What are the new Quebec Sales Tax (QST) Rules? On March 27, 2018, the Quebec budget introduced new Quebec Sales Tax (“QST”) rules expanding the threshold of QST registrant requirements with focus on non-resident suppliers in the e-commerce sector. The budget addressed the lack of specific rules for online sale transactions which previously led to […]
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 […]
Three Reasons You May Need a Business Valuation
What is a Business Valuation? An independent business valuation is based on a sound set of principles and approaches to estimate the worth or fair market value (FMV) of a business. The three approaches to determine FMV are the asset approach, the income approach, and the market approach. No matter which approach or method is […]
Executor’s Checklist – Six Commonly Requested Items by CPA’s
Being an executor for a deceased taxpayer can be overwhelming. At DMCL, we can guide you through the process of filing the necessary tax returns including the deceased taxpayer’s final tax return, and where necessary, a rights and things return, an estate tax return, and finally a compliance certificate. The following is a list of […]
Tax Rules for Renting Out Your U.S. Vacation Home
If you own a U.S. vacation home – or are thinking of buying one – make sure you understand the U.S. tax deductions that are available to you if you rent it out.
US Taxation of Canadian E-Commerce: Two Different Approaches, Two Different Results
The internet has changed how business is conducted, especially in a cross-border context. The ease and relatively inexpensive access to the internet, the emergence of social media sites such as YouTube, and the proliferation of company websites that operate as virtual storefronts, has created business opportunities where none existed before
Canadian Snowbirds: U.S. Residency Rules
If you are a Canadian who spends winters in the U.S., keeping track of your days in the U.S. is important in order to avoid becoming an “accidental” U.S. resident.
You have until March 31, 2018 to take advantage of CRA’s historically low 1% prescribed rate to save taxes
Owner-managers of companies who operate a business or who own investments such as real estate or a stock portfolio in a private corporation may now be reluctant to split income from their corporations by paying dividends to adult family members because such dividends may now be subject to the highest marginal tax rate under the […]
2018 Federal Budget Insights
The Federal Government’s 2018 Budget touts Canada’s strong economic growth over the past two years, including real GDP growth of 3.2 per cent since the second quarter of 2016, an unemployment rate of 5.9 per cent, and significant improvements in average weekly earnings, consumer confidence, and household consumption.
Are you ready for BC’s new Societies Act?
The new Societies Act became effective November 28, 2016. Not-for-profit organizations (NFPOs) formed under the old Society Act were given two years to transition to the new Societies Act. Effected BC NFPOs must transition to the new Societies Act and to a new online filing system called “Societies Online” by November 28, 2018.
