According to the Income Tax Act, you need to keep business tax records for a minimum of six years from the end of the taxation year to which the records and books relate. If You Want to Correctly Keep Business Tax Records in Canada, You Should Have All: Sales Invoices Contracts and Guarantees Loan agreements […]
Empty Homes Tax – Audits and Appeals If you are a City of Vancouver residential property owner, you may be subject to an audit of your 2017 Property Status Declaration. The City of Vancouver may also have recently denied your request for an exemption to the Empty Homes Tax (EHT). This post outlines how to […]
Tax planning and corporate restructuring have become an integral part of the services provided by professional advisers to their clients. A key component of any plan is establishing the fair market value (FMV) as the valuation represents the first step towards assessing the tax consequences of any transaction. This post looks at valuations for income […]
As accountants and trusted advisors for many not-for-profit organizations and charities, we share your goal of a successful audit. Here are our tips for a successful not-for-profit audit Our tips to achieve a successful not-for-profit audit: Review all lease agreements and leasehold improvements. Make sure all leases are readily available for the auditors, especially any […]
The new US global intangible low-tax income (GILTI) regime was introduced as part of US tax reform changes announced in December of 2017 and applies to foreign corporation’s first tax year beginning after 2017. How the GILTI Rules Work The GILTI rules require US taxpayers who own 10% or more of the votes or value […]
Many musicians put off organizing the business side of their career until they have to. They may feel overwhelmed and stressed out by the demands of tax authorities and grant application requirements.
If you own or are looking to own residential real estate in BC (a home, condo, or cottage) you should be aware of the BC government’s 30 Point Plan to address BC’s housing affordability. Do you own a 2nd home or vacation property in BC? Starting in 2018, the BC Speculation Tax, announced in the […]
Are you a Canadian company selling goods to US customers? If so, the Wayfair decision might drastically alter your US Sales Tax Exposure. The clear implication of the Wayfair decision is that there will likely be a mass rush of states adopting new sales tax laws that will mirror the far lower threshold of “economic nexus” that has been implemented by South Dakota.
What are the new Quebec Sales Tax (QST) Rules? On March 27, 2018, the Quebec budget introduced new Quebec Sales Tax (“QST”) rules expanding the threshold of QST registrant requirements with focus on non-resident suppliers in the e-commerce sector. The budget addressed the lack of specific rules for online sale transactions which previously led to […]
Are you considering selling your business? The sale of your business can be equally as exciting as it can be stressful. It is important that you know the options available to you and the tax implications of different choices. We at DMCL are here to guide you through the options available to you and make […]