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 […]

Keeping Up with Trust Reporting

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 […]

Employee Home Office Expenses

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: […]

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 […]

Why Borrowing Money from your Company is a Risky Proposition

Why Borrowing Money From Your Company Is A Risky Proposition

There are three basic ways that an owner-manager can draw funds from their company: Payment of wages/salary, Payment of dividends, and Repayment of loans previously advanced to the company. However, many owner-managers have found that a fourth way to draw funds from their company is to simply borrow money from the company.  This seems like […]

Updated Tax Rate Cards for 2021

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 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 […]

Some GST and HST Quirks You Might Need to Know (Part 2)

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

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 […]

Considering Selling Your Business Know The Tax Implications

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 […]