Deductible RRSP contributions can reduce your tax bill. You have until December 31 of the year in which you turn 71 to contribute to your RRSP.

4. Registered disability savings plan (RDSP) – This savings plan can help families save for the financial security of a person who is eligible for the disability tax credit. RDSP contributions are not tax deductible and can be made until the end of the year in which the beneficiary turns 59.

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Reporting the sale of your principal residence for individuals (other than trusts)

Article Source: Canada Revenue Agency: Federal Government Budgets 2016

January 10, 2017

On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency's reporting requirements for the sale of a principal residence.

When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it.

Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption.

For additional information and answers to some FAQs regarding this change visit: CRA: Reporting the sale of your principal residence for individuals

CRA newsletter > Businesses- Tax information, Issue: 2016-03

Article Source:  CRA> Business - Tax Information Newsletter Issue: 2016-03

December 12, 2016

1- Compliance letter campaign - Message to GST/HST registrants

In December 2016, the Canada Revenue Agency (CRA) will conduct a GST/HST compliance letter campaign pilot project. The CRA will send 250 letters in December followed by 250 in February, 2,500 in May, and 2,500 in August to GST/HST registrants. Those receiving a letter will be asked to review a previously-submitted GST/HST return with suspected errors and confirm whether the amounts they reported are correct or need to be changed.

The campaign supports the CRA's increased emphasis on helping individuals and small businesses to better understand their tax obligations and encourages them to correct any errors in their past GST/HST returns. This increased understanding of tax obligations will also serve in promoting compliance going forward.

2- 2017 Indexation adjustment for personal income tax and benefit amounts are now available

Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. The chart provides the indexed amounts for four tax years.

3- Does your business have tax debt? Don’t panic. You have options.

Does your business owe taxes to the CRA? Ignoring your tax debt isn’t the best strategy. Avoiding payment could result in financial and legal consequences for you and your business. Instead of avoiding a payment, check out the video “Keeping Your Business on Track” to find a better option.

4- Businesses take notice: Your tax information just got clearer!

The CRA is redesigning the correspondence it sends to Canadians, including the Corporation, and Goods and services tax/ harmonized sales tax (GST/HST) notices of assessment (NOA) and notices of reassessment (NOR). The CRA has made changes to how the notices are structured, designed, formatted, and written, making the information easier to read and understand.

EVENT: Desserts and Drinks Social

DESSERTS and DRINKS SOCIAL - CLIENT APPRECIATION EVENT

Join us Wednesday, October 26th from 6:30-8:30 pm at The Middle Spoon Dessert Bar (Sunnyside Mall 1595 Bedford Hwy, Bedford).

We hope to see you there.

Please RSVP Ann-Marie at 902-444-4278 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. 

Dessert Social Invitation Oct 26 2016 1

8 Things Students Need to Know at Tax Time

Article Source: Canada Revenue Agency Newsroom  September 15, 2016

Students: make sure you claim the tax credits, deductions, and benefits you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file your income tax return to get them.

Here are some tips to help you do your taxes:

1. Remember to collect all T4s from all jobs, and be sure to report them on your tax return. This is to make sure you get the correct refund amount.

2. Know what you are eligible for in advance. As a student, there are many things you may be able to claim, including your:

- Tuition fees

- Education amount

- Textbook amount

- Interest paid on your student loans

- Public transit amount

- Eligible moving expenses

- GST/HST credit; and

- Your child care expenses.

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Locations:

Halifax

Suite 204, 620 Nine Mile Drive, Bedford, NS

Chester

4171 Highway 3, Chester NS

Bridgewater

11 Dominion Street, Bridgewater NS

Liverpool

7B Henry Hensey Dr., Liverpool NS

Shelburne

157 Water Street, Shelburne NS

Barrington Passage

3289 Highway 3, Barrington Passage NS