Our office will be Closed Monday July 1, 2019
In Celebration of Canada Day
Wishing you and your family & friends
A great day celebrating our nation’s birthday
The Government of Manitoba has confirmed the rate for PST (RST) is being reduced effective July 1, 2019 from 8% to 7%. Welcome news for those of us that have to charge it and of course those who have to pay it. The 7% sales tax rate applies to goods purchased after June 30, 2019 including goods for which the purchaser made a deposit on the purchase.
The existing 8% rate applies to Goods purchased before July 1 on credit or deferred payment arrangements where the payment is made after June 30, 2019. It also applies to goods fully paid for before July 1, 2019 but delivery is taken on or after this date. Contracts for services entered into before March 7, 2019 are taxable at 8% for services provided up to June 30, 2019
April 30th has come and gone now a number of business people and their accounting professionals are focused on Midnight June 15th. This is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Any balance owing for the 2018 tax year was due April 30th.
April 30th has come and gone now a number of business people and their accounting professionals are focused on Midnight June 15th. This is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Failure to file and pay the taxes due by June 15 results late filing penalties and interest.
Online banking has opened up new opportunities for consumers to earn higher interest rates on their money . Online banks do not have to support bricks and mortar and as a result offer higher interest rates to their clients.
As with any new way to do business, it has also attracted fraudulent operators who are attempting to defraud people of their money. Before putting your money in with an online bank or credit union check them out to be sure they are legitimate.
Just a reminder - our office will be closed on Friday, April 19.
Wishing you a very Happy Easter filled with plenty of love and happiness.
Greg Libbrecht and the Team at Platinum Books & Five Star Accounting
Effective April 1 the Federal Government imposed tax is in place in Manitoba, Saskatchewan, Ontario and New Brunswick. The Federal Tax is $20 per tonne this year and will increase annually by $10 per tonne until it reaches $50 per tonne in April 2022.
This year the price of a litre of gas will increase by 4.4 cents, about 4 cents a cubic metre of natural gas and it will drive up the price of propane, butane and aviation fuel. Here in Manitoba we saw the impact immediately as prices at gas stations increased on April 1. Businesses and consumers will be paying more for many items they purchase.
• Annual Deficit for 2019-2020 – estimated to be $19.8 Billion and will continue to run deficits for the foreseeable future
• Corporate Tax – no changes to federal corporate income tax rates or the small business limit for 2019
• New Canada Tax Training Benefit – includes a Training Credit of $250/year to a maximum of $5,000 and EI Training Support that includes 4 weeks of income support every four years at 55% of the worker wages
• Home Buyers’ Plan proposes first time home buyers can withdraw up to $35,000/ per person from their RRSP tax free
• Individual Pension Plans (IPPs) – assets transferred to an IPP in respect of benefits attributable to employment with a former employer that is not a participating employer will be included in the income of the member for tax purposes
City of Winnipeg Budget Highlights:
It is that time of year again - we need to finalize all of our income reporting requirements. The last day of February is the deadline for issuing:
T4 Slips - Employment Income
T4A Slips - Commission Income
T5 Slips - Investment Income