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 …
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: Evelyn Suvajdzic, CPA, CGA I read a recent article in Business in Vancouver written by Albert Van Santvoort regarding investing fees in traditional finance firms versus robo-advising services. All costs may not be clearly evident leaving you, the consumer, comparing apples to oranges and paying more for less. With the advancement of technology we have been introduced to more user-friendly …
Written by: Howard Karpes, CPA, CGA This October 22nd, 2018 we in British Columbia (BC) will be voting on whether to change the voting style for future Provincial Elections. If you want, you can read the 114 page document “How we Vote 2018 Electoral Reform Referendum,” or you can read further for a summary. You will have to answer 2 …
Written by: Evelyn Suvajdzic, CPA, CGA During audits, I am frequently asked by clients if the Canada Revenue Agency is entitled to the information they have requested. The Income Tax Act of Canada gives very broad powers to the CRA auditor. They are able to inspect, audit or examine any books and records belonging to the taxpayer. You must reasonably …
Written by: Evelyn Suvajdzic All servers in the restaurant industry take heed; the CRA wants to tax what you make in tips! A recent article by Peter Shawn Taylor in “Pivot”, the Canadian CPA magazine, talks about a couple of audits the CRA has performed in P.E.I. and Ontario in the hospitality industry. According to the article, the CRA audited …
Written by: Howard Karpes, CPA, CGA What country would think it could tax the deceased citizen and resident of another country? The United States of America, that’s who. Arguably, what I am about to tell you is a very specific circumstance but, in my opinion, it is highly unusual. If you own physical property (land & building) in any country …
A court order is forcing PayPal to disclose sales made by business accounts between January 1, 2014 and November 10, 2017. What does this mean? If you have a professional accountant, probably nothing. Because your professional accountant has been helping you minimize you tax bill legally; and not by failing to declare revenue earned through PayPal.
