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February 2013 PADGETT BUSINESS SERVICES� Vol. 11, No. 2
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Greetings!
Personal tax return filing deadlines:
Your personal tax return for 2012 has to be filed on or before April 30, 2013
Self-employed persons:
If you or your spouse or common-law partner carried on a business in 2012, your return for 2012 has to be filed on or before June 15, 2013. However, if you have a balance owing for 2012, you still have to pay it on or before April 30, 2013.
Call us today to book your appointment!
Kate, Akash, Karin & Gerald
(403) 982-8828
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2013 Tax System Indexation
On January 1, 2013, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 2.0%.
See the list
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2013 Automobile Deduction Limits and Expense Benefit Rates for Business
 The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.
Read full article
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Registered Retirement Savings Plan Contribution Deadline
The Registered Retirement Savings Plan Contribution Deadline is March 1st, 2013
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2013 Rates and Maximums Chart
CPP/QPP-2013
| Year's Maximum Pensionable Earnings | $51,100.00 | | Year's Basic Exemption (by pay period type): | | - Annual | $3,500.00 | | - Monthly (12) | $291.66 | | - Semi-Monthly (24) | $145.83 | | - Bi-Weekly (26) | $134.61 | | - Weekly (52) | $67.30 | | Maximum Contributory Earnings | $47,600.00 | | Contribution Rate-Employee/Employer | 4.95% | | Contribution Rate-Self-Employed | 9.9% | | Maximum Contribution-Employee/Employer | $2,356.20 | | Maximum Contribution-Self-Employed | $4,712.40 |
See EI and TD1 tables
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 Padgett Business Services is dedicated to meeting the tax, government compliance, profit & financial reporting and payroll needs of businesses with fewer than 20 employees in the retail and service sector of the economy. This publication suggests general business planning concepts that may be appropriate in certain situations. It is designed to provide complete and accurate information to the reader. However, because of the complexities of the tax law and the necessity of determining whether the material discussed herein is appropriate to your business, it is important you seek advice from your Padgett office before implementing any of the concepts suggested in this newsletter.
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