It’s that time of year again. Government budget season is upon us. British Columbia is the second province to bring down a budget this year. The focus of their budget was child care, affordable housing and services. There was some provincial sales tax (PST) changes announced to help fund these initiatives. British Columbia imposes a tax on passenger vehicles based on the value of the vehicles. Graduated tax rates, or luxury tax rates, start where the vehicle is valued at $55,000 at which point there is an additional 1% tax applied at the time of sale of the vehicle for a total tax of 8%. The current luxury tax rate for vehicles valued at $57,000 and over carries a 10% tax (12% for gifts and private sales). The British Columbia budget added two additional categories of luxury tax rates as follows: Read More
Archive for Budget
If profits are up and the projections look good for the next month or two, should you kick back and relax? Maybe not. No matter how positive other signs may be, if you’re not keeping a close eye on your company’s cash flow, things could go haywire.
Even a temporary crunch resulting in late debt payments could cause your credit rating to fall and your cost of borrowing to rise. If you miss a loan payment or two, the lender might even call the loan. Here are some suggestions to help you maintain a healthy cash flow. Read More
This bill implements certain measures announced in the 2017 federal budget. Bill C-63 also includes catch-up measures previously included in September 16, 2016 draft legislation, measures related to the principal residence exemption, and some specified cooperative income measures. Bill C-63 also contains some GST/HST measures related to pension plans and drop shipments, and other indirect tax measures that were previously released in draft legislation on September 8, 2017 (see TaxNewsFlash-Canada No. 2017-50). Read More
The Minister for Finance, Public Expenditure and Reform Paschal Donohoe T.D delivered his first Budget on 10th October 2017 which concentrated more on expenditure than on tax changes. The Minister announced a number of positive measures to assist small and medium sized enterprises prepare for “Brexit” as well as confirming Ireland’s commitment to the 12½% corporation tax rate. We are pleased to bring you our summary of the tax measures set out in Budget 2018.
“You’ve got to be very careful if you don’t know where you’re going, because you might not get there.” —Yogi Berra
It is not always easy to interpret Yogi. In this case, perhaps he is advising you to figure out just where you are headed in your business. As you near the time when you will leave behind the daily worries and stresses of business ownership, have you defined your successful exit? Do you know where “there” is, much less how to get there? Unless you set and prioritize your exit goals or objectives, you may have too many, or they might conflict, but in either case you may not make much headway.
During February 2016 the beleaguered South African Minister of Finance, Minister Pravin Gordhan, made a serious attempt to balance government’s books.
Gordhan was called back after Minister Nene was removed from his position, by President Zuma early December 2015. The true reason for this politically motivated musical chairs, appointing three ministers in less than 4 days, remains a mystery. Point is Nene was removed and Gordhan had to step in and rescue the cash flow and ensure the country did not face junk status.
The Minister for Finance Michael Noonan T.D. presented his 2016 Budget yesterday which outlined a wide range of changes to the tax system with particular emphasis on personal taxation, initiatives to begin equalising the tax treatment of the self-employed and employees as well as steps to support businesses in Ireland.
The key features of today’s Budget are outlined below.
PERSONAL TAX
Universal Social Charge
Comprehensive changes were introduced to the Universal Social Charge for 2016 which are aimed at reducing the tax burden on low and middle income earners. Read More
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