The Birrer Sangret Blog

EMAIL SCAM ALERT: Fraudulent Email Money Transfers

There has been a major increase in the number of fraudulent email money transfers being reported to us. Just in the last week alone we have had almost a dozen reports of people receiving fraudulent email money transfers from a sender claiming to be the Canada Revenue Agency. There are two things to look for to confirm fraudulent email money transfers: 1) THE CANADA REVENUE AGENCY NEVER SENDS MONEY BY EMAIL. The Canada Revenue Agency will send a physical cheque…


vehicle advertising Business Use of Vehicle - Tax Dedections

TAX MYTH – Vehicle Advertising

If you’re hoping to increase the business use of your vehicle by using vehicle advertising, you may be in for a surprise. Tax Myth: If I advertise on my vehicle, I can claim 100% of the vehicle expenses This is not the case. Vehicle advertising does not change the nature of a trip. When a sole-proprietor uses a vehicle for both personal and business use, the business deduction is determined at the end of the year using a log that details…


Tip income gratuities

TAX MYTH – Reporting Tip Income

Every year across Canada, some of the country’s service industry workers file their taxes without adequate support for their tip income. Tax Myth: I can report my tip income as a percentage of my T4 Although this is a common practice for some taxpayers in Canada, it is not an acceptable method of reporting tip income. In fact, in some cases the employees are not required to report tips at all as the responsibility may fall on the employer. Regardless of…


Spousal RRSP Contributions Tax Deduction Contribution Limit

TAX MYTH – Spousal RRSP Contributions

With tax season over, we are taking a look at a common misconception we came across related to spousal RRSP contributions. Tax Myth: My spouse can deduct RRSP contributions I make to a spousal RRSP Unfortunately, this is not the case as RRSP contributions made to a spousal RRSP are deducted on the contributor’s tax return.  You will not be able to take advantage of your spouse’s tax brackets or RRSP contribution limits. The main purpose of a spousal RRSP…


We’re Hiring – Bookkeeper Wanted!

We are looking for an amazing bookkeeper to join the Birrer Sangret LLP team, working out of our Cobble Hill office in a long-term, permanent position. RESPONSIBILITIES: Data entry and reconciliations using manual, automated and integrated bookkeeping solutions for a diverse client base; Preparation of working papers to support government reporting; full cycle payroll; Research and application; assisting with the development of our quality management system; Assisting with the internal audit; and Administrative support. SKILLS: Attention to detail with a…


TAX MYTH – First Time Home Buyers

We are looking at the First Time Home Buyers amount; a $5,000 non-refundable tax credit that can save you up to $750. Tax Myth: The First Time Home Buyer’s tax credit is based on your percentage ownership of the property That is incorrect. Last year, we talked to a young couple that recently purchase a home. On the “tax advice” of their lender, they were told that the First Time Home Buyer’s tax credit is based on their percentage ownership. The…


TAX MYTH – Selling Your Principal Residence

Tax Myth: I don’t have to report the sale of my principal residence on my tax return. That is no longer correct. You are required to report the sale price, the acquisition date and a description of your principal residence on your tax return if you sold or are “deemed” to have sold your principal residence on or after January 1, 2016 – even if you don’t have to pay taxes on the sale! And it may surprise some taxpayers…


OFFICE CLOSURE: December 9th, 2016

We have declared Friday, December 9th an official Pow-D Day in accordance with our Work/Life Balance Policy and are asking that our employees take time to relax before the stressful holiday season begins. The Nanaimo and Cobble Hill offices will be closed; we apologize for any inconvenience.  


TEACHERS: A school supplies tax credit just for you!

The Eligible Educator School Supply Tax Credit, worth 15% on up to $1,000 of eligible school supplies, has now become law. To mark the occasion, CRA has published a Question and Answer providing commentary on this new refundable tax credit available in 2016 and subsequent years. The credit is also referred to as the Teacher and Early Childhood Educator School Supply Tax Credit; or, simply, the School Supplies Tax Credit. Who Qualifies? The new tax credit can only be claimed by an eligible teacher or early childhood…


Cloud Accounting Software: We’ve got you covered!

It’s no secret these days; there’s more than just one cloud accounting software provider. In fact, there are over a handful of great cloud based software providers serving the Canadian market right now. We’ve joined forces with these companies to ensure we provide our clients with the most diverse compatibility in the market today. These platforms are designed to make your life easier; pair them with Birrer Sangret LLP and free up valuable time to work on your business, not in it.           If you’re using…


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