Zero Emission Vehicles

This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. Since March 19, 2019, companies that purchased zero-emission vehicles (such […]

11 Tax Tips For Owner-Managed Enterprises

TAX RATE SUMMARY BC personal and corporate tax rates will not change in 2020: Corporate Tax Rates (Fed + BC)          2019 2020 CCPC Active business income < $500,000 [1]   11.00% 11.00% CCPC Active business income > $500,000 27.00% 27.00% CCPC investment income  50.67% 50.67% Personal services business income 45.00% 45.00%   Personal Tax Rates (Fed […]

Does Your Business Claim GST/HST Input Tax Credits?

Make sure you have the correct documentation to support your claims. Many businesses are surprised when the Canada Revenue Agency (CRA) audits their GST/HST returns and denies some of the input tax credits (ITCs) they attempt to claim. An ITC claim may be denied for many reasons, but a common one is a lack of […]

Moving from Canada? Some Tax Things to Consider

  If you plan on leaving Canada, whether for the U.S. or another country, here are some things to know: Each country has its own rules for taxing individuals. Canada will tax you on your worldwide income if you are considered a  “Canadian resident” whether you live in Canada or temporarily somewhere else or are a […]

Executors and Income Tax

Executors and Income Tax

  Executors and Income Tax In this article we’ll look at an executor’s responsibilities under the Income Tax Act. If you’re being considered as an executor of a will, we recommend getting legal advice before assuming the role, as it carries specific obligations under common and tax law. You should understand the nature of the […]

Changes To The Taxation Of Testamentary Trusts

Changes To The Taxation of Testamentary Trusts?

A testamentary trust (a trust established by will after death) is subject to tax at graduated income tax rates. Conversely, an inter vivos trust (a trust created during a settlor’s lifetime) is taxed at the highest marginal tax rate applicable to individuals (currently 43.7% in BC). Consequently, for access to graduated rates of tax for […]

Payments to Non-Residents

Payments to Non-Residents

If you make payments to non-residents of Canada, you may be required to withhold an amount from the payment and remit it to the CRA. Additionally, you may be required to file an annual information return and distribute tax slips to the recipients of the payments. Failing to do any one of these things could […]

Loans To Family and Friends

Tax Consequences of Loans to Friends or Family

  If you loan money to a friend or family member to help them buy a car or a house, or start a business, the expectation is that they’ll pay you back. But what if they don’t?   Capital Loss Election Unless you’re in the money-lending business, your right as a creditor to receive repayment […]

Death and Taxes

Death and Taxes

  As Mark Twain pointed out, the only two certainties in life are death and taxes. And even in death you can’t escape taxation. In this article we’ll look at some of the tax issues that will arise after your death.   Final Tax Return Your final tax return will include all income received in […]