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!
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