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Kelowna Office at New Location

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We are open for business at our new location – Unit 203, 1740 Gordon Drive. We are on the corner of Gordon Drive and Highway 97 in the same building as Dairy Queen with ample parking located behind the office.

T: 250.763.8029
TF: 888.763.8029
F: 250.763.5155
E: kelowna@khgcga.com
W: www.khgcga.com

We’d love to have you stop by and see our new office!

moving

Burnaby Customer Appreciation Annual W&C

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Yes, we are at it again.  We want you to wine, but we want to whine.  So please join us on Thursday, December 11, 2014 from 2pm to 5pm at the Burnaby office and we will, once again, regale you with tales of accounting suspense and intrigue and tails of cat accountant pictures from our FaceBook page (our most popular section!).

If you are able to let us know you are coming by we would appreciate it but it isn’t expected – we’d love to see you.

This year, we are collecting donations for the Pacific Assistance Dogs Society (PADS).  Please come by and learn more about these fine people.

Thanks to all our fabulous clients and we look forward to seeing you.

Our 2014 Customer Whine & Cheeze

Our 2014 Customer Whine & Cheeze

RRSPs for those Canadian Residents who have US obligations

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The IRS announced on October 7 2014 that they would make it easier for taxpayers who hold interests in either Canadian RRSPs or RRIFs.    They announced that the Form 8891, that form that you had to report RRSP/ RRIF transactions, will be eliminated.  So if you are one of the many people with US filing obligations who had an RRSP after the mid 90’s, and you forgot to attach that 8891 to your 1040, you are absolved.  The IRS noted in their announcement:

“…Many taxpayers also failed to comply with another requirement; namely that they file Form 8891 each year reporting details about each RRSP and RRIF, including contributions made, income earned and distributions made. This requirement applied regardless of whether they chose the special tax treatment. The IRS is eliminating Form 8891, and taxpayers are no longer required to file this form for any year, past or present…”

http://www.taxsamurai.com/2014/10/form-8891-an-obituary/

Photo borrowed from http://www.taxsamurai.com/2014/10/form-8891-an-obituary/

 

 

It is really important to note that it does NOT mean you don’t have to file any FBAR or 8938 forms – or any pesky form under FATCA.  Read the announcement or the exact details as issued for further information

Instalments Required on Taxes

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If you owed over $3,000 when you filed your 2013 tax return, and you owed over $3,000 in either 2011 or 2012, you will be required to make instalment payments.

You will receive a letter in late July if you are required to make these payments.

In the first year, you will be required to make payments equal to one half of the tax owing in September and December, and then one quarter in March and June of next year.

You will be charged interest if you miss your instalment payment, or do not pay the entire amount, at the CRA’s current rate of interest. The interest will be charged from the date the instalment was supposed to have been made.

There are no direct penalties for missing an instalment payment. However, if the interest owing on your instalment payments is over $1,000 for the year, the government will charge you a penalty based on the amount of interest you ended up owing.

If you have underpaid one instalment, you can reduce your instalment interest by paying a future instalment early.

Did You Know…Collecting GST

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You can start collecting the Goods and Services Tax Credit (GST) starting with the first quarterly payment that is issued after you have turned 19. For instance, if your 19th birthday falls in August, your first payment will be issued in October. You must file a tax return for the previous year in order to receive the credit. A student earning less than $8,965 in the previous year will receive a total quarterly credit of $95.87, included the British Columbia Low Income Climate Action Tax credit (BCLICATC).