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PARMAR ADVISORS INC.
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Small Bussiness Accounting & Business Advisory
Small Bussiness Accounting & Business Advisory

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Filing due dates for the 2014 personal tax return

- Generally, your return for 2014 has to be filed on or before April 30, 2015.

- If you or your spouse or common-law partner carried on a business in 2014 (other than a business whose expenditures are primarily in connection with a tax shelter), the deadline to file your 2014 income tax and benefit return is midnight on June 16, 2015, because June 15, 2015 falls on a Sunday. However, if you have a balance owing for 2014, you still have to pay it on or before April 30, 2015.

- If you are the legal representative (the executor, administrator, or liquidator) of the estate of an individual who died in 2014, you may have to file a return for 2014 for that individual. The due date for the final return will depend on the date of death and whether or not the deceased or his or her spouse or common-law partner carried on a business in 2014.

For all your accounting, taxation and business advisory needs contact us at 604-897-7591 or visit us at www.parmarca.ca

Disclaimer: The information on this website is for general information only and is not intended to be a substitute for professional advice. Each person’s situation is unique, and a designated professional accountant can assist you in using the information on this website to your best advantage. The author of this post strives, but does not guarantee, to provide information which is current and accurate. Due to the nature of the information, it should not be relied upon for decision making without talking to a designated professional accountant. By obtaining information from this post/website, you fully release Parmar Advisors Inc., Chartered Accountant of any liability that may arise from using this information.
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GST/HST credit - You no longer have to apply for the goods and services tax/harmonized sales tax (GST/HST) credit. When you file your return, the Canada Revenue Agency (CRA) will determine your eligibility and will advise those who are eligible to receive the credit. If you have a spouse or common-law partner, only one of you can receive the credit. The credit will be paid to the person whose return is assessed first. The amount will be the same, regardless of who (in the couple) receives it.

For all your accounting, taxation and business advisory needs contact us at 604-897-7591 or visit us at www.parmarca.ca

Disclaimer: The information on this website is for general information only and is not intended to be a substitute for professional advice. Each person’s situation is unique, and a designated professional accountant can assist you in using the information on this website to your best advantage. The author of this post strives, but does not guarantee, to provide information which is current and accurate. Due to the nature of the information, it should not be relied upon for decision making without talking to a designated professional accountant. By obtaining information from this post/website, you fully release Parmar Advisors Inc., Chartered Accountant of any liability that may arise from using this information.
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Wishing you and your family a very Merry Christmas. May this joyful season greet you with health and happiness.
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IMPORTANT FACTS FOR UPCOMING TAX SEASON

Children's fitness amount - Under proposed changes, the maximum amount of eligible fees for each child has increased to $1,000.

Search and rescue volunteer amount - As a search and rescue volunteer, you may be able to claim an amount of $3,000.

Family Tax Cut - A proposed non-refundable tax credit of up to $2,000 is available to eligible couples with children under the age of 18, and is effective starting with the 2014 tax year.

Universal Child Care Benefit (UCCB) - Under proposed changes, this benefit is being increased for children under age six. Effective January 1, 2015, parents will be eligible for a benefit of $160 per month for each eligible child under the age of six - up from $100 per month. Under proposed changes to expand the UCCB, parents may also receive a benefit of $60 per month for eligible children ages six through 17. Payments of the additional amount and expanded amount will start in July of 2015.

Emergency services volunteers - Rules for the $1,000 exemption for emergency services have changed.

Adoption expenses - The maximum amount of eligible expenses for each child has been increased to $15,000.


For all your accounting, taxation and business advisory needs contact us at 604-897-7591 or visit us at www.parmarca.ca

Disclaimer: The information on this website is for general information only and is not intended to be a substitute for professional advice. Each person’s situation is unique, and a designated professional accountant can assist you in using the information on this website to your best advantage. The author of this post strives, but does not guarantee, to provide information which is current and accurate. Due to the nature of the information, it should not be relied upon for decision making without talking to a designated professional accountant. By obtaining information from this post/website, you fully release Parmar Advisors Inc., Chartered Accountant of any liability that may arise from using this information.
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Foreign Income Verification Statement

Form T1135, Foreign Income Verification Statement, must be filed by:

- Canadian resident individuals, corporations, and certain trusts that, at any time during the year, own specified foreign property costing more than $100,000; and
- certain partnerships that hold more than $100,000 of specified foreign property.

For all your accounting, taxation and business advisory needs contact us at 604-897-7591.

www.parmarca.ca

Disclaimer: The information on this website is for general information only and is not intended to be a substitute for professional advice. Each person’s situation is unique, and a designated professional accountant can assist you in using the information on this website to your best advantage. The author of this post strives, but does not guarantee, to provide information which is current and accurate. Due to the nature of the information, it should not be relied upon for decision making without talking to a designated professional accountant. By obtaining information from this post/website, you fully release Parmar Advisors Inc., Chartered Accountant of any liability that may arise from using this information.
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Canada Revenue Agency Business Tax Reminders mobile app

Remembering tax deadlines just got easier for small and medium-sized businesses, thanks to the new Business Tax Reminders mobile app.

The Canada Revenue Agency (CRA) new Business Tax Reminders mobile app is available now on Apple iOS (iPhone, iPad, iPod touch), Google Android (smartphone and tablet), and BlackBerry devices.

www.parmarca.ca
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Do you hold an interest in some type of foreign property? CRA requires you to file the T1135 form if you hold an interest in a foreign property with cost of $100,000 and more. Failure to file may result in a penalty of $25 a day up to a maximum of $2,500 per year.
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