Some interesting economic indicators for our local economy - minimum wage will be increased to $11.35/hour effective October 1; Our population has increased by about 6% over the past couple years; the Consumer Price Index for this year is 2.5%; Retail Sales are down 1.4% so far this year and the Gross Domestic product is expected to grow by 1.9%. We hope you enjoy the first official weekend of fall.
Greg Libbrecht - President, Platinum Books & Five Star Accounting
Another year of Ride Around the Lake has come an extremely successful conclusion. An incredible group of riders / organizers / volunteers came together to raise well over $260,000 - these funds will be used to build at least one Net Zero home. Thank you very much to everyone who helped support this great cause!
Greg Libbrecht, Platinum Books & Five Star
Just seven days until the 12th annual Ride Around the Lake will begin. Help us support Habitat for Humanity next week. [Click Here to make a donation]
Our office is going to be closed on labour day on September 3. We wish you and your family a fantastic last weekend before the back to school and regular September schedule!
Greg Libbrecht – President PB/FSA
Unless their parents put in place planning for post-secondary education students will owe close to $30,000 upon graduation. It is estimated 74% of students will owe this amount when they graduate and most will need even further training to be successful in their chosen field. In addition the cost of tuition for a number of specialized professions has dis-proportionately risen in recent years – putting these students at risk for even higher debt loads upon graduation.
Platinum Books / Five Star Accounting is proud to be a supporter of Habitat for Humanity. This is a great organization that provides a hand up to families that have earned the privilege. These families are very thoroughly screened and personally put in hundreds of volunteer hours helping build other homes in addition to their own home.
I hope everyone is enjoying the excellent summer weather we are having.
We just wanted to let everyone know our office hours for the months of July and August.
Monday to Thursday 0830 to 430pm
Fridays 0830 to 1pm Have a great summer!
Greg Libbrecht, President Five Star Accounting & Platinum Books
In order to celebrate our country’s birthday - our office will be closed for the July Long Weekend returning to work Tuesday July 3. Thank you for your business and placing your trust in us, and enjoy the long weekend
– Greg Libbrecht, President Platinum Books & Five Star Accounting
Midnight June 15 is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Failing to file and pay the taxes due by June 15 results late filing penalties and interest. File by midnight June 15 and avoid the 5% late filing penalty plus 1% per month on the outstanding balance for up to 12 months. If you are delinquent on paying for the second time within three years, that penalty goes up to 10% of the outstanding amount plus 2% per month for up to 20 months.
The proposed tax changes are limiting the opportunities to income split. Spousal couples that have one person making significantly less money can still take advantage of spousal Loans. As long as the loan is setup properly tax advantages to the overall tax bill can be significant. Investment income from the money will be taxed at the lower tax rate as long as the following conditions are adhered to.