Monthly Archives: March 2014

Hope for the best, but you better plan for the worst

Sometime during your lifetime, you may require help managing your affairs, even for a short period of time, perhaps due to an illness or injury.  In order for your chosen person to act on your behalf for health care, personal care matters, or perhaps routine financial matters, you need a Representation Agreement.  A Representation Agreement is a legal document for personal planning in British Columbia. It is a way for you to authorize your personal supporters to help you manage your affairs or make decisions on your behalf if you need assistance due to illness, injury or disability.

Personal planning does not replace informal help provided by your friends and family. Instead, personal planning formalizes this support and gives the people you choose the legal authority necessary to help you. The best time to do personal planning is before a crisis occurs – so start planning today.

We can recommend this valuable website:

http://www.nidus.ca/

The Nidus Personal Planning Resource Centre is a non-profit, charitable organization.  Nidus provides information to British Columbians about personal planning, specializing in Representation Agreements.

E-Commerce Attracting CRA Attention…

CRA must suspect that there are sales being done over the internet that are not being reported on income tax and sales tax returns.   To deal with this, taxpayers who do report this income on their tax returns will have additional information to report from now on.  Starting with the 2013 tax year, if your business advertises or sells goods on a website, you will have to disclose the number of websites your business earns income from, and the percentage of gross revenue that is generated from the internet.  There will not be additional tax based on this disclosure.  It will be a challenge for many small businesses to compile this information.

The reporting forms have been designed, but the instructions at this point are limited, so we think a lot of sales will come under the new reporting requirements.   To find out if your business will be affected by these new reporting requirements, please call your CPA, CGA at Clark, Robinson.