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May 2013 PADGETT BUSINESS SERVICES� Vol. 11, No. 5
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Greetings!
Thank you to all our clients for another successful tax season. We look forward to providing our services to you again next year.
For our monthly and quarterly clients, this is just a friendly reminder regarding the scheduled pick up days:
{Okotoks: 3rd Wednesday of the month}
{Calgary: 3rd Thursday of the month}
Enjoy the beautiful weather that has finally arrived!
Kate, Akash, Karin & Gerald
(403) 452-8183
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Voluntary Disclosure Program
If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will be assessed.Find out more! |
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Withholding Information from Canada Revenue Agency
If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities.
What are the consequences?
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Salaries Paid to Family Members
 When deciding as to whether a salary should be paid to a family member, or more specifically to one's spouse, numerous questions arise. On one side, there is the question of the risk involved that the salary may be unreasonable and having the expense being disallowed. On the other side, there is the benefit of lower tax brackets, RRSP contribution room and unused credits.
How to make it worth!
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Canada Pension Plan (CPP) Changes January 2011 to 2016
 These changes affect you if you are: - an employee who contributes to the Canada Pension Plan (CPP), whether you are just starting your career or you are planning to retire soon;
- a self-employed person who contributes to the CPP;
- between the ages of 60 and 70 and you work while receiving your CPP retirement pension (or if you work outside of Quebec while receiving a Quebec Pension Plan (QPP) retirement pension); or
- an employer who contributes to the CPP on behalf of your employees.
- You are not to be affected by these changes if you started receiving a CPP retirement pension before December 31, 2010, and you remain out of the work force.
- The CPP operates throughout Canada, except in Quebec, where the Quebec Pension Plan (QPP) provides benefits. These changes do not apply to QPP.
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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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