• Annual Deficit for 2019-2020 – estimated to be $19.8 Billion and will continue to run deficits for the foreseeable future
• Corporate Tax – no changes to federal corporate income tax rates or the small business limit for 2019
• New Canada Tax Training Benefit – includes a Training Credit of $250/year to a maximum of $5,000 and EI Training Support that includes 4 weeks of income support every four years at 55% of the worker wages
• Home Buyers’ Plan proposes first time home buyers can withdraw up to $35,000/ per person from their RRSP tax free
• Individual Pension Plans (IPPs) – assets transferred to an IPP in respect of benefits attributable to employment with a former employer that is not a participating employer will be included in the income of the member for tax purposes
City of Winnipeg Budget Highlights:
It is that time of year again - we need to finalize all of our income reporting requirements. The last day of February is the deadline for issuing:
T4 Slips - Employment Income
T4A Slips - Commission Income
T5 Slips - Investment Income
All the Best to you and your Family over the Holiday Season from our team at
Platinum Books & Five Star Accounting
In preparation for the Holiday Season - we would like to remind everyone payroll deadlines have been modified to accommodate bank closures over the holidays.
A schedule of modified deadlines is listed below - to be sure confirm with your service provider or your bank.
Greg Libbrecht – President, Platinum Books & Five Star Accounting
Here are a few ideas to make your payroll year end easier:
• Are you missing any information for your staff - to complete T4s you need to have SINs and current addresses for every employee (current or past) who worked for you during the year.
• Payments to staff outside of the payroll system need to be added to the T4’s before the year ends in case there are any CPP, EI or taxes owing. This will also prevent late penalties and Pensionable and Insurable Earnings reviews from CRA.
• TD1’s should be reviewed and especially for staff claiming amounts above the basic on their TD1 or have extra tax deducted, be sure the staff review their forms and they are up to date for the new payroll year in January.
• Taxable Benefits not tracked in the payroll system be sure to get advise on how to deal with these.
If you did not know Canada Revenue Agency has an app CRA BizApp. The CRA BizApp is a mobile web app for small business owners and sole proprietors. It lets you manage your business accounts securely, anytime and anywhere. CRA BizApp is available on the go, and on any mobile device with an Internet browser. The app is not on the app stores.
To our valued customers and friends
The offices of Platinum Books & Five Star Accounting
will be closed on Monday November 12 in recognition of Remembrance Day
From our Team to you and your family
May we all take a few minutes to reflect on everything good in our lives
Have a Wonderful Thanksgiving!
Some interesting economic indicators for our local economy - minimum wage will be increased to $11.35/hour effective October 1; Our population has increased by about 6% over the past couple years; the Consumer Price Index for this year is 2.5%; Retail Sales are down 1.4% so far this year and the Gross Domestic product is expected to grow by 1.9%. We hope you enjoy the first official weekend of fall.
Greg Libbrecht - President, Platinum Books & Five Star Accounting