The Benson Seymour Blog

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 […]


CRA Instalment Payments: Do I have to pay them?

When tax returns for 2015 were filed, some individuals would have been required to make a substantial tax payment in April of 2016 since their 2015 tax withholdings and instalment payments (or lack of) were not sufficient to cover the additional income. In general, if that April payment upon filing was greater than $3,000, CRA will request those individuals to make instalment payments during the 2016 year. Instalment reminders are sent out by CRA (usually in August) and may ask […]


Professional Accounting Nanaimo

WORKING BUT NOT PAYING YOURSELF: Employment Insurance Issues

After leaving a job, an individual may incorporate a business, or invest more time in one that they already operate. The individual may then decide to leave all the money in the corporation, taking no wages. Or, perhaps, the business is unable to pay a salary as it is not making sufficient revenues. Since the individual does not receive any personal wages, they may be motivated to apply for EI unemployment benefits. It sounds simple right? Wrong. In a February […]


Professional Accounting Nanaimo

Tips and Gratuities: Employer’s Responsibilities

Gratuities or tips received by employees are income earned from employment. However, it must be determined whether these tips are pensionable and/or insurable, that is, whether the employer should be withholding CPP and/or EI. This depends on whether the tips are considered to have been paid by the employer. Administratively, CRA looks at whether the tips are controlled by the employer or are considered to have been paid by the customer (a direct tip). A December 16, 2015 Tax Court […]


Professional Accounting Nanaimo

Certified Green!

We are proud to announce that the Cobble Hill location has received the highest level of certification from the Vancouver Island Green Business Certification Program and is now Surfrider Approved. The program was developed to help provide a set of tangible actions that businesses can take to tread a little lighter on the environment. Whether it is by improving our buildings energy efficiency, reducing the amount of waste we generate or supporting local charities and non-profit organizations, we are committed […]


Professional Accounting Nanaimo

Phone Scam Alert – CRA

Not often do accounting firms receive fraudulent phone calls from people impersonating the Canada Revenue Agency, but today we received a voicemail from a fraudulent CRA Agent, “Officer Ryan Smith”. Below is a recording of the voicemail the scammer left from the phone number 844-553-1073: We recommend that you disregard any voicemail’s from this or any other suspicious numbers. Please do not call them back. If you think it may be a legitimate voicemail, you can contact the real Canada […]


Professional Accounting Nanaimo

2016 Ride for Life

We’d like to thank the Ladysmith Business Builders for their generous donation to support Phil in his participation in the 2016 Ride for Life. For those that are not aware, the 2016 Ride for Life is an inaugural cycling event in support of the Nanaimo & District Hospital Foundation with a course winding through Nanaimo, starting and finish at the Nanaimo Airport. A big thanks to everyone who has supported this great cause. For more information or to pledge your […]


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