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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).

Deadline Extended for 2013

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The government introduced a new measure for the 2013 tax year, requesting that additional information be provided regarding additional information on investments held outside of Canada. For many Canadians, the reporting of this information has proven difficult, and the government has extended the deadline for filing this information to July 31, 2014. The deadline for future years will be April 30th.

Did You Know… Old Age Security and Wages

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As a senior, you can receive up to $3,500 of wages without affecting the amount you receive from the supplement to Old Age Security. This can be a useful tool to consider if you have a senior who is residing with you and is helping out with your farm or business. This amount would be tax free to the recipient, but could be a tax deduction to the farm or business owner.

CPA Fall Leadership Conference

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The Kemp Harvey Group was well represented at the recent CPA Fall Leadership conference in Victoria.  There was an excellent tax update and lots of information on the CPA merger.  There was a Mardi Gras night of fun on Friday night and Saturday was the awards dinner.  It was so nice to see all the hard workers honoured and we look forward to the pictures that will post soon, but for now, here are a few.

Cynthia Hamilton from the Burnaby office received the Harold Clarke award

Cynthia Hamilton from the Burnaby office received the Harold Clarke award

A close up of the award - it looks fragile!

A close up of the award – it looks fragile!

Greatly looking forward to next year!