Update B.C. first-time homebuyers loan program

VICTORIA — First-time homebuyers struggling to cobble together a down payment for a home could soon get an interest-free loan from the B.C. government, a move some experts say undermines Ottawa’s attempts to curtail risky mortgages to overstretched buyers.

Premier Christy Clark announced Thursday that a new provincially backed loan program would match the amount a first-time buyer has saved for a down payment — up to $37,500, or five per cent of the home’s purchase price.

Clark painted the move as an attempt to help middle-class British Columbians overcome the hurdle of saving for expensive down payments. Not everyone has a parent they can borrow money from to get into the housing market, and some need government’s help, she said.

But down-payment requirements, set by Ottawa to curb risky lending, exist to weed out buyers who might overextend themselves on properties they can’t afford if interest rates increase.

“I hate it. To be very clear, I think it’s really bad economics,” said Tom Davidoff of the University of B.C.’s Sauder School of Business.

B.C. first-time homebuyers loan program sparks debate, concern

Employment Insurance (EI) Updates

Update on changes to Employment Insurance (EI) waiting period

Earlier this year, the federal government announced an important change to Employee Insurance (EI) benefits as part of its 2016 Federal Budget. Effective January 1, 2017, the waiting period for all EI benefits (including sickness benefits) will be reduced from two weeks to one week.

The number of weeks that EI benefits are paid by the government will not be changing.

About us

Raj Katlaria, CPARaj Katlaria is a Chartered Professional Accountant in Surrey, BC. Our friendly, professional, dedicated and superior client service provides accounting, taxation and auditing services, as well as bookkeeping, payroll, GST/HST and other related functions.We are committed to providing personal attention to our clients. We take pride and accountability in providing professional and quality services to both individuals and corporate clients in a wide range of industries.To consult Raj Katlaria, CPA for all your accounting needs, you can call us at 778-926-9226 or email at raj@rajcpa.com, or visit us at our Surrey, BC office for a personal consultation.

We have been serving clients from all across Surrey, Delta, Langley, Vancouver for all of their accounting needs.Come visit our Accounting firm in Surrey, BC to know more about us.

You can rely on our expertise for all your financial planning needs, including but not limited to:

  • Personal & Corporate tax
  • Accounting & Compilation
  • Review and Audit
  • Management consulting
  • Bookkeeping & related services
  • Cash flow analysis
  • Financial projections

Taxes are among the greatest expenses and Tax Planning is an integral part of a proper financial plan. Therefore, Tax planning is much more than just keeping track of your income and expenses and is essential for the success of your business. Knowing and understanding important tax laws and regulations can help avoid you avoid potentially huge mistakes that could cost you a substantial amount of money. Raj Katlaria, Chartered Professional Accountant in Surrey professional tax and financial planning advice can help you keep those mistakes to a minimum, take control of your taxes and plan accordingly.

We will help you find important and helpful links to online forms, document checklists that will assist you in gathering information in preparing for the tax season. Check out the resources on our website, and please feel free to contact us with any questions or comments you may have – we’d love to hear from you!

Our mission

Our mission is to serve our clients from all over Surrey, Delta, Langley, Vancouver with professional and quality service and finding the best possible solution to  all their accounting needs!

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Why hire a Chartered Professional Accountant for your business

Why hire a Chartered Professional Accountant for your business.

To start up or run your own business requires a great deal of your attention, hard work, and integrity. While you manage other aspects of your business, you can feel totally at ease when you rely on the services of a Chartered Professional Accountant.

What sets them apart?

By hiring a Chartered Professional Accountant, you will definitely have an edge in terms of their financial proficiency, insight, expertise and strategic vision. All this, in no way suggests that a non-designated accountants are not competent enough, it only suggests that as compared to Chartered Professional Accountant, they do not have to adhere to the standards of professional accountants as laid down by  the Association of Chartered Professional Accountants. CPA’s are professionals who spend a number of years acquiring that expertise, and are expected to keep their skills and knowledge up to date and current by their respective organization to ensure that the quality of service they provide  meet the high standards that is expected of them.

