Venture Tax Services

Venture Tax Services updated their business hours.

Time to go through all the changes for 2018 to see how you can save more money on taxes this year! Check out our latest Tax Tips & Traps, Year End Planning Newsletter
https://www.venturetax.ca/pages/tax-tips

Venture Tax Services Issue #120 - 2017 — Fourth Quarter Issue #119 - 2017— Third Quarter Issue #118 - 2017— Second Quarter Issue #117 - 2017 — First Quarter

Thanks Red Deer!!

https://threebestrated.ca/tax-services-in-red-deer-ab

3 Best Tax Services in Red Deer, AB - Top Picks March 2018

Issue 121 - Tax Tips & Traps is a Great Read. Income Sprinkling, Ma*****na & Business Failures.

http://www.venturetax.ca/pages/tax-tips

Venture Tax Services Issue #121 - 2018 — First Quarter Issue #120 - 2017 — Fourth Quarter Issue #119 - 2017— Third Quarter Issue #118 - 2017— Second Quarter Issue #117 - 2017 — First Quarter

3 Mistakes to Avoid in Your RRSP Royal Bank of Canada (TSX:RY)(NYSE:RY) and The Coca-Cola Co. (NYSE:KO) can be a part of your retirement plan.

Here are the Canadians most likely to get a tax audit this year If you're one of them, be prepared.

CryptoCurrency... points to ponder

multibriefs.com

Here's what you need to know about the Canadian tax implications of cryptocurrencies Those trading or investing in this popular field should know that buying and selling through their anonymous virtual wallets will not shield them from tax obligations.

While we will be closely monitoring these proposals for more details, at this time we don't think this will affect the majority of our client base. The corporate tax rates are not changing, just the way money taken from the corporation is being handled. We will be in touch with our corporate clients soon. Please don't hesitate to give us a call with any questions you may have on this. - Mark

http://globalnews.ca/news/3714143/justin-trudeau-no-apologies-tax-changes/http://globalnews.ca/news/3714143/justin-trudeau-no-apologies-tax-changes/

Justin Trudeau ‘will make no apologies’ for proposed tax changes that anger small business owners Justin Trudeau says he's paying attention to the growing dissent over his government's controversial plan to eliminate tax incentives that he insists only benefit wealthy small business owners.

Venture Tax Services updated their address.

Bank of Canada increased it's interest rate to 0.75% last night.
Come by our new location and drop in for more information on how this affects you, your home and your business.

http://www.huffingtonpost.ca/2017/07/03/canadians-of-all-income-levels-are-worried-about-housing-prices_a_23014304/

Canadians Of All Income Levels Are Worried About Housing Prices Only two per cent of Vancouverites find housing affordable.

Come and visit us at our new location
4732 50th Street, Red Deer, AB

Venture Tax Services updated their information in their About section.

Did you catch the latest "Tax Tips and Traps?" http://www.venturetax.ca/pages/tax-tips

Some great info on the Sharing Economy
ie) accommodation sharing, ride sharing, music and video streaming, online staffing, and peer/crowdfunding

Venture Tax Services Issue #117 —January 2017: Principle Residence Rules; Payroll Advances; Offshore Accounts Issue #118 — April 2017: Employment Insurance, Sharing Economy Issue #119 —July 2017: Pending

~~Coming Soon~~
A fancy new location, just down the street. Stay Tuned Tax Friends!

A student's guide to surviving tax season

Andrew Seale,Yahoo Finance Canada

While there aren’t many major changes compared to last year, Jonathan Braun, manager of tax and estate planning with Investors Group offered a refresher on the current deductions and credits Canadian students can use to lessen their tax burden for 2016.
Tuition tax credit

With the non-refundable tuition tax credit, post-secondary students can recoup 15 per cent (the lowest federal income tax rate) of total tuition fees paid, provided you paid more than $100 for the courses in 2016.

“But students may not necessarily have the income to use those credits,” explains Braun. In that case, they can carry them over until they graduate and are making enough income to use the credit or they can transfer them to their parents, grandparents or spouse. “The limit is $5,000 transferred for only the current year.”

The 2017 federal budget extends who is eligible to claim the tuition credit to include occupational skills training taken at a post-secondary institution — but that won’t be available until the 2017 tax year.

Education and textbook credits
Both the education and textbook credits are on the way out, but you can still claim the non-refundable credits for the 2016 tax year. With the education tax credit, your educational institution will issue one of these forms (either a T2202A or a TL11) highlighting the months you were in school, and you can get $400 per month if you’re a full-time student and $120 per month if you were a part-time student. For textbooks, you get $65 per month as a full-time student and $20 per month as a part-timer.
“If the student has been claiming the education and textbook amounts in the past and they’ve accumulated these credits and carried them forward, they will continue to carry forward,” says Braun. “They just won’t be able to claim them from 2017 going forward.”

Claiming interest on a student loan
If you paid interest on a student loan in 2016 you can also claim that as well as any interest paid over the last five years you’ve yet to claim. But there’s a catch, says Braun.
“This is only from the government’s student loan programs,” says Braun. “If a student is thinking of consolidating and refinancing their debt, they would want to leave that (government) loan as is… typically your interest would be lower on a government loan anyways.”

Canada employment amount
Students picking up a bit of cash on the side can claim a “dollar for dollar”-based credit of $1,161 under the Canada employment amount, says Braun. It may not sound like a lot when you’re forking over thousands in tuition but it reduces your tax somewhat and any little bit helps, right?

Childcare costs
Taxpayers incurring daycare costs for someone to look after kids, while their working, carrying on a business, attending school or carrying on research funded by a grant can deduct those expenses. “Typically the expenses need to be deducted by the lower income spouse,” adds Braun.

Provincial goodies
Braun also recommends checking your provincial government’s tax resources.
“Each province has their own special tax credit,” he says, pointing out that some have credits based on rent or property tax paid and other provinces have their own tuition credits as well. “The intent of these programs is usually to keep the students within the province after they graduate so their skills and knowledge can be used in that province.”

Whether you’re a student or not, Braun recommends hiring a professional, someone who understands your situation, or at the very least being diligent when you file your taxes.
“You may miss out on a credit you’re otherwise entitled to,” he says.

Sorry Folks for not writing an update... it's been busy this week after CRA fixed their problem last Sunday. We are back up and running... watch for new website coming soon... Mark