Liberal’s Proposed “First Home Savings Account“ The election platform for the Liberal party included a new tax measure called the “First Home Savings Account” (FHSA). Although the Liberal government did not win a majority in the recent election, it is likely they will pursue this new tax measure to help first-time homebuyers save for a […]
The Real Cost of Buying Luxury Cars in B.C.
Editor’s note: This article was originally published on November 16, 2020, and was updated on September 30, 2021 to show the impact of the proposed federal luxury tax. Having built a successful career or business, many high-income earners like to reward themselves by purchasing a luxury car. However, the true-cost of buying a luxury car […]
National Day for Truth and Reconciliation
Today, we’re sharing the Survivors’ Flag as an expression of remembrance, meant to honour residential school Survivors and all the lives and communities impacted by the residential school system in Canada. We acknowledge that DMCL operates on the traditional, ancestral, unceded territory of the Musqueam and Lkwungen peoples, and the Semiahmoo, Katzie, Kwikwetlem, Kwantlen, Qayqayt […]
Fore for Food
DMCL Chartered Professional Accountants recently partnered with the Greater Vancouver Food Bank as a presenting sponsor in their first-ever annual golf tournament: Fore for Food – A Day of Golf. Our partners Brad Allen, Michael Auras, Steve Leung, and Fraser Ross were proud to join the event on behalf of DMCL and support this essential […]
Keeping Up with Trust Reporting
New 2021 Trust Reporting Rules to the CRA There are new tax return filing and information reporting requirements for trusts effective for taxation years ending on/after December 31, 2021. Changes include: Requiring a T3 to be filed for certain trusts even if they did not have to before, Requiring reporting of personal information including names […]
Ask the Expert… What is Cloud Accounting and How Can It Benefit Me?
Cloud accounting is the use of secure cloud storage to hold and process accounting data, allowing you to monitor the financial position of your business from anywhere, at any time, on any device. With just one active file shared with your professional accounting advisors, it’s easier to collaborate and reduce the confusion that can lead […]
CapEx or OpEx?
Classifying Your Investments in Technology In 2020, the COVID-19 pandemic began taking hold around the globe and organizations had to pivot to deal with a new reality. The ways we interact and conduct business have transitioned to a more virtual world. Over the past two years, we’ve seen a technological shift as organizations invest more […]
Everything You Need to Know About Working from Home and Tax Deductions
As an employee, you may be able to claim a deduction on your Canadian T1 personal income tax return for (1) home office expenses (work-space-in-the-home expenses) and (2) office supplies, and (cell) phone expenses you incur in doing your job. Employee Home Office Expenses You may be able to claim a deduction for home office expenses: […]
When You Can’t Claim Your Fame
Tax Consequences for Canadian Actors Working in the US If you’re a Canadian resident actor working in the US, you could be paying more tax than you should. The tax treatment of actors is completely different in the US compared to Canada. Before you commit to your next job south of the border, make sure you […]
Transparency in Tax
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 […]
