Click here for Delta's new search program
Type in the address and then select that search and click on Report tab to access the assessment and other information about what property owners of that property pay for tax and utilities.
If you want to search for more than one, you have to remove the old addresses from the list first.
Want to know what that house in Delta is assessed at?
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Do you qualify to defer property taxes in BC?
In BC, you must meet one of the first three and definitely the fourth criteria to qualify to request deferment:
- Age (over 55, yes that's surprising young...),
- Disability as defined by regulation in BC (there are so many different definitions, I know...)
- Surviving spouse of any age (as in you've been widowed) and are the registered owner
- Plus you must be a Canadian citizen or a permanent resident of BC for at least one year
- There must be enough equity. You must own at least 25% equity in your residence. That means your secured debt can't be over 75% of your assessed value for the year
- This property must be your principal residence, not your cottage or a rental property
- The property can't be owned by an estate or trust unless you hold a life interest or a right to purchase
- The property tax must be payable to a municipality, not a First Nation
- If you already paid your taxes by instalments, sorry it's too late to defer them
- If there are any charges against the property, they have to be removed first
The province of BC does charge an administration fee and interest each year.
If you're ok with all of those points above, this program may be for you! Remember it's about deferal, and the tax will be paid with interest in the future. Each year you can chose whether to defer or pay, either the whole amount or a portion. For more information, and I'm sure there's probably some niggly little thing I've missed...
Click here for the BC Property tax deferment form 51 and guide
Should you be concerned? What's a Personal Services Business
I love the Blunt Bean Counter's Blog on this topic
and if you liked that link...
Click here for more of my useful links on PSBs
There's new legislation October 31, 2011, and if you aren't up to speed this could really be a blow to find out after the fact that it affects you and you could have changed how you do business and didn't, so now it's costing big.
RDSP
Example of carryforward of benefits not claimed to date
If someone you know qualifies for the disability tax credit, here's an example of how much they would automatically be entitled to if they opened up an RDSP today!
27 reasons to Count
27 Reasons to Count your ACB: by Eileen Reppenhagen, CGA
1. Proof or Validation of what you own includes accounting for transactions to show proof of continuity of ownership. I’ll bet your grandpa counted ACB with a manual card system for recording trades in Identical Properties, to calculate average cost base, way back before computers.
2. Validation of cash and transfers for Proceeds of Crime/Money Laundering Police / attribution tracking for ensuring that the right person is reporting the income and that the income is from a legitimate source
3. Calculation of capital gains and losses for tax purposes
4. Adjustment of cost for superficial losses to bump future cost to reduce tax
5. Verification of RSP claims to ensure all claims captured
6. Verification of withdrawals from RSP/RRIF and tax withheld at source
7. Instant tax planning if the market changes dramatically
8. Tax consequences for RSP swaps/loss denial/capital gains
9. Tax planning to reduce tax on capital gains by selling to trigger losses
10. Planning to get back tax you already paid by triggering losses to carry back
11. Plan for retirement/demise/divorce/ Not so active/Not so alive/Not so together scenarios – Plan for what to hold and what to sell
12. Plan to reduce cost of demise to preserve capital for spouse/family
13. Assessment of value of financial advisors advice
14. Warnings about calculation verification on statements by investment companies
15. What happens when you can’t remember what you own? Dementia has set in or you are having memory problems. How will you communicate about your holdings if that is a sudden event?
16. Verify T-slips? Are they right? Are they ever wrong?
17. Verification of expenses, margin interest, flow thru’s, write down of ACB to nil
18. Cost of lawyers doing accounting because accounting not done while alive to assist executor reduces value of estate, adds to stress for those left behind
19. Cost of pre-1971 ownership documentation
20. Elections in 1994 documentation, CGE Pool eliminated after 10 years – did you add back your unused cost? If you held mutual funds, did you elect to reduce the gains pool each year from 1994 to 2004, and then adjust the ACB to record the remainder of the pool as an increase in ACB? When you sold, did you remember to use those figures to calculate reduced gains?
21. Comprehensive Income calculations required for reviewed or audited financial statements for corporations, trusts, non-profits – all unrealized gain/loss net of tax
22. RRSP over contribution assessment for contributions not claimed, reconciled claims between your investments and your tax returns?
