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 […]
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
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
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 […]
Some GST and HST Quirks You Might Need to Know (Part 1)
Here is part one of a dozen unusual GST and HST rules from the Excise Tax Act (ETA) — some less well-known than others — that might affect your business. Note that while the GST and HST are administered by the CRA across Canada, they are administered in Quebec by Revenu Québec (RQ). Medical and […]
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 […]
Canada’s Federal and Provincial Budgets Dates for 2021
Canada’s Federal Budget Date – Monday, April 19, 2021 The 1st Federal budget in 2 years will be on Monday April 19, 2021. Finance Minister Chrystia Freeland made that announcement earlier this week in the House of Commons. Will they raise taxes or keep the same to be more competitive to the US should Biden […]
CPABC Mid-Size Firms Recruitment Event – May 6th
Have you considered working for a midsize firm? Meet us on May 6th at the Mid-Sized Firms Event, as we provide an overview of the benefits and culture of pursuing a career at DMCL Chartered Professional Accountants. Meet the Midsize Firms CPABC Trendsetter SeriesMay 6th, 20214:00pm – 6:30pmVirtual Event Register: www.bccpa.ca/MTMF
Application Deadline Extended to June 30th for Canada Emergency Business Account
Canada Emergency Business Account (CEBA) Update: Deadline extended: The March 31st, 2021 deadline for applying for the CEBA loan was extended to June 30 2021 per an announcement from the Federal government on Monday, March 22, 2021. Almost $45 billion CEBA loans have been approved to date of the $73 billion program. Canada Emergency Business […]
New GST Registration Requirement for Non-Residents, Vendors and Digital Platforms
In its 2020 Fall economic statement, the Government of Canada proposed new GST/HST measures for Foreign-based vendors: GST/HST on Cross-Border Digital Products and Cross-Border services; GST/HST on Goods Supplied through Fulfillment Warehouses; GST/HST on Platform-based Short-Term Accommodation. These changes are proposed to be effective July 1,2021. BackgroundUnder the current GST/HST rules, foreign-based vendors without physical […]
