The new Societies Act became effective November 28, 2016. Not-for-profit organizations (NFPOs) formed under the old Society Act were given two years to transition to the new Societies Act. Effected BC NFPOs must transition to the new Societies Act and to a new online filing system called “Societies Online” by November 28, 2018.
Keeping proper books has long been considered a challenge for business owners. Many struggle to do it themselves or they may hire someone to do it for them and lose touch with the financial health of their company. At DMCL, our experienced Cloud Accounting group uses cloud-based software to work collaboratively with our clients to […]
It’s time to start thinking about your 2017 Personal Tax Return – April 30th is fast approaching. The following is a summary of changes that my impact your taxes and the information you need to gather.
After 41 years of service in public accounting, including 21 years with his own firm and 14 years with DMCL, Reg LaBonte, CPA, CA has retired from the partnership effective January 1, 2018. Reg has made numerous contributions to the firm through the years. Most notably his commitment to developing our successful public company assurance and […]
There are three new International Financial Reporting Standards that become effective this year and next: IFRS 9 Financial instruments IFRS 15 Revenue from contracts with customers IFRS 16 Leases IFRSs 9 and 15 are effective for annual periods beginning on or after January 1, 2018. Therefore, public companies with a December 31st year-end date will […]
If you are a City of Vancouver residential property owner you should have recently received notification that you have to make a 2017 Property Status Declaration. The City of Vancouver has extended the deadline to March 5, 2018. The purpose of this declaration is to determine if you are subject to Vancouver’s new Vacancy Tax […]
DMCL CPA is pleased to announce that Cherry Ho, CPA, CA has been admitted to the partnership effective January 1, 2018. Cherry has over 12 years of experience providing accounting and assurance services to both public and private companies and not-for-profit organizations. Cherry specializes in mining, technology and medical industries and has extensive experience working with clients […]
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (HR 1). This legislation, which was passed through Congress strictly on party lines, has made a significant number of changes and modifications to existing US tax law. Although the new tax law is getting an enormous amount of press coverage […]
On December 13, 2017, the Department of Finance released further clarification on the previously proposed tax on split income (“TOSI”) or income sprinkling rules. The government has simplified the rules, excluding family members who make “meaningful contributions” to the business. Additionally, family members excluded from the new rules include: A business owner’s spouse, provided the […]
The season of giving has arrived! You may be thinking of making some final charitable donations for 2017. Many are inspired to give back to the community by donating to charitable organizations. As you embrace the giving spirit by making donations, keep in mind the tax benefits available to you. Eligible Donations Donations are eligible […]