23. Tax auditors requests to verify source of funds for attribution of income back to source
24. Responsibility to Public Trustee when acting as a trustee for a trust, managing finances for a senior or person with a disability
25. Are you the Executor? How will you report to the beneficiaries in an orderly fashion? Are you aware that the Charitable Foundation that was left a % of the estate is entitled to financial statements and will check your work?
26. Are you the accountant expected to account and be concerned about the source of the funds invested? After all, CRA ‘civil penalties’ require due diligence…wilful disregard isn’t going to work
27. Are you the investors whose shares were delisted? Have you elected under S.50 (1) on your delisted shares and claimed the loss carry back to obtain a refund for tax paid on capital gains in the last three years?
If you want to learn how to count ACB: Click Here
Look, no calculator, no matching slips to statements, no filing & no duplicates
It just occured to me that I hardly use my desktop calculator any more. Since I started using QuickBooks to do the calculations for me, and to check my work for me, the Canon is collecting dust. I wonder, if I take it off my desk, if I'll even notice it's gone.
What am I doing differently? When a client hands me their receipts, they usually have a pile of cash paid receipts, which may include receipts paid by Visa/MC.
What I do is key in the names, dates, and totals into a credit card account. Then, since they usually reimburse themselves for the total, I can tell if what they reimbursed themselves for adds up to what the receipts say. This doesn't always agree, because sometimes, they forget to total the adding machine before they start a tape, and whatever was in the machine before they started isn't on the tape. Clue that this has happened is that there's no *Total at the top of the tape.
After reconciling what they gave me against what they paid themselves, I enter the purchases as a Bill, checking for business reasons, of course
Then it's necessary to offset the total against the credit card account with a Bill Credit using the Pay a Bill window.
Why would I do this? Because I don't know how many times in 25+ years of doing this, that clients give you more than one copy of the same purchase document. Now that so many business's use QuickBooks, it's so easy to copy a bill and present the same bill more than once. And if you code it to Office supplies one time and Repairs & Maintenance the next, you'd never know if you just keyed in the purchases as paid cash and didn't check the dates and amounts and invoice numbers through some kind of a system.
That's what the Accounts Payable module in QuickBooks is for. The nice thing is that if you clear the Bills against the Bills Paid using the Pay Bills window, you get an Unpaid Bills report that is an exception report. It reports the exceptions, where there's a Bill that wasn't paid, or a payment for which there's no Bill.
No longer do I use my calculator, but I also no longer spend time matching Visa slips against Visa statements, because the same process works wonderfully for credit card purchases. I can just file away all the purchases alphabetically as I post them, so there's no pile of filing either.
No calculator, no matching to Visa statements and no pile of filing to do later. It's a win-win-win.
For more time saving, controlling moves you can make with QuickBooks, you might want to purchase my video series on Mastering QuickBooks. There's even a one hour video bonus on exactly how to go about setting up the process I've described above. You'll find the videos for sale on my website.
Have you been approached about having your QuickBooks hosted in the 'cloud'?
QuickBooks in the Cloud in Canada
Intuit Canada provides information about who is approved by Intuit Canada at this web page.
If you're looking for reliable anywhere, anytime access to your QuickBooks, this could be your answer!
New refund rates for Fuel Tax Refund program (BC)
Document: What's New Source: Consumer Taxation Branch
URL: http://www.sbr.gov.bc.ca/msbr/whats_new/consumer_taxes/whatsnew.htm
May 24, 2012 Bulletin MFT 004, Fuel Tax Refund Program for Persons with Disabilities, has been updated to reflect the current refund tax rates.
Don't forget - there's a federal excise gas tax refund program too!
And you can defer your property taxes - if you're over 55 or if you meet the criteria for disability defined under that deferral program (BC)
My website Links page, Complimentary Links - find the Family section and you'll find lots of other useful programs like 25% off ICBC .... and more...
TurboTax Online Student WorkBook
Here's a blog you might want to follow and if you know someone with a new addition to the family this blog has a tip or four for you to pass along to the new parents:
TurboTax has tax hints for new Mom's
And did you know that there's a free student workbook for teachers and students (or even adult learners) to learn more about how to prepare taxes using online software?
Access to the software is anonymous and free. Don't miss out on this chance to learn how to save money on your taxes.
Teacher's looking for something to fill the last few days of classroom time with something useful, look no further... see the testimonial from a teacher on this page:
Link to my Student WorkBook!
