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Published on the Canada Revenue Agency website: May 30, 2016
Canada Revenue Agency Newsroom: Tax tips
Budget 2016 gives Canadian families more money to help with the high cost of raising their children, by replacing the current child benefit system with the new Canada Child Benefit*. The introduction of the Canada Child Benefit represents the most significant social policy innovation in a generation.
You will see changes to your child benefits starting in July 2016. Below you’ll find some information to help you understand these changes.
What is the Canada Child Benefit (CCB)?
The Canada child benefit is a monthly tax-free payment for families with children under the age of 18. It will replace the Canada child tax benefit (CCTB), national child benefit supplement (NCBS), and the universal child care benefit (UCCB).
Who can receive the CCB?
If you have children under 18 you are most likely eligible to receive the CCB.
Do you need to apply to get the CCB?
If you already received the CCTB or UCCB, you don’t need to apply. However, both you and your partner must file your 2015 tax return.
To continue reading the complete article on the Canada Revenue Agency website, click here.
April Dedrick, CPA, CA
We would like to congratulate April for recently attaining her CPA, CA designation.
April has shown great initiative and dedication to obtain her certification and we are proud to celebrate this milestone with her.
We are pleased to announce that as of January 1, 2016, Michelle Amos, CPA, CA has become our newest Partner.
Michelle joined Belliveau Veinotte in 2007 and has truly demonstrated that she has the skills to be a leader with our firm. Her dedication to the firm and our clients has been apparent since day one.
Michelle is well versed in all areas of public accounting and specializes in audit and assurance.
It is possible that the Canada Revenue Agency (CRA) will contact you by phone for legitimate tax reasons.
During such phone calls, the CRA officer must validate your identity and therefore will ask for certain personal information, including your date of birth, your address, and in the case of a business some account specific details.
The CRA officials will act with professionalism and will not be aggressive or make threats. To help you identify possible scams, use the following guidelines:
Thinking about starting a business? You’re not alone. Every year, thousands of Indian’s catch the entrepreneurial spirit, launching small businesses to sell their products or services but the facts are three quarters of startups fail within the first three years and a third of those fall by the wayside in the first six months. The more you know about starting a business, the more power you have to form an organization that develops into a lasting source of income and satisfaction.
Ready for success? Make sure you do these 10 things before you put out that “open” sign.
1. Bring an accountant on board.
“I had a full-time job as I considered starting my own business in 2009, but I did a lot of groundwork before I started, and bringing on an accountant was an important step. People didn’t understand why I would consult an accountant before I left my job or made any money with my new venture, but it helped me understand what I needed to do to make this work from a profit standpoint and the ins and outs of state and local taxes.” –Sarah Burningham, president and founder, Little Bird
2. Survey your target market.
“One thing an aspiring entrepreneur can do is survey a focus group of the target demographic for the service or product. It is crucial to make sure you are delivering what your customer wants, not what you want. This will give you insight into your customer’s buying decision and save you lots of experimenting down the road.” – Sonia F. Lakhany, attorney, Lackhany Law
Article Source: EduPristine - Accounting Mistakes to be Avoided
What is Accounting?
Accounting is defined as the systematic and comprehensive recording of financial transactions pertaining to a business. It also refers to the process of summarizing, analyzing and reporting these transactions.
Accounts give you all the information that is needed to take appropriate decisions about business. The entire financial health of the company depends on the accounting methods that are adopted. Some of the errors could be small and not affecting, but there are various mistakes if done can cost quite a bit in the long run.
Risk is an inherent part of any business. No matter how careful one is in reporting, it’s always open to mistakes. Sometimes certain accounting mistakes that seem to be small can have a big impact on the health, growth and longevity of a business. Thereby, accounting methods need to be correct in order to have a profitable business.
Some of the mistakes that one needs to avoid in the basic accounting done on daily basis are elaborated below. One needs to keep these on the do-not-do list, to generate the profits expected.
Kristi McNaught CPA, CGA
We are proud to celebrate Kristi’s recent achievement in obtaining her CPA, CGA professional designation. This milestone cannot be achieved without years of hard work and dedication. We appreciate and applaud Kristi’s tenacity and congratulate her on her achievement.
We are pleased to announce that Mallory Plummer has joined us in our Liverpool office. Mallory is well known to the community for her work as Chairperson for the 2015 Queens General Auxiliary Hospital Hustle. Mallory has worked in the public accounting sector for several years and brings a significant wealth of experience to us. We are excited she has joined us as she has the community spirit and professional attitude which makes her a perfect fit with our firm.
Mallory and the firm look forward to working with our existing clients and welcoming new ones.
SOURCE: Canada Revenue Agency Newsroom
Did you know?
November is Financial Literacy Month in Canada. Financial literacy is defined as having the knowledge, skills and confidence to make responsible financial decisions at any stage of your life. The Canada Revenue Agency (CRA) is proud to celebrate Financial Literacy Month and offers the following facts and helpful planning tips.
45% of Canadians make a regular monthly contribution to RRSPs. (Source)40% of students have no idea how much they spent or earned last month. (Source)Only 47% of Canadians use a budget to plan their spending. (Source)In April 2014, the Task Force on Financial Literacy appointed Jane Rooney as Canada's first Financial Literacy Leader. There are a number of free resources and events available for Canadians throughout the month of November to help increase financial awareness and literacy.
The CRA has published a very helpful article that highlights 5 Financial Literacy Tips that is worth a read.
1. Plan for the future
2. Make your budget work for you
3. Educate yourself and your family about finances
4. Don't live beyond your means
5. Prevent and protect against fraud and financial abuse
To find the complete article on the CRA website click this link: 5 Ways to Brighten Your Financial Future
SLEDGE HOCKEY CHALLENGE COMING TO BRIDGEWATER - January 17 - 23, 2016
Article written by Peter Simpson featured in the South Shore Breaker on September 15, 2015
Shown with a sled similar to the ones that will be used at the 2016 World Sledge Hockey Challenge in January, are (left to right) Kevin Benjamin, general manager of the Lunenburg County Lifestyle Centre and co-chair of the host committee; Bill McGinnis, deputy mayor of Bridgewater; Don Downe, mayor of the Municipality of the District of Lunenburg; Joanne Cooper, chair of Events Lunenburg County; Darren Cossar, executive director of Hockey Nova Scotia; and Dave Waters, co-chair of the host committee. (Contributed)
Hockey Canada and Hockey Nova Scotia have selected Bridgewater’s Lunenburg County Lifestyle Centre (LCLC) to host the 2016 World Sledge Hockey Challenge, from Jan. 17 to 23, a first for Nova Scotia.
Some of the world’s best high-performance athletes will be showcasing their extraordinary talents.
Canada’s national team will be joined by three other teams, to be announced later this year. The U.S., Japan, Korea, Russia and Norway are mentioned among likely candidates. The U.S. edged Russia 2-1 in overtime to win gold at this year’s challenge in Leduc, Alta., while Canada won bronze, beating Korea 4-1.