On April 1, 2013, British Columbia will eliminate the 12% harmonized sales tax (HST) and re-implement the 5% goods and services tax (GST) and 7% BC provincial sales tax (PST). Builders need to keep in mind the following issues with respect to the transition: 1. Sales of new homes prior to April 1, 2013 a) […]
Corporate Tax Rate Changes Impacting Personal Services Businesses
A new change has been made to the Corporate Tax Rates that applies to the income of a personal services business (PSB). Income of a PSB no longer qualifies for the federal general rate reduction of 13%. As a result this leads to a 38% corporate tax rate for PSB income and flow through rate […]
Changes to the Canadian Pension Plan (CPP) Contribution Rules
On January 1, 2012, changes to the rules for deducting CPP contributions will come into effect. Under the new rules employers may have to deduct CPP contributions from the pensionable earnings paid to an employee who is 60 to 70 years of age, even if the employee is receiving a CPP or Quebec Pension Plan […]
