KILLARNEYGLENGARRY

August 25:
Native vs. Invasive Plants
7pm, $10; KGCA Hall, downstairs Legion room
KGCA 2015
Garden Workshop Series
October:
Microgreens
July 15:
Details TBA
Composting I: Basics
7pm, $5; In the KGCA Community Garden; November:
Bring your own
lawn chair
Landscape Architecture
Details TBA
July 29:
Composting II: Advanced Case Study December:
7pm, $5; Meet at the little library in front of 2626
Terrariums/Fairy
26 St SW
Gardens
Details TBA
August 25:
Native vs. Invasive Plants
7pm, $10; KGCA Hall, downstairs Legion room
2828 – 28th Street S.W., Calgary, Alberta T3E 2J3; 403-246-6668 Email: garden@killarneyglengarry.com
October:
Microgreens
Details TBA
September 2:
Soap Making
7pm, $10; KGCA Hall, downstairs Legion room
September 2:
Soap Making
7pm, $10; KGCA Hall, downstairs Legion room
November:
Landscape Architecture
Details TBA
December:
Terrariums/Fairy Gardens
Details TBA
2828 – 28th Street S.W., Calgary, Alberta T3E 2J3; 403-246-6668 Email: garden@killarneyglengarry.com
Managing
Your Money
Pay tax instalments or bear the cost
Andrea Nemec, Financial Planning Professional
You may have received a reminder notice from the Canadian
Revenue Agency (CRA) indicating that you should
make a quarterly tax instalment. It is important to make
these payments on time because ignoring the notice may
be costly.
You may have to make tax instalments if you received or
earned any income that is not subject to withholding at
source, such as business or investment income and/or
if you received or earned income with a low rate of withholding
at source, such as pension income and your net
tax owing is greater than $3,000 in 2015 and either 2014
or 2013.
The CRA determines if you must pay instalments based on
your tax returns from prior years and will send you a reminder
notice to make these payments – in February for
the March and June payments and in August for the September
and December payments. If you receive a reminder
notice but you do not comply you may be subject to interest
and penalty charges.
For the 2015 taxation year, the CRA will base your first two
instalments on your 2013 tax liability with the final two
being adjusted so the total of the four instalments equals
your 2014 tax liability. This calculation method can result
in an overpayment of tax if, for example, your income has
decreased over the past two taxation years. If you overpay,
you will earn instalment credit interest that is not refundable
and can be used only against interest payment
charges on late payments for the same tax year. (Check
with your advisor or accountant before making a payment
to see if your instalments should be reduced.)
If you do not make your payments on time or paid less than
you had to pay, you will be charged instalment interest at
the prescribed interest rate compounded daily (currently
at 5% which is subject to quarterly adjustments) with the
interest calculated on each instalment payment beginning
from the day it was due.
You may also have to pay a penalty (if your instalment interest
charges for 2015 are more than $1,000). The amount
of the penalty is determined by which of the following
amounts is higher:
• $1,000 or
• 25% of the instalment interest you would have to pay if
you had not made instalment payments.
To calculate the penalty, the CRA subtracts the higher
amount from your actual instalment interest charges for
2015 and divides the difference by two.
The cost of not making your instalment payments can be
substantial – it may even make sense to borrow to pay
the instalments. But don’t rush into another unnecessary
expense especially if you know your income is decreasing.
Talk to your professional advisor about the best tax planning
and investment decisions for you.
Authorized by the official agent for Kent Hehr.
It’s time for a new
voice in Ottawa...
YOURS.
Let’s talk.
403.475.4474
kent@kenthehr.com
kenthehr.com
YOUR PLUMBING &
HEATING SPECIALISTS
Winter is here.
BOOK YOUR FURNACE SERVICE $129.95
FREE WiFi Thermostat for all
furnace replacements this month.
authorized dealer
403-460-8906 • info@surefitmechanical.ca
12 OCTOBER 2015 I Great News Publishing I Call 403-263-3044 for advertising opportunities k i l l a r n e y / g l e n g a r ry C o m m u n i t y N e w s l e t t e r I OCTOBER 2015 1 3