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 […]

2021 Federal Budget Highlights

2021 Federal Budget Highlights

Deputy Prime Minister and Finance Minister Chrystia Freeland released the Federal Government’s first Pandemic Budget (“Budget 2021”) on April 19th 2021. Budget 2021 focuses on spending for COVID recovery including: extension of some key Covid-19 support programs to September 25th 2021 such as the Canadian Emergency Wage Subsidy (CEWS) Program, the Canada Emergency Rental Subsidy […]

Changes to Trust Reporting Rules

Changes to Trust Reporting Rules

New Filing RequirementsIn order “to improve the collection of beneficial ownership information with respect to trusts and to help the Canada Revenue Agency (the “CRA”) assess the tax liability for trusts and its beneficiaries” the CRA has come out with Draft legislation for new reporting rules for Trusts. The new rules are effective for year […]

Debt Forgiveness - CPABC InFocus - Steve Youn

When It Comes to the Debt Forgiveness Rules, Is All Really Forgiven?

Our Tax Partner Steve Youn, CPA, CA has shared some of his expertise on debt-related topics with the Chartered Professional Accountants of British Columbia (CPABC) for publication in their CPABC InFocus magazine, March/April 2021 edition. Read below an excerpt of the article: “The recent economic downturn may bring forth unexpected tax issues. As creditors become […]

New GST Registration Requirement for Non-Residents, Vendors and Digital Platforms

In its 2020 Fall economic statement, the Government of Canada proposed new GST/HST measures for Foreign-based vendors: GST/HST on Cross-Border Digital Products and Cross-Border services; GST/HST on Goods Supplied through Fulfillment Warehouses; GST/HST on Platform-based Short-Term Accommodation. These changes are proposed to be effective July 1,2021. BackgroundUnder the current GST/HST rules, foreign-based vendors without physical […]

Employee Home Office Expenses: New Rules for 2020

In light of COVID-19 many employees have been required to work from home for a large portion of the 2020 calendar year.  As such, new streamlined rules apply for the 2020 taxation year that will allow individuals working from home to claim home office expenses on their personal income tax return. New Temporary Flat Rate […]