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.
more »
Top Ten Tax Tips From Late Night Show
Here is the top ten tax tips from one of the late night’s talk show, David Letterman. Not bad for a good laugh.
10 More Days Left to File Your 2010 Income Tax Return
2010 Income Tax Deadline
If you don’t owe any tax and expecting a refund, you do not need to worry. CRA is more than willing to keep your refund, until you get the time to claim it.
What are the consequence of not filing your 2010 tax return by the tax filing deadline, which falls this year on May 2nd?
There are two types of late filing fees. One is the late-filing penalty and the other one is interest on the balance owning starting May 3rd, 2011.
more »
Are You Running a Business?
As business finance professional I always meet enterprising young men and women, trying their toes in the water of entrepreneurships. It is exciting to see someone taking charge and go with their dream and vision and make their mark in the business world.
But if we go by statistics for someone really surviving in making their business a success, it is hardly encouraging. 95% of businesses fail to survive in the first two years. Many entrepreneurs give up their dream of being successful and join the common work force of 9 to 5 jobs.
more »
Personal Income Tax Measures in Federal Budget of 2011
Highlights of Personal Income Tax Measures in Federal Budget of 2011. This is very important information for families, self employed, sole proprietors and partnership businesses.
These tax incentives will cost the federal government about $35 million in 2010-11 and rising to $168 million in 2012.
Non-refundable Tax Credits ( Important to know, that you do not get any tax refund for these credits. These tax credits only can reduce your existing tax bill and give you a bigger share of tax refund).
more »