Bookkeeping and More strives to stay current with all of the tax changes that may affect your bottom line. Depending on what industry you are in, you may be able to take advantage of these new changes.
For example, did you know that the ceiling for qualifying for the Quick Method for GST/HST has doubled? Vehicle mileage rates have increased for 2019 as well as CPP and EI contribution maximums and rates.
How do the new changes to CPP contributions affect you?
On October 3, 2016, the Government made an administrative change to Canada Revenue Agency's reporting requirements for the sale of a principal residence.
You are not required to have your tax returns prepared by an accountant?
Vehicle Mileage RatesVehicle mileage rates have changed effective January 1, 2019
Reasonable allowance rates, for 2019, are:
58 cents per kilometer for the first 5,000 kilometers driven; and 52 cents per kilometer driven after that.
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/bnfts/tmbl/llwnc/menu-eng.html
In the Northwest Territories, Yukon, and Nunavut, there is an additional 4ยข per kilometer for travel.
Documenting the use of a vehicle
http://www.cra-arc.gc.ca/whtsnw/lgbk-eng.html
There are different methods available for calculating your GST/HST return in addition to the Regular Method of reporting
Does your company earn $400,000.00 or less in a year?
There is the Quick Method of reporting GST/HST
http://www.cra-arc.gc.ca/E/pub/gp/rc4058/README.html
Does your company earn $1,000,000.00 or less in a year?
There is the Simplified Method of reporting GST/HST
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/bspsbch/itc-cti/cptl/rl-eng.html#simplified
To see if you qualify, click on the links above, or visit the Canada Revenue Agency's website for more information. If you qualify, these alternate methods may reduce the amount you have to remit for GST/HST.
Tax ReturnsNot filing your returns on time or adequately can have consequences that you may not be aware of.
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/hwpyrllwrks/pnlty/menu-eng.html
What's new in Canada Revenue Agency's neighbourhood?
Principal ResidenceStarting January 1, 2016, you have to report the sale of your principal residence for individuals on your personal income tax return in order to claim the principal residence exemption.
If you operate a business out of your home, this could have consequences.
http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html
Pensionable Earnings (Canada Pension)
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/cpp-rpc/cnt-chrt-pf-eng.html
Changes to the rules for deducting Canada Pension
You may be collecting your pension and with the new rules, you may also have to continue contributing to CPP (in other words, you still have CPP being deducted off your pay, as this was not the case previously. If you were collecting your Canada Pension and continued to work, you did not have CPP deducted from your pay).
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/cpp-rpc/cppchng-eng.html
Employment Insurance rates and maximum insurable earnings...
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/ei/cnt-chrt-pf-eng.html
Want to know what rates you pay for payroll, interest to or from CRA on overdue accounts or refunds, currency exchange rates, etc...
http://www.cra-arc.gc.ca/tx/llrts/menu-eng.html
