#1 - 572 39th St N
Lethbridge, Alberta
T1H 6Y2
P: 403-381-6806
F: 403-320-6332
Canada Pension Plan (CPP) -The CRA has introduced new legislation that will affect your CPP deductions on your T4’s. Effective January 1, 2012, all employees between 60 and 65 years old must have CPP deducted from their pay, even if you are collecting CPP. If you are between 65 and 70, CPP will continue to be deducted from your pay unless you elect to stop contributing.
The CRA is still cracking down on personal vehicles. To help
ensure you don’t have any problems claiming your vehicle expenses
we are strongly recommending that EVERYONE keep a log book to keep
track of how many kilometers are for personal and business use.
There are a few ways you can track your mileage:
1. Keep a Pocket Calendar in your vehicle (we can provide you with
one)
2. Use an iPhone app, there are several available and are free
or inexpensive
3. Use OdoTrack, a unit that you put in your vehicle to track
mileage
**Note: If you are not incorporated you CANNOT claim a per kilometer expense, you must keep all receipts.
If so, you may be eligible to receive a tax credit of up to $2000 per year on each eligible apprentice to claim on your personal tax return. Make sure you obtain a copy of the apprenticeship board contract to support your claim. Visit www.red-seal.ca to see if you operate in a red-seal trade.
Starting April 1, 2013, B.C. will begin to reverse the HST rules
and go back to the GST + PST programs. This process is expected to
take up to 18 months
Starting February 4, 2013 the Royal Canadian Mint will
officially stop circulating the penny. You DO NOT have to adjust
your cash registers to deal with the elimination of the penny as
all non-cash transactions will be charged and paid as usual.
Cash transactions will be rounded to the nearest nickel. For
Example:
Round Down Round Up
$1.01 or $1.02 = $1.00 $1.03 or $1.04 = $1.05
$1.06 or $1.07 = $1.05 $1.08 or $1.09 = $1.10
*EXAMPLE: if an item costs $1.89 - Cheque or Credit/Debit Card –no
rounding - Cash –round up to $1.90