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 […]
Revised Income Sprinkling Rules
On December 13, 2017, the Department of Finance released the much-anticipated revised rules for the tax on split income, or TOSI. The revised TOSI rules address income sprinkling between family members, and apply to the 2018 and subsequent taxation years. The revised rules address some, but not all, of the issues with the July 18, […]
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 […]
CPA Canada’s New Review Engagement Standard – What to Expect
Does your company require us to perform a review of its financial statements? You should be aware that the review engagement standards are changing. DMCL will be applying the new review engagement standard, Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements, as required by CPA Canada, for reviews on your […]
How Will the IRS Catch Me?
How will the IRS catch me? Sticking your head in the sand and wishing your troubles away is never a sound tax strategy. You may be surprised, though, as to how many US persons (i.e. US citizens, green card holders or resident aliens) continue to follow this path even after years of media attention on […]
