Your Total Accounting Solution!

Serving Victoria and Vancouver Island

Welcome to True Accounting Plus!

True Accounting Plus is proud to provide their clients with the full knowledge, experience and high level of customer service that you would expect from a professional. We can help you get your accounting needs done right.
We at True Accounting Plus have over 25 years experience in the accounting industry. We can help your company to become as efficient as possible. We do not limit our services to any particular business so whether you are a manufacturer, not-for-profit, small business, multi-branch and/or large corporations, we can help.
Our goal is to help business owners succeed. We will provide you with the professional expertise in your accounting and finance needs. We will help you make those right decisions that will help your business in the direction you would like to go.
The ‘Plus’ in our business is that we are expert in software solutions for any type of business. We are not limited to, or guided by, duty or allegiance to any specific software provider. We will help you chose a working solution that fits your needs and your business. We work with you.
Welcome to True Accounting Plus, we look forward to working with you.

*Although True Accounting Plus does not offer tax services, we understand how complicated and specialised income tax can be. We support professional tax accountants who specialise in this field. And we post our tax tips as a free service to visitors to our web site. (You can read more TAP Tax Tips in the archive section of our TAP Tips page.)

Editing thanks to Sylvia at Walkabout Canine

Tax Tips for Small Business Owners

FEDERAL Budget February 2012

True Accounting Plus features a summary of some of the changes under the new 2012 Federal Budget.

HST Rebate Threshold for New Home Purchases

The Royal Canadian Mint will no longer distribute pennies as of the fall of 2012, but the cent will remain Canada’s smallest unit for pricing goods and services. Non cash payments, such as cheques, credit and debit cards, will continue to be settled to the cent.

The penny can continue to be used in payments indefinitely, but as they are gradually withdrawn from circulation, price rounding on cash transactions will be required.

When pennies are not available, cash transactions should be rounded to the nearest 5 cent increment in a fair and transparent manner. Rounding should only be used on the final bill of sale after the calculation of GST/HST, where applicable.

Pennies will continue to be redeemed at financial institutions.

For further information see ‘Eliminating the Penny’ on the Budget 2012 website.

Pension Measures

Old Age Security (OAS) and Guaranteed Income Supplement (GIS)

Age eligibility to be gradually increased from 65 to 67 years of age.

Starting in April 2012, with full implementation by January 2029.

Will not affect anyone who is 54 years or older as of March 31, 2012.

Allow Canadians the option of deferring take-up of their OAS benefits for up to 5 years and receiving higher benefits starting on July 1, 2013. The annual OAS would increase 7.2% for each full year that it is deferred.

Implement proactive enrolment in a phased-in approach form 2012 to 2015, eliminating the need for many seniors to apply for OAS and GIS.

Canada Pension Plan

A review of the CPP confirmed the financial sustainability of the Plan for at least the next 75 years at the current contribution rate of 9.9% of pensionable earnings. Thus, there will be no change to the contribution rate.

Public Pensions and Pooled Registered Pension Plans

Ensure that pension plans for public servants and Parliamentarians are sustainable, Fairland financially responsible.

Support the retirement income system with Pooled Registered Pension Plans (PRPPs).

Canadian Travellers

Increase value of goods that may be imported duty and tax-free by Canadian residents returning from abroad, effective June 1, 2012:

After a 24 hour absence, from $50 to $200

After a 48 hour absence, form $400 to $800

After a 7 day absence, from $750 to $800

Eliminate or reduce taxed on foreign based rental vehicles temporarily imported by Canadian residents.

For these, and all other changes brought by the Federal Budget, please go to: Federal Budget 2012

If you would like further information on this topic, please contact True Accounting Plus. We offer implementation tips and project management, in Victoria and the Island.