In the words of the OECD: “Tax transparency is about putting an end to bank secrecy and tax evasion through global tax co-operation”. All us accounting geeks out there know that the CPA profession has publicly stated that it supports transparency of the beneficial ownership of corporations to create a national framework for whistleblowing and […]
Before You Hand Over the Keys
Five Steps for a Smooth Business Succession Plan Owners of small to medium-sized private businesses will have to hand over the reins at some point. Here are the main things you need to consider about business succession planning and a summary of your main options. 1. Realize business succession needs planning If you’re like many […]
Swipe Right? Choosing the Best Firm for Your CPA Journey
It’s recruiting season and you’re about to begin the whirlwind tour of accounting firms pining for your attention with socials, swag and promises of a bright future. It’s a lot of pressure in a short amount of time, and it’s no wonder students are often left pondering which firm is the best choice. Like dating, […]
Tax Considerations When Purchasing Canadian Real Estate
If you are buying Canadian real estate it is important to know whether the seller is a “resident” of Canada or not. If the seller is a non-resident of Canada, you may be required to make a withholding from the payment of the purchase price to the seller, and to remit the amount withheld to […]
Why Borrowing Money From Your Company Is A Risky Proposition
There are three basic ways that an owner-manager can draw funds from their company: Payment of wages/salary, Payment of dividends, and Repayment of loans previously advanced to the company. However, many owner-managers have found that a fourth way to draw funds from their company is to simply borrow money from the company. This seems like […]
Cloud-Based Accounting
Today’s accounting department should be a lean mean operating machine. How, you ask? By moving to the 21st century; integrating and automating processes and using cloud-based applications. Accounting departments have gone from paper ledgers to computerized activities and can now move to automation. Such a move needs to be carefully planned and executed to ensure […]
Updated Tax Rate Cards for 2021
Here are our updated tax rate cards to account for the 2021 BC Budget. In these, you will find 2020/2021 corporate tax rates and 2020 / 2021 BC individual tax rates. Please contact your DMCL advisor in case of any questions.
Canada Emergency Business Account (CEBA) Deadline Reminder and Other Updates
Canada Emergency Business Account (CEBA) – deadline Wednesday, June 30 2021 Interest free loans for small business and NPOs (portion may be forgivable) Additional information: Application Deadline Extended to June 30th for Canada Emergency Business Account: Link Canada Emergency Business Account (CEBA) – Government of Canada: Link CEBA pre-screen tool: Link We suggest you review the CEBA […]
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 […]
Some GST and HST Quirks You Might Need to Know (Part 2)
Here is part two 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. (Click here to view part one.) Note that while the GST and HST are administered by the CRA across Canada, they are administered in Quebec […]
