Halloween is approaching and tales of things that rise from the dead fill the screen. Which brings us to the topic of todays post Family Trusts. Ever since the changes to the taxation of private corporations in 2017 we have heard a lot of accountants say that family trusts are “dead”. While it is true …
The Undead: Why Family Trusts are Still Relevant Read More »
On November 30, 2018, Calgary city council voted nine votes for and five votes against to pass the One Calgary 2019-2022 Service Plans and Budgets. Council voted to approve a 3.45 per cent property tax increase for 2019.Calgary council passes budget, 3.45% property tax hike for 2019 “We’re looking at about five dollars per month …
It is well understood that GST is not payable in the purchase of used residential housing. GST is payable on the purchase of a newly constructed or substantially renovated residential home. The GST tax rate is 5%, subject to rebates. I will talk about the GST rebate in next month’s blog. A client recently asked me about the definition …
Property taxes are due in the City of Calgary on June 30th of each year (or if on a weekend, the last business day of the month of June). There are several ways you can pay your property taxes. Annually, you submit payment in full for the property taxes on June 30th of each year; Monthly on …
One document we always review with clients in a real estate sale or purchase transaction is the Statement of Adjustments. This document reflects what is owing to the seller on the closing date after taking into account the purchase price, GST and rebates, deposits, and certain adjustments made between the seller and purchaser. The most …
2015 Deadline The tax payment deadline for 2015 was June 30th. A 7% penalty will be added to any unpaid tax balance. Current Tax Rates The total current property tax rate for both municipal and provincial tax is 0.0057544. Median Residential Property Tax In 2015, the median property assessment is $475,000.00, resulting in a municipal …
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