“Diligence is the mother of good fortune” – Benjamin Disraeli
Be Aware: CRA Scams Abound
As we enter the full swing of tax season, it is important to remember that scammers posing as CRA agents are also getting into full swing. The CRA has put together a helpful list of things they MAY and things they WILL NEVER do, depending on the type of communication (phone contact, email contact, mail contact). They will NEVER text you.
The CRA website page on the subject is here. One thing CRA will never, ever do is threaten you with arrest or prison, or demand immediate payment by e-transfer, bitcoin / other e-coins, prepaid credit cards or retail gift cards (iTunes, Amazon, etc). They will NEVER do this.
As always, if you are contacted by the CRA or by someone you think might be a scammer, feel free to contact us and let us know. If we prepare your taxes, we can contact the CRA on your behalf to determine whether the contact you received is legitimate or not.
British Columbia Speculation and Vacancy Tax Declaration Deadline is March 31
If you own your home, you’ll have received a letter from the B.C. government telling you to make your declaration by March 31st (this Sunday!).
Homeowners, even if they are exempt from the tax, must nevertheless file their declaration by the March 31st deadline. It is estimated that 99 per cent of homeowners will be exempted from the tax.
There are a few important points to keep in mind.
Firstly, if you haven’t received your letter already, the onus is on you to reach out to the tax office. Not receiving the letter in the mail will not exempt you from the tax.
Secondly, if there are multiple owners on title, they must all make declarations. One person cannot declare for the other owner(s).
A link to the BC government website is here.
If you cannot complete the form online, you can call the toll-free helpline, 1-833-554-2323, and in 5 minutes a representative can complete the form for you over the phone.
Any Canadian homeowners adjudged to pay the tax will pay 0.5 per cent of the assessed value of the home, although B.C. taxpayers receive a $2,000 rebate to offset the charge on the first $400,000 of assessed value.
Any foreign nationals liable for the tax are to be charged 2 per cent of the assessed value.
The affected B.C. regions are as follows:
- Municipalities in the Capital Regional District, excluding Salt Spring Island, Juan de Fuca Electoral Area and the Southern Gulf Islands
- Municipalities in the Metro Vancouver Regional District, excluding Bowen Island, the Village of Lions Bay and Electoral Area A, but including the University of British Columbia and the University Endowment Lands
- The City of Abbotsford
- The District of Mission
- The City of Chilliwack
- The City of Kelowna
- The City of West Kelowna
- The City of Nanaimo
- The District of Lantzville
2018 Tax Deadline
The 2018 tax deadline for most Canadians is April 30, 2019. If you or your spouse are self-employed, then your return is due June 15, 2019.
Regardless of when your taxes are due, if you owe money on your return, it is due on April 30, 2019.
Let us know if you have any questions about your tax return.
Our tax checklists are available here.
Weekly Update – By The Numbers
- The TSX closed at 16,102, up 13 points or 0.08% over the past week. YTD the TSX is up 42%.
- The DOW closed at 25,929, up 427 points or 1.67% over the past week. YTD the DOW is up 15%.
- The S&P closed at 2,834, up 33 points or 1.18% over the past week. YTD the S&P is up 04%.
- The NASDAQ closed at 7,729, up 86 points or 1.13% over the past week. YTD the NASDAQ is up 49%.
- Gold closed at 1,292, down 13.00 points or -1.75% over the past week. YTD gold is up 54%.
- Oil closed at 60.16, up 1.12 points or 1.90% over the past week. YTD oil is up 27%.
- The USD/CAD closed at 0.7479, up 0.0021 points or 0.28% over the past week. YTD the USD/CAD is up 06%.
- The MSCI closed at 2107, up 23 points or 1.10% over the past week. YTD the MSCI is up 78%.
- The Euro Stoxx 50 closed at 3,352, up 46 points or 1.39% over the past week. YTD the Euro Stoxx 50 is up 70%.
- The FTSE closed at 7,279, up 71 points or 0.99% over the past week. YTD the FTSE is up 19%.
- The CAC closed at 5,351, up 81 points or 1.54% over the past week. YTD the CAC is up 11%.
- DAX closed at 11,526, up 162.00 points or 1.43% over the past week. YTD DAX is up 16%.
- Nikkei closed at 21,206, down -421.00 points or -1.95% over the past week. YTD Nikkei is up 95%.
- The Shanghai closed at 3,091, down -13.0000 points or -0.42% over the past week. YTD the Shanghai is up 94%.
- The 10-Yr Bond Yield closed at 2.41, down -0.0500 points or -2.03% over the past week. YTD the 10-Yr Bond Yield is down -10.41%.
Sources: Canada.ca, Government of British Columbia, Dynamic
This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.