April 28, 2015
Tax deadline gets extended to May 5th, 2015 for 2014.
Federal Budget Has Arrived
The Federal Budget has been released April 21, 2015. The TFSA Room goes to $10,000 from $5,500 this year. Also, less RIF income required to be removed ,the Home Accessibility Tax Credit is new and similar to the Ontario program. A small surplus/balance budget, corporate tax cut 2% over 4 years, and other changes. Lastly, T1135 threshold to report foreign assets is being simplified under $250,000 in 2015 and chages are coming to the form as some of the highlights.
Ontario Budget 2015 April 23, 2015
Ontario Budget 2015 click here
Highlights -8 pages
Charles Sousa, Minister of Finance, will deliver the 2015 Ontario Budget on April 23, 2015 laying out the government's plan for continued investments that create jobs and expand opportunity for Ontarians, while being fiscally responsible, to secure long-term prosperity and economic growth. Again, timing could not be worse as most accountants are busy with preparing tax returns to April 30th, 2015 and really don't need extra work to advise clients at a real busy time during the year. Maybe a CPA, CA as Finance Minister would understand the realaties for tax preparers and advisors that are the front line to taxpayers.
Coming soon....Succession Planning Article
If you are retiring, get disabled, or just need a back up plan in the event of a untimely death, then this is very important.
Mayl 2015 I will provide some further information on this topic.
The Canadian Federation of Business has a great brochure on this to download to get you started in the interim.
From human resource, key employee retentiion, insurance policy strategies, tax issues which include estate freezes and use of Trusts to minimize taxes are all part of the discussion today.
Fail to plan then plan to fail is a slogan often quoted during this process.
Personal Tax Season has Arrived
It is tax time and preparing your tax return is key to saving money. Doing it correctly is far more important that getting your refund 7 or 10 days quicker. The tortis vs the hare. Let me help you save your after tax money, especially with the new family tax credit and $2,000 in tax savings available to those with children under 18 years old.
Notice to Reader - Warning and Disclaimer
This monthly update was prepared on April 14, 2015.
When considering any of ideas from this article, please contact the writer directly before acting on them. This will ensure that any information has been updated.
Without contacting the writer before implementing any of these items you will bear all the responsibility for any tax assessments and or business issues that may arise from this information.
Copyright @ 2015
News Release by Government of Ontario
March 19, 2015
Ontario is raising the general minimum wage from $11 to $11.25 per hour, effective October 1, 2015. Minimum wage rates for jobs in special categories (liquor servers, homeworkers, students, etc.) are also increasing at the same time.
The increase is the result of recent changes to the Employment Standards Act, 2000 (ESA) that tie minimum-wage increases to Ontario's Consumer Price Index (CPI). This was recommended by the Minimum Wage Advisory Panel in its final report last year.
Increasing the minimum wage in a fair and predictable manner is part of the government's economic plan for Ontario. The four-part plan is building Ontario up by investing in people's talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives and building a secure savings plan so everyone can afford to retire.