Read the follow-up article to this for the most up-to-date information: COVID-19: Economic Response Plan – Legislative Update Key-Points for Business and Individuals: In-Depth onto the March 18th Comments Note: The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a […]
Read the follow-up article to this for the most up-to-date information: COVID-19: Economic Response Plan – Legislative Update On March 18, 2020, Prime Minister Trudeau announced Canada’s COVID-19 Economic Response Plan. The plan includes some proposed tax and non-tax measures aimed at relieving economic hardship during the COVID-19 pandemic. Note: None of the proposed measures […]
The 2020 Federal Budget was originally scheduled to be tabled March 30th but they announced this past Friday that it will be rescheduled. The House of Commons is taking a break until April 20th (in light of COVID-19) so it won’t be delivered before then. Stay tuned for another blog post once the new date is announced.
A few things to note: The 2019 T3 returns are due Monday, March 30, 2020 (as 2020 is a leap year). Starting for the 2021 year: You must file a T3 return with the CRA (with only a few exceptions) even if there is no activity, tax owing or distributions to beneficiaries. Penalties for not […]
In its 2020 budget, the BC government has laid the groundwork for the province’s largest-ever infrastructure plan. The budget also promises new initiatives to offer British Columbians relief for tuition and childcare costs, and a new tax bracket for the province’s highest income earners. Here are the new and notable measures found in Budget 2020: […]
Our 2020 Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported. If you have any questions, please contact your DMCL Advisor.
The new year brings new changes and new ideas; if you’re planning on incorporating or starting a business as a sole proprietor here is some advice to consider for planning an effective year-end. Plan in Accordance with Your Highs and Lows If your business is seasonal or cyclical, you’ll ideally want to establish a year-end […]
When you open a Registered Retirement Savings Plan (“RRSP”), Registered Retirement Income Fund (“RRIF”), or Tax-free Savings Account (“TFSA”), the account opening documents typically include a place for a beneficiary designation. What is a beneficiary designation, and what are the consequences of designating or not designating a beneficiary? Beneficiary Designation Explained A beneficiary designation is […]
Taxpayer’s earning employment income generally have income tax withheld from each paycheque by their employer. In most cases, the total withheld over the course of a calendar year is fairly close to the taxpayer’s income tax payable for that year, such that the taxpayer has a small refund or balance owing. However, where the income […]
Some good news – the BC government announced extensions to some temporary exemptions to the BC Speculation and Vacancy Tax (the “Spec Tax”) tax. They also provided some clarity on other exemptions. What is the Spec Tax again? It is a BC tax* that started in 2018 as part of BC’s housing affordability strategy to […]