December 31 is fast approaching. If you haven’t already began to think about your tax planning strategies, there’s still time to take advantage of the opportunities before the year-end.
The Gift of Tax This Holiday
As we near the final months of the year, discussions of holiday gifts and parties for employees are often the main topics of the season. While an unwanted tax bill may not be in the minds of employers during the holiday, it’s important not to overlook the tax implications of these wonderful perks. Holiday Gifts […]
Holiday Business Hosting: Six budget tips for planning your perfect get-together
The holidays are upon us, and many are excited to get back to social gatherings this year. Whether you’re hosting a staff holiday party, or a holiday dinner for your clients, here’s a list of six items to consider when creating your budget for the perfect get-together. 1. Guest list The first step to creating […]
Ask the Expert… Should I host a staff holiday party?
With December around the corner, many of us are looking for ways to reconnect with colleagues and have a little bit of fun celebrating the holidays together. The decision of whether or not to host a staff holiday party is ultimately up to you and the best fit for your company culture as long as […]
NFTs: The What, Why and How to Account for Non-Fungible Tokens
In 2021, a new trend to bid on and/or purchase high-value collectibles known as non-fungible tokens (NFTs) captured the attention of people around the world. What stands out immediately is the magnitude of wealth being used to purchase these NFTs. In March 2021, for instance, the first purely digital artwork (NFT) by the artist known […]
New Hope for First-Time Buyers
Liberal’s Proposed “First Home Savings Account“ The election platform for the Liberal party included a new tax measure called the “First Home Savings Account” (FHSA). Although the Liberal government did not win a majority in the recent election, it is likely they will pursue this new tax measure to help first-time homebuyers save for a […]
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 […]
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
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 […]
