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 […]
How to Object to a CRA Assessment
The ability to object to a Canada Revenue Agency (“CRA”) assessment is an integral part of the Canadian tax system. There are many reasons for filing an objection. Some of the common reasons include the following: Uncertainty whether the CRA will accept a request to adjust an income tax return; and The CRA has changed […]
Common Issues in Waterfall Calculations in Commercial Real Estate
Real Estate Professionals (the “Sponsor”) commonly create Real Estate LP/GP Structures as a tool to facilitate the acquisition of real estate assets and structure these acquisitions with multiple investors. These structures provide investors (“Investor”) with an opportunity to invest in large real estate acquisitions that they may otherwise do on their own. The Sponsors leverage […]
Considering Selling Your Business? Know The Tax Implications
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 […]
