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Certified General Accountants |
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Mortgage
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Mortgage Intelligence |
Sad news |
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On
March 9, 2012 Bill Shellnutt our
founder and President passed
away at 65 due to complications
from colon cancer. Bill's
presence and pragmatic advice
will be missed by all.
Mike Shellnutt (Bill's son) will
succeed his father and was named
President just before Bill's
passing. |
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Business as usual
(almost) |
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There's no doubt that we all
miss Bill but his company
endures and you should not see
any disruption to the services
we offer. Our core staff
remain and have been managing
the company since Bill took time
away to focus on treatment.
Ann MacKenney, with 32 years of
service will continue managing
the office and administrative
tasks. Darlene Higgs (CGA)
remains our senior accountant
and will continue to oversee our
bookkeeping, tax returns, and
year end services. Likely
the biggest change will be
meeting with Mike rather than
Bill. Mike has worked with
Bill for over 15 years and is
Certified General Accountant.
Obviously, we can never replace
Bill but we will continue to
pride ourselves on producing
relevant financial information
with a focus on integrity. |
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Welcome to our new
Chinese/Taiwanese Clients |
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Kelly Lee joined
our firm three years ago and
over this time has developed a
solid client base amongst the
Taiwanese and Chinese
communities in Halifax.
Kelly is fluent in English,
Taiwanese and Chinese
(Mandarin). In the last
year we have seen tremendous
growth in our Asian client base. |
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CRA Update
Line 104 Audits
We have seen a
significant increase in the number of
tax payers receiving inquiries from CRA
relating to income reported on
line 104 of the T1 personal tax
return. Typically, income reported
on this line does not trigger CPP
calculation. CRA is now devoting
efforts to verify that income reported
in this section is truly
non-pensionable. If CRA determines
that this income is self-employment
income you will be required to pay CPP
on these earnings.
Capital
Gains vs. Business Income
In addition to
Line 104 inquiries we are seeing a
number of reviews by CRA regarding
taxpayers reporting capital gains on
investments rather than business income.
CRA is reviewing the behavior of the
taxpayer more so than the nature of the
transaction. Treating income
subject to
capital gains means that only 50% of
the gain is actually taxable. If,
however, the income was treated as
business income, it would be 100%
taxable. In other words if you are
a regular day-trader, for example, and
you have been reporting gains and losses
for years, CRA could review your returns
and decide that you are in the business
of trading and therefore must report as
business income and losses. The
same would hold true for habitual "house
flippers".
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