by Pinnacle | Mar 11, 2019 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
As you probably know, beginning in January 2019, B.C.’s Medical Service Plan premiums are being transferred to businesses through a new payroll tax called the Employer Health Tax. It applies to regular employers with payroll above $500,000 and charitable and...
by Pinnacle | Mar 11, 2019 | Business Advice, Planning and Tax Stuff
Do you need to register? If your company’s total payroll for 2018 was less than $500,000 and you anticipate that amount to remain under $500,000 for 2019, no action is required. If your total payroll was over $500,000 but less than $600,000 and the same is anticipated...
by Pinnacle | Dec 7, 2018 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
Many small businesses don’t realize they can save time and money by using the Quick Method of Accounting for GST/HST. The purpose of this method is to eliminate the need to calculate Input Tax Credits (ITCs) by simply remitting a portion of gross revenue. The Quick...
by Pinnacle | Aug 22, 2018 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
What is the GST New Housing Rebate? When an individual purchases or constructs a new home, or substantially renovates an existing home, the individual pays GST on the purchase price or on the costs of renovation. The GST New Housing Rebate provides a refund to the...
by Pinnacle | Oct 12, 2017 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
Earlier this year, Finance Minister Bill Morneau announced a new federal income tax initiative whereby the government would be working to “close tax loopholes” and amend existing rules related to the use of private corporations for tax planning in Canada. In July of...
by Pinnacle | Oct 4, 2017 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
CCA: What is it, and should I claim it? When reporting income on your annual tax return, it is always advantageous in the short term to claim as many deductions as possible in order to reduce your taxable income, and in turn, your balance of taxes payable. However,...
by Pinnacle | Aug 24, 2017 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
For corporate fiscal years ending after March 20, 2017, there are new rules to be aware of related to the small business deduction. Small business deduction The small business deduction is a tax rate reduction available to Canadian-controlled private corporations...
by Pinnacle | Aug 3, 2017 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
When it comes time to send us your year-end files, it can sometimes feel like an overwhelming task to ensure that you have included everything needed. In an effort to simplify this process, we have compiled a list of things to remember. Make sure the bookkeeping is...
by Pinnacle | Jun 8, 2016 | Business Advice, Just Stuff - General Interest, Pinnacle PAC News
A friend of mine who just started a new job recently said something to me that got me thinking… He said, “It’s strange to walk into a workplace where everyone is so happy to be there.” This kind of took me by surprise – I really enjoy my job and the team I...
by Pinnacle | Mar 31, 2016 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
Can’t I Just Call Them “Casual Labour”? Businesses in Canada are subject to a statutory requirement to withhold income tax, Canada Pension Plan (CPP) and Employment Insurance (EI) premiums from their employees. This places an administrative burden on employers that...
by Pinnacle | Feb 19, 2016 | Accounting News, Advice and Information, Business Advice, Just Stuff - General Interest, Planning and Tax Stuff
If you have a balance owing on your personal tax return, there is an easy way to pay – Online! In order to make a payment, please locate your bank below and follow the steps. You may need to first sign up for online banking – contact your bank...
by Pinnacle | Oct 8, 2015 | Business Advice, Just Stuff - General Interest
If you sell services (or anything, for that matter) and extend credit to your customers, collecting your receivables is something you likely need to do. Making collections calls can be super awkward; we don’t generally like having to ask for money that is rightfully...
by Pinnacle | Sep 25, 2015 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
A presentation by the United States Surety Information Office (www.suretyinfo.org) indicates that the rate of failure of contracting businesses was 20-30% between 2002 and 2012. Given such a high failure rate, it is worth examining the root causes of failure in order...
by Pinnacle | Aug 18, 2015 | Business Advice, Planning and Tax Stuff
Are you a business owner that is ready to incorporate? If you aren’t sure, take a gander at our blog entitled “Should I Incorporate My Business?” (Should I Incorporate my Business?). If you know you’re ready, there’s something you need to consider which you might not...
by Pinnacle | Jul 16, 2015 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
The Issue Payroll is a significant expense for most of our clients and, not surprisingly, they are often looking to reduce the financial burden represented by payroll obligations. One way to do this is to convert employees to self-employed independent contractors...
by Pinnacle | Jun 4, 2015 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
Many contractors face bonding requirements in the form of bid bonds and performance bonds. The companies that provide these bonds want assurance that they are taking acceptable risks when providing bonds. Risk assessment includes a regular review of a contractor’s...
by Pinnacle | May 29, 2015 | Business Advice, Just Stuff - General Interest
Of course different things work for different people, but these steps could probably apply to most of our busy, distracted, multi-tasking, first world lifestyles. In a Harvard Business School survey, 94% of working professionals reported working more than 50 hours per...
by Pinnacle | May 22, 2015 | Business Advice, Just Stuff - General Interest
Pinnacle has the good fortune of having a new team member join us this month (welcome Melissa). Something we have learned over the years as we’ve grown and shrunk and grown again, is how important a robust orientation for new team members is. We know that the best...
by Pinnacle | Jan 29, 2015 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
I have a client who for years has held the Annual General Meeting for her corporation on Maui. She and her husband are the sole directors of the corporation (although I’m not sure her husband even knows where the office is, but that’s another matter). Every year she...
by Pinnacle | Dec 30, 2014 | Accounting News, Advice and Information, Business Advice, Planning and Tax Stuff
We are often asked by clients whether they should own rental properties personally or own them through a corporation. Our advice is usually to own properties personally when rental income is nominal and when there are only a small number of properties. The advice...
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