The Real Cost of Buying Luxury Cars in B.C.

Editor’s note: This article was originally published on November 16, 2020, and was updated on September 30, 2021 to show the impact of the proposed federal luxury tax. Having built a successful career or business, many high-income earners like to reward themselves by purchasing a luxury car.  However, the true-cost of buying a luxury car […]

National Day for Truth and Reconciliation

Today, we’re sharing the Survivors’ Flag as an expression of remembrance, meant to honour residential school Survivors and all the lives and communities impacted by the residential school system in Canada. We acknowledge that DMCL operates on the traditional, ancestral, unceded territory of the Musqueam and Lkwungen peoples, and the Semiahmoo, Katzie, Kwikwetlem, Kwantlen, Qayqayt […]

DMCL_Fore-For-Food_Sponsor

Fore for Food

DMCL Chartered Professional Accountants recently partnered with the Greater Vancouver Food Bank as a presenting sponsor in their first-ever annual golf tournament: Fore for Food – A Day of Golf. Our partners Brad Allen, Michael Auras, Steve Leung, and Fraser Ross were proud to join the event on behalf of DMCL and support this essential […]

Keeping Up with Trust Reporting

Keeping Up with Trust Reporting

New 2021 Trust Reporting Rules to the CRA There are new tax return filing and information reporting requirements for trusts effective for taxation years ending on/after December 31, 2021. Changes include: Requiring a T3 to be filed for certain trusts even if they did not have to before, Requiring reporting of personal information including names […]

Ask the Expert - Cloud Accounting

Ask the Expert… What is Cloud Accounting and How Can It Benefit Me?

Cloud accounting is the use of secure cloud storage to hold and process accounting data, allowing you to monitor the financial position of your business from anywhere, at any time, on any device. With just one active file shared with your professional accounting advisors, it’s easier to collaborate and reduce the confusion that can lead […]

CapEx or OpEx?

CapEx or OpEx?

Classifying Your Investments in Technology In 2020, the COVID-19 pandemic began taking hold around the globe and organizations had to pivot to deal with a new reality. The ways we interact and conduct business have transitioned to a more virtual world. Over the past two years, we’ve seen a technological shift as organizations invest more […]

Employee Home Office Expenses

Everything You Need to Know About Working from Home and Tax Deductions

As an employee, you may be able to claim a deduction on your Canadian T1 personal income tax return for (1) home office expenses (work-space-in-the-home expenses) and (2) office supplies, and (cell) phone expenses you incur in doing your job. Employee Home Office Expenses You may be able to claim a deduction for home office expenses: […]