The Department of Finance announced significant changes related to the claiming of the principal residence exemption by trusts on October 3rd 2016. The purpose of this memo is to discuss these changes and to alert the reader as to what can be done to mitigate the effects of these changes on the future claim of […]
Bill Morneau, Minister of Finance, presented the new Liberal government’s first federal budget on March 22, 2016.
The ability of a U.S. taxpayer to maintain an undisclosed “secret” foreign financial account is fast becoming non-existent.
Don brings with him over 30 years experience in Canadian and international tax for public and privately held companies and their shareholders. He specializes in numerous industries including real estate, technology and digital media, consumer and industrial products, and shipping. March 22, 2014 Vancouver Sun
The B.C. government introduced legislation on May 14, 2012, to meet government’s commitment to return to the Provincial Sales Tax on April 1, 2013. As committed, the PST is being re-implemented with all permanent exemptions. The government also introduced common-sense improvements that will make administration of the sales tax easier for businesses. Consumers will pay […]
On April 1, 2013, British Columbia will eliminate the 12% harmonized sales tax (HST) and re-implement the 5% goods and services tax (GST) and 7% BC provincial sales tax (PST). Builders need to keep in mind the following issues with respect to the transition: 1. Sales of new homes prior to April 1, 2013 a) […]
A new change has been made to the Corporate Tax Rates that applies to the income of a personal services business (PSB). Income of a PSB no longer qualifies for the federal general rate reduction of 13%. As a result this leads to a 38% corporate tax rate for PSB income and flow through rate […]
On January 1, 2012, changes to the rules for deducting CPP contributions will come into effect. Under the new rules employers may have to deduct CPP contributions from the pensionable earnings paid to an employee who is 60 to 70 years of age, even if the employee is receiving a CPP or Quebec Pension Plan […]