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New – Bare trusts are exempt from trust reporting requirements for 2023

March 28, 2024 To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts. In recognition that the new reporting requirements for bare trusts have had an unintended impact...
buying a house and tax breaks

Laneway and Coach Houses – What do you need to know?

Laneway homes have become very popular in the lower mainland to supplement the cost of living, or to help look after aging parents or assist adult children. But there has been very little information with respect to the income tax implications of these homes. One of the biggest...
Your Vancouver CPA Accountants

New Tax Credit for Educators

New tax credit for educators announced.  Read about it here…Government of Canada Website
Incorporate your business in BC

To Incorporate, or Not to Incorporate?

Incorporating your business can unlock massive tax deferrals if done correctly.  Done too early and only additional accounting and legal fees have been unlocked.  The most common advice people seem to be told is that at some magic dollar amount, incorporation is the obvious...
buying real estate tax implications

Buying Real Estate in a Corporation

People seem to love corporations.  Most figure there must be some advantage in using them; and often there is.  However, everyone’s situation is different.  Certain circumstances must be present in order to allow us to tap into these advantages. In my practice I see, far too...

Top Questions CRA Gets at Tax Time

Ever wonder what the most popular questions are to the CRA during tax time?  See them here…Top Questions to CRA

Thinking of giving shares to your employees – Think again!

We often get asked to comment on this very topic.  A Canadian corporate lawyer has gone ahead and summarized the relevant issues related to this.  Read his article here…Thinking of giving shares to your employees – Think Again

Scam: CRA Agent Telephone Calls

It is becoming more common these days; a client will call after someone posing to be a CRA agent has called and tormented them with threats.  Sometimes it is hard to determine if the person on the phone is legitimate or not.  See this site on CRA’s website for a listing of...

What’s new for the 2016 tax filing season?

CRA has released an update highlighting some of what’s new for filing your 2015 income taxes in 2016. http://www.cra-arc.gc.ca/nwsrm/txtps/2015/tt151222-eng.html

CRA’s new SRED Tool: SALT

With CRA’s new Self-Assessment and Learning Tool (“SALT”), you can determine if your project is eligible for tax rebates under the Scientific Research and Experimental Development (SRED) Program.  Check it out!  Give us a call with any questions.CRA’s SALT...