KSO Accounting Group would like to wish everyone a very Happy Thanksgiving. We are thankful for the opportunity to help make life easier for our clients, and look forward to continued growth and success together. Our offices will be closed on Monday, September 10th, 2022 to celebrate the holiday, but we will be open again on the 11th.
In connection with the Covid-19 epidemic, the Province of British Columbia established the PST Rebate on Select Machinery and Equipment. This temporary program offers most incorporated businesses a refund equal to the PST paid on purchases or leases of certain types of capital assets between September 17,2020 and March 31, 2022. This applies to many classes of capital assets, including …
The Province of BC is offering PST rebates on purchases made by most incorporated businesses, of certain machinery and equipment (see https://www2.gov.bc.ca/gov/content/taxes/sales-taxes/pst/rebate-machinery-equipment) which are: Purchased substantially (>90%) for the purpose of earning income, and Purchased or leased in BC between September 17, 2020 and September 30, 2021 (or for which the contract specifies delivery by November 30, 2021), and For …
To Our Valued Clients, In the midst of the COVID-19 pandemic, we are aware that the daily lives of many people have been affected. The priority at this time from the Provincial and National health authorities is to take extra measures in order to flatten the curve of the outbreak. It is our responsibility to protect our communities and, as …
As tax season approaches, it is especially important for taxpayers to protect themselves and their personal information from scammers. Following is a list of some indicators that a phone call, voicemail message or email is NOT from the Canada Revenue Agency: · The call is automated, ie. a recorded message or robot rather than a live person, DO NOT return …
The Tax Free Savings Account (TFSA) was created on January 1, 2009 with the intention of helping Canadians 18 and older to save money. The purpose of the TFSA is to provide Canadians with the opportunity to save money and earn investment income on a tax-free basis. Following is a list of the major benefits of contributing to a TFSA: …
Written by: Thomas Hirt, CPA, CGA Mark Twain – “There are three types of lies: lies, damned lies, and statistics.” In June 2019, the Canada Revenue Agency (CRA) released a fifth report , “Tax Gap and Compliance Results for the Federal Corporate Income Tax System”, in its series of reports about the tax gap. The tax gap is the difference …
For capital assets purchased after November 20, 2018, a new accelerated capital cost allowance has come into effect. For equipment used in the manufacturing or processing of goods or specified clean energy equipment, these rules will allow the purchase cost to be claimed 100% in the first year after purchase for tax purposes. Generally, for equipment in other classes the …
The Speculation and Vacancy Tax is an annual tax paid by some owners of residential properties in designated taxable regions of BC. All residential property owners in the taxable regions must complete a declaration by March 31, 2019. The information you’ll need to register your property declaration will be mailed by mid-February and each person on title for a property …
Whether you are self-employed, use your vehicle for work, given a monthly car allowance, reimbursed for vehicle expenses or given a company vehicle, the tax implications can be difficult to unravel. For each situation there can be tax advantages and disadvantages. Be sure you are recording the correct expense deduction for your situation. The Canada Revenue Agency also wants to …
