Newsletter - April 2013

Tax Fraud –
A note to our corporate clients about trying to expense personal items paid through your company. It is very important that you understand the risks you are taking. The corporate tax rate for most of you is 20%, gross negligence penalties can be up to 100% of the income. So by attempting to claim your ski lift tickets as a professional fee or putting your dog’s vet bills in repair and maintenance your risk is far greater than your reward. Also, if you are ever audited and they find fraud, odds are good they will come back to have another look in a few years. When we find these personal items, we add them back to you personally.

Changes to PST/HST/GST:
Effective April 1st BC and PEI changed back to PST and GST from HST. We would like to remind anyone who does business outside of Alberta to separate your receipts by province. For anyone who is doing business outside of Canada please keep these receipts separate as well.
Changes to OAS:
Beginning July 2013, seniors may opt to delay the receipt of OAS for up to 5 years or to the age of 70.
Who does this affect? Seniors subject to 100% claw back may consider delaying. Lower income seniors should review how this will affect them before choosing this option.
Support Payments:
Child support payments are not deductible on your personal tax return. If you are making child support payments this makes you ineligible to claim a child as equivalent to spouse. Spousal support payments are deductible only if there is an amount specified in the legal agreement. If you are making a combined child support and spousal support payment the amounts must be broken out in the legal agreement.
Child Tax Benefits:
Effective 2012 the RC62 can be split between parent’s tax returns if there is a joint custody agreement. If this is something you are planning to split please let us know in advance.
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Proposed Changes at CRA:
CRA is asking people to provide them with their e-mail information. This is to enable them to modernize their efficiency. In the next year or 2 they are hoping to be able to provide you with electronic copies of slips issued to you from CRA, Notice of Assessments, Home Buyers Plan information, RRSP deduction limits and any other correspondence that you would normally receive in the mail. Over the past 2 years we have seen large improvements in CRA’s electronic data systems. This has resulted in increased ease of access for both the tax preparer and the tax payer. Many of our clients have had favorable experiences using either of the new CRA’s payment websites.
Stock Transactions:
Many brokerage houses are issuing a T5008 slip for security transactions. Please remember that it is your responsibility to ensure that information on the slip is correct. Many of these slips are missing the ACB completely or they have the market value entered as the purchase price. These errors can have a large impact on the amount of tax owed and/or the amount of capital gain.
If you would like assistance tracking your transactions, we have a few different formats that we can provide to you and we are currently working on a new one. By tracking these yourself you can better understand your gains and losses throughout the year and save yourself the data entry charges on your personal tax bill.
Summer Season Hours:
Beginning May 1st, our office hours will switch to 8:30 am to 5:00 pm, please give us a call before popping in at noon , as some days we will close for lunch. We will be closed Mondays beginning May 12th until after labour day. Our office will also be closed on May 10th, and May 23rd as the staff is attending some training courses.
In closing I would like to thank all of you, our clients, for your patience, understanding , and support this tax season. The loss of Barry in December was more of a weight on our little family than any of us could have anticipated. It definitely made for a tough start to the season, and we are amazed that we were able to finish. We apologize if anyone’s tax took a little longer this year, and thank you again for understanding what we were all going through. It was wonderful to hear all the stories from all of you about your fond memories of our dad, and the hugs were much appreciated.
Bernadette, Brenda, and the rest of the Omni family

Omni Business Hours

Monday
08:00 - 17:00
Tuesday
08:00 - 17:00
Wednesday
08:00 - 17:00
Thursday
08:00 - 17:00
Friday
08:00 - 17:00
Saturday
Closed
Sunday
Closed

Personal Tax

At Omni Management we have over 20 years of experience in filing all levels of personal income tax. We have personal income tax clients from all across Canada, as well as into the United States. Our diversified staff members each bring important knowledge to the table, and I am sure that we will be able to take care of all your personal tax filing needs.

Corporate Tax & GST

We consider ourselves to be small business specialists, after all, we are a small business too! Our knowledge of corporate tax, bundled with our corporate registry services really makes us the complete package for the small business owner. We make every effort to maintain an excellent relationship with the Canada Revenue Agency, and therefore stay abreast of any changes or trends in the corporate tax world.

 

Bookkeeping

If you find that you are to busy working your business to handle your paperwork, or you just plain hate doing it (like most people), we can help. We offer a variety of bookkeeping services, and can even go onto your site, whatever is going to be easiest for you. We go to many seminars and workshops throughout the year in order to experience the newest accounting software packages available. We would rather work with your system than try and convert you to ours. We also offer payroll services at very competitive rates. Give us a call and we will design something to meet your needs.

Corporate Registry Services

Omni Management Services Ltd. Is one of the few accounting office to offer corporate registry services. We will help you get your business up and running, and can be there for you to maintain your registration with the province. We find that having knowledge of both the corporate registry rules and provisions and the tax act puts us miles ahead of your corner registry service. If you are thinking about starting a business, please come talk to us first.