Congratulations to Reg LaBonte on his retirement

After 41 years of service in public accounting, including 21 years with his own firm and 14 years with DMCL, Reg LaBonte, CPA, CA  has retired from the partnership effective January 1, 2018. Reg has made numerous contributions to the firm through the years. Most notably his commitment to developing our successful public company assurance and […]

New IFRS Standards becoming effective – Are you ready?

There are three new International Financial Reporting Standards that become effective this year and next: IFRS 9 Financial instruments IFRS 15 Revenue from contracts with customers IFRS 16 Leases IFRSs 9 and 15 are effective for annual periods beginning on or after January 1, 2018.  Therefore, public companies with a December 31st year-end date will […]

Empty Homes Tax – Are you prepared?

If you are a City of Vancouver residential property owner you should have recently received notification that you have to make a 2017 Property Status Declaration.  The City of Vancouver has extended the deadline to March 5, 2018. The purpose of this declaration is to determine if you are subject to Vancouver’s new Vacancy Tax […]

Join us in welcoming Cherry Ho to the partnership

DMCL CPA is pleased to announce that Cherry Ho, CPA, CA has been admitted to the partnership effective January 1, 2018. Cherry has over 12 years of experience providing accounting and assurance services to both public and private companies and not-for-profit organizations.  Cherry specializes in mining, technology and medical industries and has extensive experience working with clients […]

US Tax Reform Summary

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (HR 1).  This legislation, which was passed through Congress strictly on party lines, has made a significant number of changes and modifications to existing US tax law.   Although the new tax law is getting an enormous amount of press coverage […]

Income Sprinkling Rules Simplified

On December 13, 2017, the Department of Finance released further clarification on the previously proposed tax on split income (“TOSI”) or income sprinkling rules.  The government has simplified the rules, excluding family members who make “meaningful contributions” to the business. Additionally, family members excluded from the new rules include: A business owner’s spouse, provided the […]

Charitable Donations – Giving and Tax Savings

The season of giving has arrived!  You may be thinking of making some final charitable donations for 2017.  Many are inspired to give back to the community by donating to charitable organizations.  As you embrace the giving spirit by making donations, keep in mind the tax benefits available to you. Eligible Donations Donations are eligible […]

Tax Planning Changes for Private Corporations – Where Do We Stand And What Should We Do?

Over the past few months the Federal Government has refined its previous July 18, 2017 proposal with more announcements expected in the near future.  Pressured by a large public outcry, Finance Minister Bill Morneau has revisited the means by which his agency will address strategies used by high-income individuals through private corporations to gain “tax […]