Community Involvement: June 2021

DMCL Supports Local Communities

We are proud to support our local community here at DMCL Chartered Professional Accountants. Our Partners and Managers from our Victoria, Surrey and Port Coquitlam offices have chosen four different not-for-profit organizations to receive donations this June 2021. As long-standing members of the community, we are committed to supporting the important role these charities play […]

How to Object to a CRA Assessment

How to Object to a CRA Assessment

The ability to object to a Canada Revenue Agency (“CRA”) assessment is an integral part of the Canadian tax system. There are many reasons for filing an objection. Some of the common reasons include the following: Uncertainty whether the CRA will accept a request to adjust an income tax return; and The CRA has changed […]

Common Issues in Waterfall Calculations in Commercial Real Estate

Common Issues in Waterfall Calculations in Commercial Real Estate

Real Estate Professionals (the “Sponsor”) commonly create Real Estate LP/GP Structures as a tool to facilitate the acquisition of real estate assets and structure these acquisitions with multiple investors.  These structures provide investors (“Investor”) with an opportunity to invest in large real estate acquisitions that they may otherwise do on their own.  The Sponsors leverage […]

Taxation of Charitable Donations In-Kind

Taxation of Charitable Donations-In-Kind

While cash gifts are the most common form of charitable donation, it’s also possible to make a “donation in-kind,” which is the transferring of assets. When you make a donation in-kind, you are considered to have disposed of the donated property at its current fair market value. If the current value of the donated property […]

2021 Federal Budget Highlights

2021 Federal Budget Highlights

Deputy Prime Minister and Finance Minister Chrystia Freeland released the Federal Government’s first Pandemic Budget (“Budget 2021”) on April 19th 2021. Budget 2021 focuses on spending for COVID recovery including: extension of some key Covid-19 support programs to September 25th 2021 such as the Canadian Emergency Wage Subsidy (CEWS) Program, the Canada Emergency Rental Subsidy […]

Changes to Trust Reporting Rules

Changes to Trust Reporting Rules

New Filing RequirementsIn order “to improve the collection of beneficial ownership information with respect to trusts and to help the Canada Revenue Agency (the “CRA”) assess the tax liability for trusts and its beneficiaries” the CRA has come out with Draft legislation for new reporting rules for Trusts. The new rules are effective for year […]

Debt Forgiveness - CPABC InFocus - Steve Youn

When It Comes to the Debt Forgiveness Rules, Is All Really Forgiven?

Our Tax Partner Steve Youn, CPA, CA has shared some of his expertise on debt-related topics with the Chartered Professional Accountants of British Columbia (CPABC) for publication in their CPABC InFocus magazine, March/April 2021 edition. Read below an excerpt of the article: “The recent economic downturn may bring forth unexpected tax issues. As creditors become […]