According to CPABC- “CPA’s are trusted by Canada’s business leader to help make the financial, strategic and leadership decision that matter. The CPA’s professionalism, commitment to excellence and to high professional standards provide the crucial foundation for this trust”

Chartered Professional Accountants bring value beyond compliance

CPA’s service their client by not only ensuring that they are in compliance with the law and  government regulation but can think beyond that and add value by providing best business advise and can help you with your smooth sailing through many complex business challenges. Investing in the services of a Chartered Professional Accountant can bring the best value for your business and will pay for itself in the end.

Contact Raj Katlaria, Chartered Professional Accountant, Surrey BC, to add value to your business.

You can rely on our expertise for all your financial planning needs, including but not limited to:

  • Personal & Corporate tax
  • Accounting & Compilation
  • Review and Audit
  • Management consulting
  • Bookkeeping & related services
  • Cash flow analysis
  • Financial projections

Our mission

Our mission is to serve our clients from all over Surrey, Delta, Langley, Vancouver with professional and quality service and finding the best possible solution to  all their accounting needs!

Give us a call at 778-926-9226, or email at info@rajcpa.com, or schedule an appointment at our Surrey, BC office for a personal consultation online at http://rajcpa.com/contact-us/.

Also check out important and useful resources on our website http://rajcpa.com

News release

Grant supporting the future of B.C. children celebrates one-year anniversary

The BC Training and Education Savings Grant is expanding. Starting August 15th, children born in 2006 can apply for the grant at any participating financial institution in BC. That’s an additional 40,000 eligible children – register today!

The families of more than 32,000 B.C. children born in 2007 or later have taken up the opportunity to kick-start their education savings during the first year of the $1,200 British Columbia Training and Education Savings Grant (BCTESG).

For more information on the B.C. Training and Education Savings Grant, call 1 888 276-3624 or visit: www.gov.bc.ca/BCTESG

Benefits of Financial Planning

Benefits of Financial Planning – a window into your future

In your every day busy and mundane life, have you ever given a thought to thinking about the future of your loved ones in terms of their financial well being? How prepared are you for their future. All the hard work you are doing today, will it gather enough? Are you optimally utilizing and allocating your assets. Have you laid down all your financial goals, priorities and commitments carefully? What about your child education, life insurance, medical insurance or even home insurance. If you have a plan for all these, you will eventually get there, but if you do not have it, then it is time to think about this reality and lay down a financial plan.

Wonder what Financial Planning is all about. It is nothing but an action plan to achieve your financial goals. It gives you the discipline and a direction to convert your dreams into reality.

To begin with, you might want to start off with analysing your current financial situation. In this process you will discover your monetary strengths and weaknesses. This will help you to monitor your weakness by controlling the depletion of resources. This will strengthen your finances and place you in a better situation than before.

After analyses, you need to develop a plan to deal with any kind of emergencies you may face in future. This could be anything unfortunate that happens in your life like accidents, emergency medical expenses, or even car repair or any sudden expenses you need to incur. A proper financial plan will help you to save some of that hard earned money and a way to protect it for future.

Identifying and prioritizing your financial goals will let you make a smoother transition into achieving your goals. It will also help you stick to those particular objective which comes first in your priority list. In this process seek advice from a qualified financial advisor. They are expert in this area and can provide valuable advice and can walk you through this process.

The importance of financial planning cannot be stressed enough. It has the ability to play a huge role in helping individuals upgrade as well as maintain their lifestyle. It doesn’t, matter if you are financially stable or not, but a well thought of and carefully laid out financial plan can not only benefit but can also transform your monetary status.

 

Updates on Interest Rates in BC

Interest rates are set every quarter based on the prime interest rate of B.C’s principal banker.

The interest rate that we pay on refunds and credit balances(credit rate) is prime minus 2%. The interest rate that is charged on outstanding balances and late payments(debit rate) is prime plus 3%. For more information on a listing of credit and debit rates since 2007 visit http://www2.gov.bc.ca/gov/content/taxes/income-taxes/interest-rates