Tax Time is Here, What are you upto?
Yes, it is tax time for a group of tax payers in Canada and USA. I have been
busy in many ways, helping and educating my friends and clients ins and out of
taxes and how they should pay their fare share of tax. If you have extra money
and afford, we all should open our hearts for the people in Japan at this time.
Here are some information about me and what I have been upto recently.
Friend Friday at The Network Hub in Vancouver.
Tax Tips for Business Owners at the Vancouver Business Network Meetup.
Tax Tips for Everyone at the Vancouver Business, Marketing, & Entrepreneur Meetup.
Tax Tips for Online Business Owners at the Vancouver’s ‘Online Business Optimization’ Meetup.
Feel Free to Contact me, if you have any burning question about your specific Tax Situation.
Tax Tips in Vancouver, Canada
If British Columbia was a Business, It would be Bankrupt
On Wednesday February 16th, 2011 BC Finance Minister Colin Hansen announced British Columbia’s Provincial budget. The most interesting fact I take out about reading the budget that BC budget is running on deficit.
Current Provincial debt stands at about $53 billion and in two years time, it could reach $60 billion.
If a CEO or Manager decides to run a business like the way BC Provincial Government running the Province, they would have been fired long time ago and probably the business would go out business too.
There is no plan in the budget, to reduce the deficit of $53 billion.
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Canada Corporations Need Our Help
Who says you can’t have fun with Tax? This is beyond SNL sketch. I enjoyed all the video clips. Nuella is witty and crispy funny in another level. Canadian corporations need tax cuts. Who is going to come up to fill the void? Its you and may. Watch the clip below..
Canadian Job Gain A Long Way To Go
Officials always potray an optimistic scenario. StatCan previously said in a press release before the job data was compiled that Canada Employment is pre recession level.
Statistics Canada reported a revision to its Labour Force Survey that shows as of December, Canada’s economy is still 30,000 official jobs below the employment peak hit in October 2008.
Statistics Canada data shows Canada’s population was 33,441,300 in October 2008 and 34,238,000 in October 2010 — a difference of 796,700.
For December 2010, overall employment was revised down 0.6 per cent, mostly the result of a downward revision of the population aged 25 to 54.
Accordingly, the revised Labour Force Survey shows as of December, Canada’s economy is still 30,000 official jobs below the employment peak hit in October 2008.
Canada Corporation Tax Rate Is Going Down
There is a campaign going on right now, that will decrease the corporation income tax rate further from the 15% tax rate that will hit in 2012.
The idea behind reduction of corporation tax rate is that these tax cuts will create more jobs in the economy in the time of recession.
It turns out the people who are looking for jobs or work in the corporation are not in favour of corporate income tax rate cut.
In 2007, the House of Commons approved a series on annual income tax rate cuts starting 2011. On New Year’s day, the corporate tax rate dropped by 1.5% from 18% of income to 16.5%. Next year the final tax rate will come into place and reduce the corporate income tax rate to 15%. It is hoped that with the additional money saved from the tax cuts, corporation will expand their operation and hire more employees.
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