Category Archives: News

Next Chapter Succession Planning

I have recently joined a collective of other Winnipeg-based professionals to help provide a single point-of-contact approach for succession planning. Our group includes financial planners, accountants, insurance advisers, lawyers and investment managers who specialize in comprehensive succession planning.

This approach was established to ensure you hear one voice and executing from one plan to ensure your legacy will carry on and still impact your community. You can have peace of mind that moving onto the next phase of life will be a seamless transition and that your decades of hard work has paid off.

If you are thinking of making a change in the near future, or to learn more about our group, please visit us online.

Greg Libbrecht
President, Platinum Books & Five Star Accounting

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Labour Day Long Weekend

Labor Day

Our Team thanks you for your business
Our office will be closed on Labour Day – Monday September 2.
We hope you enjoy the last long weekend before the back to school and the regular September schedule
Greg Libbrecht, President Platinum Books & Five Star Accounting

August Long Weekend – Terry Fox Day

Our office will be closed on Monday August 5, 2019 re-opening Tuesday AM for normal business.
Our team wishes you and your family have a wonderful long weekend.

Greg Libbrecht, President Platinum Books & Five Star Accounting

CP CENTURY PHOTOS

In Celebration of Canada Day

Our office will be Closed Monday July 1, 2019
In Celebration of Canada Day

Wishing you and your family & friends
A great day celebrating our nation’s birthday
Greg Libbrecht

Canada Day 2019

PST Rate Reduction Effective July 1, 2019

The Government of Manitoba has confirmed the rate for PST (RST) is being reduced effective July 1, 2019 from 8% to 7%. Welcome news for those of us that have to charge it and of course those who have to pay it. The 7% sales tax rate applies to goods purchased after June 30, 2019 including goods for which the purchaser made a deposit on the purchase.

The existing 8% rate applies to Goods purchased before July 1 on credit or deferred payment arrangements where the payment is made after June 30, 2019. It also applies to goods fully paid for before July 1, 2019 but delivery is taken on or after this date. Contracts for services entered into before March 7, 2019 are taxable at 8% for services provided up to June 30, 2019

Contracts entered into after March 7, 2019 for services that commence after June 30, 2019 are taxable at 7%

These are some of the highlights of the new tax rate and how the transition is to be handled. As with most issues related to taxes there are a number of other details to be aware of to execute the transition accurately.

Feel free to contact and we will help you navigate through this process without going offside with the Government.

Greg Libbrecht, President Platinum Books & Five Star Accounting

Tax Filing Deadline for Unincorporated Business Owners (Updated for line missed)

April 30th has come and gone now a number of business people and their accounting professionals are focused on Midnight June 15th.  This is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Any balance owing for the 2018 tax year was due April 30th. Failure to file and pay the taxes due by June 15 results late filing penalties and interest. File by midnight June 15 and avoid the 5% late filing penalty plus 1% per month on the outstanding balance for up to 12 months. If you are delinquent on paying for the second time within three years, that penalty goes up to 10% of the outstanding amount plus 2% per month for up to 20 months. Make this deadline so you can truly enjoy summer – if you need assistance reach out early as most accounting professionals will be pretty much fully booked the last couple weeks before the deadline. If you have trouble coming up with the funds to pay your taxes every year we have a system that will help eliminate this issue.

Greg Libbrecht, President Platinum Books & Five Star Accounting

Tax Filing Deadline for Unincorporated Business Owners

April 30th has come and gone now a number of business people and their accounting professionals are focused on Midnight June 15th. This is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Failure to file and pay the taxes due by June 15 results late filing penalties and interest. File by midnight June 15 and avoid the 5% late filing penalty plus 1% per month on the outstanding balance for up to 12 months. If you are delinquent on paying for the second time within three years, that penalty goes up to 10% of the outstanding amount plus 2% per month for up to 20 months. Make this deadline so you can truly enjoy summer – if you need assistance reach out early as most accounting professionals will likely be booked the last couple weeks before the deadline. If you have trouble coming up with the funds to pay your taxes every year we have a system that will help eliminate this frustration.

Greg Libbrecht, President Platinum Books & Five Star Accounting

Online Banking – a new way to invest your money

Online banking has opened up new opportunities for consumers to earn higher interest rates on their money .  Online banks do not have to support bricks and mortar and as a result offer higher interest rates to their clients.

As with any new way to do business, it has also attracted fraudulent operators who are attempting to defraud people of their money.  Before putting your money in with an online bank or credit union check them out to be sure they are legitimate.

For banks the Federal Deposit Insurance Corp. (FDIC) can determine if you are dealing with a legitimate bank.

For credit unions the National Credit Union Administration (NCUA) can validate if the credit union you are dealing with is legitimate.

Before depositing your money – always check to ensure you are dealing with a legitimate online banking organization.

Greg Libbrecht – President, Platinum Books & Five Star Accounting

Happy Easter!

Just a reminder – our office will be closed on Friday, April 19.
Wishing you a very Happy Easter filled with plenty of love and happiness.
Greg Libbrecht and the Team at Platinum Books & Five Star Accounting

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The Carbon Tax is here

Effective April 1 the Federal Government imposed tax is in place in Manitoba, Saskatchewan, Ontario and New Brunswick. The Federal Tax is $20 per tonne this year and will increase annually by $10 per tonne until it reaches $50 per tonne in April 2022.

This year the price of a litre of gas will increase by 4.4 cents, about 4 cents a cubic metre of natural gas and it will drive up the price of propane, butane and aviation fuel. Here in Manitoba we saw the impact immediately as prices at gas stations increased on April 1. Businesses and consumers will be paying more for many items they purchase.

The government has created a rebate system that they say will return most of the extra costs incurred by consumers in the form of an income tax rebate. They have not revealed details on how they will deal with the increase costs incurred by small to mid-sized businesses.

The new tax has resulted in uncertainty on how businesses should react – can they afford to absorb the costs or should they pass on at least part of the costs to customers. If you are unsure, contact us and we can help you assess the impact on your business and recommend an action plan.

Greg Libbrecht, President – Platinum Books & Five Star Accounting