City of Winnipeg Budget Highlights:
- A 2.33% property tax increase.
- About $30 million less in spending on road repair.
- A reduction in the business tax (from 5.14% to 4.97%) and an increase in the rebate threshold (to $33,900).
- The creation of the Department of Innovation, Transformation, and Technology.
- A one-point reduction in the dividend transferred from water and utility rates to general revenue.
- No new fees, and business-related fee increases are at the rate of inflation.
- $3.15 million for driver safety shields in transit buses
You can find the full city budget at – www.winnipeg.ca/budget
Province of Manitoba Budget Highlights:
- The major highlight is Provincial government will fulfill its election promise to reduce the PST from 8% to 7% effective July 1, 2019.
- The projected deficit is to reduce to $360 million.
- The amount budgeted for the film and video production tax credit has nearly doubled, to $31.5 million.
- Federal transfers are up about $324 million compared to 2018-19.
- Spending is flat, with an overall increase of only 0.3%, and some reductions in funding for infrastructure and post-secondary institutions.
You can find the full provincial budget at – www.gov.mb.ca/budget2019/
Thank you to the Winnipeg Chamber of Commerce for their summary of both budgets.
It is that time of year again – we need to finalize all of our income reporting requirements. The last day of February is the deadline for issuing:
T4 Slips – Employment Income
T4A Slips – Commission Income
T5 Slips – Investment Income
If you have not completed these reporting requirements – be sure to get it done before the end of February. Many people are unsure what they need to do. If you are one of the many, ask our team of professionals to guide you through it or have us complete this for you.
Greg Libbrecht – President Platinum Books & Five Star Accounting
All the Best to you and your Family over the Holiday Season from our team at
Platinum Books & Five Star Accounting
Our office will be closed
December 25, 26 and January 1
We are open regular hours Dec 24th & 31st with reduced staffing
We appreciate your patience and understanding
Here are a few ideas to make your payroll year end easier:
• Are you missing any information for your staff – to complete T4s you need to have SINs and current addresses for every employee (current or past) who worked for you during the year.
• Payments to staff outside of the payroll system need to be added to the T4’s before the year ends in case there are any CPP, EI or taxes owing. This will also prevent late penalties and Pensionable and Insurable Earnings reviews from CRA.
• TD1’s should be reviewed and especially for staff claiming amounts above the basic on their TD1 or have extra tax deducted, be sure the staff review their forms and they are up to date for the new payroll year in January.
• Taxable Benefits not tracked in the payroll system be sure to get advise on how to deal with these.
If you are managing your own payroll – we can help you with any of these and other payroll related issues.
Greg Libbrecht – Platinum Books & Five Star Accounting
If you did not know Canada Revenue Agency has an app CRA BizApp. The CRA BizApp is a mobile web app for small business owners and sole proprietors. It lets you manage your business accounts securely, anytime and anywhere. CRA BizApp is available on the go, and on any mobile device with an Internet browser. The app is not on the app stores.
Simply complete a google search by entering CRA BizApp and you will be able to log in using your CRA login – CRA user ID and password.
Take a moment this weekend to remember our veterans. As a reminder, our offices are closed Monday November 13, 2018
Greg Libbrecht, President, Platinum Books and Five Star Accounting
To our valued customers and friends
The offices of Platinum Books & Five Star Accounting
will be closed on Monday November 12 in recognition of Remembrance Day
From our Team to you and your family
May we all take a few minutes to reflect on everything good in our lives
Have a Wonderful Thanksgiving!
Some interesting economic indicators for our local economy – minimum wage will be increased to $11.35/hour effective October 1; Our population has increased by about 6% over the past couple years; the Consumer Price Index for this year is 2.5%; Retail Sales are down 1.4% so far this year and the Gross Domestic product is expected to grow by 1.9%. We hope you enjoy the first official weekend of fall.
Greg Libbrecht – President, Platinum Books & Five Star Accounting
Another year of Ride Around the Lake has come an extremely successful conclusion. An incredible group of riders / organizers / volunteers came together to raise well over $260,000 – these funds will be used to build at least one Net Zero home. Thank you very much to everyone who helped support this great cause!
Greg Libbrecht – Platinum Books & Five Star
Just seven days until the 12th annual Ride Around the Lake will begin. Help us support Habitat for Humanity next week. [Click Here to make a donation]
Your donation helps Habitat for Humanity Manitoba build homes for low income families to purchase. All donations make an incredible impact, helping local families gain stability, dignity, empowerment and hope.
Thank you for your generous support!
Greg Libbrecht – Platinum Books + Five Star Accounting