Soar with Eagles: Collaborative Procedure Manuals
Click here for the PDF: Soar with Eagles: Boot your Procedure Manual into the Clouds
60+ CGA's at last night's Fraser Valley CGA Computer User Group meeting took time out to learn how to take their Procedure Manuals into the collaborative, team building world of Microsoft OneNote and WindowsLive SkyDrive.
If you are a CGA in the Fraser Valley, and don't know about this group, I highly recommend connecting with either Fred Moncton or Richard Long to get on their email list. Membership is inexpensive, and the companionship this group shares is awesome. Anywhere from 60 to 80 members regularily attend these monthly meetings to hear a variety of speakers. This is one of my fav speaking engagements.
Communicating with CRA Q&A May 9th 2012
Q: Can CRA decide for the deceased person who can represent? CRA told a client to do the taxes and send a letter with it.
A: CRA was probably wanting to close the file and willing to work with anyone who was willing to provide information. But really, it isn't CRA who decides who can work with the decased person's financial reporting, it's the will, and if there's no will, then the courts decide. If the file was not significant, it may be that CRA was willing to accept anything they could get, or fishing for what could they get from someone who wasn't responsible to find the person who was.
Q: How can you do a partial removal for T1013 clients who won't un-authorize us?
A: No such luck, you can't remove yourself as an authorized rep, the individual must do that. You can however limit in Represent a Client, how many years you are able to represent a business who has put you as a rep on an RC59 (or at least that's what CRA said)
Q: How do I find the list of individuals/businesses that I am an authorized rep?
A: In the Represent a Client there is a listing under each of individuals and businesses listing who you represent.
Q: Will CRA accept fax copies of the T1013? Can I accept fax copies as sufficient from clients to keep for my records?
A: Yes, CRA will accept fax copies, but you must keep the original form on file.
Q: If I had on-line access authorization Level 2 after death, how do i get access to the deceased taxpayer's tax information?
A: All deceased persons online access is removed immediately on notification of death. It's necessary to call and they will establish that you are eligible under the will to act as the executor, or have been authorized by the executor to act for the executor. It's going to mean new T1013's and RC59's in order to get information. The executor assumes the role of the person and has complete authority to choose who will represent the taxpayer after death.
Q: Is it possible to access your "Home Office" links?
A: If you attended the live workshop, you were given access to TaxLinks Pro password to use until September 30 for free. After that the subscription price for non IPBC members is $30 and for IPBC members, $27 (10% off via my Partner Page on the IPBC website).
If you didn't attend the workshop, and want to listen to purchase the recording, it's in my shopping cart, and for IPBC members, 50% off via the Partner page on the IPBC website) The password is included in the video, so if you purchase the video you'll have the password.
Alternatively, you could purchase a subscription to TaxLinks Pro directly for $30 / $27 for IPBC members. The subscription can be renewed by purchasing a subscription each October 1 when I change the password.
Q: Is the PowerPoint Presentation available after the webinar (free)?
A: It's included in the list of links utilized in this webinar, and that list of links is included in the TaxLinks Pro subscription. So yes, it's available, and if you were listening and wrote down the password it's Free, otherwise, purchase a subscription.
Q: Where can you register for email updates of CRA What's New?
A: Find the CRA Site Map andlook for Electronic Mailing Lists to register for email updates
Q: If we need a quick answer by phone from CRA is there a phone number for that?
A: Not a special number, but you can avoid the long list of push this number by selecting * when you call in on the regular number. and that's why My Business Account now has written queries but that's currently a promised 10 day turnaround.
Q: In My Business Account, can I ask any kind of questions?
A: Only if they relate to that Business Account, but yes, you can. Remember there's a size restriction on how many words you are allowed.
Q: For e-File, do I have to register with CRA
A: Yes, go to the E-Filer section of the CRA Site Map for detailed instructions and a guidebook you should read from cover to cover to ensure you don't get offside and get booted out of the program.
Q: What level of access do you have for your clients?
A: I prefer Level 1 because I want my clients to assume all responsibility for changes made to their tax and other information on file with CRA. I want them to have to sign off on any changes, because I don't ever want someone coming back at me claiming I made a change they didn't authorize, or even just didn't understand.
