Grow Your Gig: Tax Planning and Accounting for Gig Economy Workers in B.C.

A male ride-hailing driver sits in a black SUV, holding his phone and smiling at the camera. His female passenger sits in the backseat, holding her phone and smiling at it.

The platform economy, colloquially referred to as the gig economy, encompasses a wide range of workers, from ride-hailing drivers to freelance designers. As the number of individuals participating in this economy grows, so does the complexity of their tax and accounting needs. In light of the B.C. government’s recent announcement… Read more

Start-up Success: Maximizing Tax Credits and Incentives for Start-up Businesses in B.C.

A male engineer points to a laptop while a female engineer looks over his shoulder at what he is gesturing to. In the foreground and background, the technology of their start-up business is on display.

Starting a new business is an exciting adventure, filled with potential and promise. As an entrepreneur, you’re probably focused on innovation, growth, and creating a lasting impact. But amidst the excitement, remember to leverage some of the most important resources that can significantly bolster your start-up’s financial health—tax credits and… Read more

What to Do When the CRA Is Auditing You: 7 Steps for Individuals and Businesses

A businessman sits at a desk with a laptop on it holding an audit notice and looking stressed out.

Receiving a notice from the Canada Revenue Agency (CRA) that you’re being audited is not uncommon, and it’s important to remember that audits are a standard part of enforcing tax laws and ensuring fairness in the tax system. With the right preparation and understanding, navigating through the audit process can… Read more

2024 Federal Budget: Crystallizing Accrued Capital Gains Before the Inclusion Rate Changes

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UPDATE (June 10, 2024): Notice of Ways and Means Motion on Capital Gains Inclusion Rate On June 10, 2024, the Canadian government released a Notice of Ways and Means Motion providing further details on the capital gains inclusion rate change. The motion clarifies that the inclusion rate will increase from… Read more

2024 Personal Tax: 10 Key Changes to Keep in Mind

A young woman sits at a desk in a brightly lit room. She works on a laptop and writing in a notebook while smiling at the camera.

It’s never a bad idea to stay on top of tax changes for the year ahead and 2024 is proving to be no exception. This year will see plenty of changes to personal tax in Canada and BC—both routine and novel updates—and taking note of them now means you can… Read more

2024 BC Budget Highlights

The British Columbia flies on a flagpole, with blue skies and the BC Parliament building in Victoria, BC in the background.

The British Columbia government unveiled its 2024 provincial budget on February 23, providing a broad blueprint aimed at addressing affordability, enhancing public services, and fostering economic and environmental sustainability. The 2024 BC Budget introduces changes for certain taxes, including property taxes and various acts. No corporate or personal income tax… Read more

Know Your Landlord: How You Could Be Held Liable for Your Landlord’s Income Tax

Two 'For Lease' signs hang outside a corporate office space with other office buildings and trees in the background.

In a recent ruling (3792391 Canada Inc. v. The King), the Tax Court of Canada underscored a vital lesson for tenants: the importance of knowing who their landlord is. This decision highlights the often-overlooked responsibilities tenants face when leasing property from non-resident landlords, a scenario that can transform tenants into… Read more

Alternative Minimum Tax (AMT): New Rules for 2024

A middle-aged man and woman couple look at tax receipts, documents and a laptop while looking concerned.

The 2023 federal budget announced significant changes to the Alternative Minimum Tax (AMT) regime to better target high-income individuals. On August 4, 2023, the Department of Finance released draft legislative proposals to modify the AMT regime, effective for taxation years beginning after 2023. The proposed changes would be the most… Read more

Good News: Supporting Your Foreign Tax Credit Claim Just Got Easier

Mature businessman using mobile phone at the airport in the waiting room.

As global mobility continues to increase, more Canadians are earning income from a variety of international sources, which is generally subject to tax in both those jurisdictions. Since the CRA requires this income to be reported on a tax return each year, double taxation situations could arise where the taxpayer… Read more

Ask the Expert… Are my kid’s summer camps tax deductible?

Two young girls smile at each other while one holds up a magnifying glass and the other takes notes. In the background, two adults leads several children in the summer camp through a grassy area as they explore the surroundings.

While the final school bell of the year is music to every kid’s ear, for most parents it means it’s time to figure out their summer childcare situation. Day camps, sports schools, overnight camps and in-home care are all great options for ensuring your child is taken care of while… Read more