BC Province Canada Revenue Agency HST Income Tax Networking
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What is TAX?
BC Province Canada Revenue Agency HST Income Tax: Canada CRA Income Tax
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How to Read Notice of Assessment and Reply to Request for Documents
Canadians tax filing deadline has passed on April 30th, 2011. And if you are one of those who have filed their tax return on time, you have probably got back your refund or if you owed taxes, paid your tax bill by now, to avoid penalties and interest.
You also probably got a Notice of Assessment from Canada Revenue Agency, explaining, how much carry forward you have for the next tax year and what is your TFSA and RRSP contribution limits for the next tax year. NOA is a very important document for you to understand and keep in file. If you do not agree with the NOA, you must file your objection in due time. If you fail to file your objection to CRA’s NOA, by law you are obligated to abide by the NOA information and data. Get help of your Tax Advisor to understand your NOA.
If your tax return was a bit complicated and you have lots of medical, tuition expense, business loss, etc., CRA will not send you a NOA. CRA will send you a 4 to 9 page letter, requesting supporting/additional documents to support your deduction claims. This letter is usually sent from CRA’s preassessment review section.
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Carrot Stick of HST Rate Cut by BC Government
On May 25th, BC Finance Minister once again put a carrot stick in front of BC Residents of HST rate cut, to save the HST from HST opponents.
Yes, HST is costing consumers more money as different surveys have proved it. The positive effects of HST have not materialized yet. We have not seen a spike in employment but we have certainly experienced a spike in expense.
But now the new proposal of 10% tax rate from 2014 sounds really good. Why they could not make this rate effective from 2012 is beyond my understanding.
From consumer points of view, this is an overall lowest tax rate in Canada, when it will come in effect. From business point of view, they will still recover the 10% HST, which will include the 5% PST portion. So, they are better off too.
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taxsuppport.ca in B.C. Film Maker Directory
Vancouver in the movie making community is also known as Hollywood North.
The B.C. HST is a direct financial incentive for the Hollywood movie making industry to come to B.C. for on location filming. Many TV series and Feature film are being shoot in B.C.
B.C. film industry is supported by a host of companies, providing every kind of support services from snow making to pyro technique works.
A comprehensive listing of these specialized support service companies are indexed and published twice a year by Surrey based print publication company Western Filmmaker.
At Five Star Financial Services, we are pleased to announce our inclusion in the Western Filmmaker Fall 2010 directory as an Accounting and Tax service provider of B.C. film industry.
We are IRS authorized U.S.A. income tax service provider and U.S. Quickbooks Advisor. We are among a group of select companies in B.C. that can provide comprehensive and full cycle accounting and tax service for both the U.S.A and Canada.
HST! a Lesson Learned by BC Politicians
TAX! No one liked to be taxed.
Even it’s good for the economy.
BC politicians thought since they understand the goodness of HST, rest of the BC will follow their lead and will accept a 7% tax increase.
Unfortunately they underestimated the BC residences. Power of the people. It is so exciting to see that people’s voice mattered and with that BC residences brought down leaders of both the parties.
Even a bribe of 15% income tax cut by departing Premier could not help him to stay in power.
Updating……