Get out and enjoy the spring weather while it lasts.
4 Temmuz 2012 Çarşamba
The final countdown
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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 expensesThese 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.
Get out and enjoy the spring weather while it lasts.
Deadlines, Deadlines Deadlines and Easter
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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
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
May Day
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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.
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.
Keeping it local
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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.
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.
Children's art amount
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Happy spring. At the office we are busy meeting personal clients, completing corporate year ends and excited for yet another personal tax season. It's nice to see everyone this time of year and do a little catching up.
With the 2011 personal tax season here, there are some additional credits available in 2011. Probably the most common credit will be the children's art amount.
All the details can be found by following this link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/370/menu-eng.html
For clarification or just to arrange a personal tax meeting please get in touch with us.
Have a great week
With the 2011 personal tax season here, there are some additional credits available in 2011. Probably the most common credit will be the children's art amount.
All the details can be found by following this link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/370/menu-eng.html
For clarification or just to arrange a personal tax meeting please get in touch with us.
Have a great week
27 Haziran 2012 Çarşamba
Federal Budget 2012 with Ottawa Chartered Accountants Logan Katz
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Am listening to Charles Rotenberg of Doris Law Office speaking about changes to the Federal Budget for 2012.
In the foreground left frame, is David Logan. The Logan in Logan Katz. Am also sitting with Scott Pedlar of BDC.
The infornmation is very interesting. It seems that there is a lot of little changes. Apparently not a lot of things to promote jobs, but Research and Development is getting a lot of attention.
Chuck is a great speaker and the free breakfast, as my table unanimouslly agreed, was fantastic.
Posted via email from Ottawa Social Media Marketing
Ottawa Mobile Mortgage Specialist Sylvain Joanette
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Sylvain Joanette is a Mobile Mortgage Specialist with Desjardins. But what does that really mean. Sylvain: In this case it means bilingual. Desjardins: With over $170 billion in total assets it is the top cooperative financial group in Canada and 6th largest in the world. Mobile: Sylvain comes to you. Mortgage: The means by which you purchase your home. Specialist: He has 20 years of experience in this field working with the ups, downs and changes in the industry.
Now that you have the terminology, lets look at what a Mortgage Specialist does. According to Wikipedia the term Mortgage includes this definition: A homebuyer or builder can obtain financing, in the form of a loan, either to purchase or secure against a property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
If you are looking to Buy a Home in the Ottawa Region, then you will most likely require a Mortgage. With 20 years of experience, Sylvain has seen the market fluctuate and change and understands the processes of the mortgage industry. He can give you answers to FAQ’s like: What if I am self employed? What if I have been living abroad and just returned to Canada? Do I need a full down payment? How do I re-establish my credit? What credit score do I need? Can I refinance my existing home? What are the fees involved with obtaining a Mortgage in Ottawa? What does the term "final approval" mean? What is the calculation for a typical cancellation fee on a mortgage? I have a considerable down payment but borderline poor credit, what can I do? What is a readvanceable mortgage? And there are many more questions that come up, depending on the variable of your personal situation. Get the answers that you require and let Sylvain draw you a map of the shortest rout between you and your new home.
Posted via email from Ottawa Social Media Marketing
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