Recent tax changes are now a “go” after being passed last week. Some things to note for our clients, there is a new temporary tax rate and tax bracket for 2014 and 2015. If your income is over $150,000 you may want to speak with us about how this will affect you.
Additionally, if you own shares in a BC corporation, the general corporate tax rate increased April 1 to 11%.
Some of these changes may affect the tax planning we have done or will be doing so it is always important to get information about your personal situation from your accountant. Many times we hear that someone’s neighbour’s sister’s uncle’s goat’s mother has said everything should be taxed in the corporation, or nothing should be taxed in the corporation, or why do we even allow small businesses to incorporate. Your situation may be entirely different from theirs so it is important that you not only sit down with your accountant, but also make sure they have all the information as it pertains to your personal and family situation so informed decisions can be made.