To claim or not to claim: Landscaping and/or Gardening
Here's the link to the archived (which means there is something about this bulletin that CRA doesn't stand behind anymore but they don't tell us what...) IT Bulletin IT296:
http://www.cra-arc.gc.ca/formspubs/prioryear/it296/README.html
The Income TAx Act in S. 20(1)(aa)
http://laws-lois.justice.gc.ca/eng/acts/I-3.3/section-20.html
says that the building or structure must be used primarily for the purpose of gaining or producing income therefore or from a business.
This means that the same rules apply for both rental suites and for home offices. Note key is ... must be used primarily for.. and that's the kicker, is 50% or more primarily for?
When used in the Income TAx Act, All or substantially all of the time means 90% of more...I looked for a definition of 'used primarily' and didn't find anything other than in the archived IT296.
If the home based business isn't using more than 50% of the home for business use, I'd say it's not deductible. If it's over 50%, then you'd have to determine what used primarily for means.
If they are using more than 50%, and if they are corporate, I'd be concerned about the principal residence exemption being limited to the non business use of the home and the business use making it a capital property.
As for gardening, mowing lawns, cleaning up fall leaves, pulling weeds, planting veggies and flowers, as compared to landscaping of grounds around a building or structure used for your business, not sure you can claim, if you look at IT514, there's a distinction made in the wording of
"work space" in home expenses.
I'm not sure that unless the garden is part of your 'work space' that it would qualify as an expense if you take a look at S. 8 (13), it's pretty clear that only expenses relating to the 'work space' qualify.
http://laws-lois.justice.gc.ca/eng/acts/I-3.3/section-8.html
Work space in home (13) Notwithstanding paragraphs 8(1)(f) and 8(1)(i),(a) no amount is deductible in computing an individual’s income for a taxation year from an office or employment in respect of any part (in this subsection referred to as the "work space”) of a self-contained domestic establishment in which the individual resides, except to the extent that the work space is either(i) the place where the individual principally performs the duties of the office or employment, or(ii) used exclusively during the period in respect of which the amount relates for the purpose of earning income from the office or employment and used on a regular and continuous basis for meeting customers or other persons in the ordinary course of performing the duties of the office or employment;(b) where the conditions set out in subparagraph 8(13)(a)(i) or 8(13)(a)(ii) are met, the amount in respect of the work space that is deductible in computing the individual’s income for the year from the office or employment shall not exceed the individual’s income for the year from the office or employment, computed without reference to any deduction in respect of the work space; and(c) any amount in respect of a work space that was, solely because of paragraph 8(13)(b), not deductible in computing the individual’s income for the immediately preceding taxation year from the office or employment shall be deemed to be an amount in respect of a work space that is otherwise deductible in computing the individual’s income for the year from that office or employment and that, subject to paragraph 8(13)(b), may be deducted in computing the individual’s income for the year from the office or employment.
Proposed new penalties for taxpayers
In the latest budget you may not have noticed, but tax preparers will be required as of January 1, 2013 to electronically file T1's and T2's or face a penalty.
Click this link to find the proposed changes and look for these section numbers for details:
S. 150.1 sets out requirements for e-file
S. 162(7.3) sets out the penalties, $25 for a T1 and $100 for a T2
What's of note is S. 162(2) which imposes a second further consequence of a failure to file a tax return of 10% of the unpaid tax plus 2% of the unpaid tax per month of default, not exceeding 20 months. That's on top of other penalties.
Tell Aunt Martha...make sure you aren't infected with this virus
Here is a good article confirming that the DNSChanger virus (which you read about recently..see my previous blog post) and it will not be the end of the world:
and right at the end, you'll find advice about how to check your computer (I did this and it took less than 5 seconds)
'...So while we wait for an Internet Armageddon that will never come (at least not from DNSChanger), here’s something you can do (and have all your friends do, as well).
Go to the DNSChanger Working Group Detect site and click the link at the bottom for your language or country. (Because you’re reading this in English, you’ll most likely click through to the main DCWG test page.)
When you get to the DNS Changer Check-Up page, you’ll see a large graphic — if it’s green, you’re fine; if it’s red, you’re infected.
There are lots of DNSChanger-fixing programs out there. I’ve not run across any infected machines yet; but if I do, my first choice for cleaning them would be Windows Defender Offline, which I wrote about in my Jan. 5 Top Story.
Yep, this is one of the tests even your Aunt Martha needs to take."
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