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 December 2013                          PADGETT BUSINESS SERVICES®                     Vol. 11, No. 12

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Greetings!  

 

As 2013 draws to a close, it is time once again to take advantage of the many personal and business tax-planning opportunities that are still available. This edition of the SmallBiz Builder provides numerous ways to save on taxes in 2013 and beyond.

 

FRAUDULENT E-MAILS - PROTECT YOURSELF

The CRA is warning Canadians that fraudulent e-mails purporting to be from the Agency are currently circulating. To see examples of these scams and to find out how you can protect yourself click here!  

 

From all of us at Padgett Business Services Calgary SE & Okotoks, we wish you a Happy Holiday season.  

 

We look forward to connecting with you in 2014!

 

HOLIDAY OFFICE HOURS - Calgary SE & Okotoks

December 20, 2013 - 10:00am to 2:00pm

December 23, 2013 - Closed

December 24, 2013 - Christmas Eve - Closed

December 25, 2013 - Christmas Day - Closed

December 26, 2013 - Boxing Day - Closed

December 27, 2013 - ClosedPadgett Business Services

January 1, 2014 - New Year's Day - Closed

   

Sincerely,

 

Karin & Gerald

(403) 452-8183
In This Issue
Eligible Deductions & Credits
Use Capital Losses
Other Tax Planning Issues
Contribute to your RRSP
$750,000 Capital Gains Ddeduction
Padgett Business Services
Find out what expenses to pay by December 31, 2013 to be eligible for the deductions of credits!
Use Capital Losses
 
You can use your 2013 capital losses to reduce your current year's income taxes by  applying such losses against your 2013 capital gains. You must however be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.

Read full article

Other Tax Planning Issues
padgett business services

Head over to our blog to see a complete list of other tax planning issues!

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Contribute to your RRSP

The most popular tax tool available to taxpayers is investing in a registered retirement saving plan (RRSP).

Contributions to RRSP's are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim a contribution of up to 18% of 2013 earned income to a maximum of $23,820.

 

Read full article 

$750,000 Capital Gains Deduction
 
You can make use of the lifetime $750,000 capital gains deduction if you dispose of shares  in a qualified small business corporation, a qualified farm property, or a qualified fishing property.

 Read article 
Padgett Business ServicesPadgett 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.