“Starting in spring 2018, how often you receive your GST34-2, Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return for Registrants, and what you get with it will change” >>>> click HERE to see more.
Recently we have been receiving many calls from individuals stating they are from CRA and for us to contact them immediately! It’s a scam and we know it! Sadly there is always someone out there trying to take advantage of others. CRA provides information on how to recognize, protect yourself and report deceptions, click on the following link >>>>> PROTECT YOUR SELF AGAINST FRAUD.
CRA Bulletin #IC78-10R5
Books and Records Retention/Destruction
Location of records. 9) The books and records must be kept at the person’s
place of business or residence in Canada or another place
designated by the Minister and must, upon request, be made
available to officers of the CRA for audit purposes at all
reasonable times. Books and records kept outside Canada and
accessed electronically from Canada are not books and
records in Canada. Access to electronic records means that
the taxpayer must provide an acceptable copy of the
electronic records in an electronically readable and useable
format to CRA auditors so that they can process the
electronic records on CRA equipment.
Records are organized accounting and financial documents that summarize your transactions and include the documents to support these transactions.
Full details are found >>> HERE
“This guidance on record keeping is applicable to accountants and accounting firms that are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations”
http://www.fintrac-canafe.gc.ca/guidance-directives/recordkeeping-document/record/acc-eng.asp
All employees in British Columbia are entitled to be paid minimum wage. The General Minimum wage rates increased on September 15, 2017 from $10.85 per hour to $11.35 per hour. More information on the rates are found in this FACTSHEET.
You cannot register for a GST/HST account if you provide only exempt goods and services.
You have to register for a GST/HST account if both situations apply:
For more information click >>> HERE
“A taxable supply, other than a zero-rated supply, made in a non-participating province is subject to the GST. When such a supply is made in a participating province, it is subject to the HST.
Specific rules apply to determine whether a supply is made in Canada and whether it’s made in or outside of a participating province. The rate of tax to charge for a supply is determined by the province or territory in which the supply is made, which is referred to as the place of supply.”
CLICK BELOW FOR MORE >>>>
CRA GST/HST AND PLACE OF SUPPLY RULES
GST/HST PROVINCIAL RATES TABLE
It is important to keep your business records organized, such as financial and accounting information! CRA requires that they must be kept for a “minimum of six years from the end of the last tax year to which they relate” (some keep records for 7 years to avoid confusion). More information is found on the CRA website.
As a self-employed person, you and your spouse or common-law partner have until midnight on Thursday, June 15, 2017, to file your 2016 income tax and benefit returns.
The legislated date for paying an income tax balance owing is April 30. Since that date is a Sunday in 2017, the Canada Revenue Agency (CRA) will consider your full payment as made on time if the CRA receives your payment by midnight on May 1 or if your submission with the payment is postmarked no later than that date.
If you have amounts owing and the CRA receives your return after the June 15 deadline, the CRA may charge you a late-filing penalty.
CLICK HERE FOR MORE
The Globe & Mail highlights the Federal Budget >>>>> Click HERE
BLUEWATER BOOKKEEPING CO. 