Editor’s note: This article was originally published on November 16, 2020, and was updated on September 30, 2021 to show the impact of the proposed federal luxury tax. Having built a successful career or business, many high-income earners like to reward themselves by purchasing a luxury car. However, the true-cost of buying a luxury car […]
Some GST and HST Quirks You Might Need to Know (Part 1)
Here is part one of a dozen unusual GST and HST rules from the Excise Tax Act (ETA) — some less well-known than others — that might affect your business. Note that while the GST and HST are administered by the CRA across Canada, they are administered in Quebec by Revenu Québec (RQ). Medical and […]
The Real Cost of Buying Luxury Cars in B.C.
Having built a successful career or business, many high-income earners like to reward themselves by purchasing a luxury car. However, the true-cost of buying a luxury car in British Columbia can be 2 to 3 times the sticker price of the car once you consider the impact of personal income tax on your earnings, and […]
Update on Canada Emergency Wage Subsidy
On May 15th, 2020 Prime Minister Trudeau made further announcements in regards to Canada Emergency Wage Subsidy (CEWS): The Canada Emergency Wage Subsidy program will be extended for 3 months. The government will also reconsider the 30% revenue decline test for CEWS eligibility to ensure that it is not a barrier to achieving the overall […]
CRA Benefits, Credits and Support Payments During COVID-19
On April 03, 2020, the CRA posted the following information on the Canada Emergency Response Benefit and on the GST tax credit. COVID-19: Canada Emergency Response Benefit (CERB) You can apply for the CERB with CRA online or by phone. April 9 – GST/HST credit payment: The one-time supplementary GST/HST credit payment will be issued starting on April 9, 2020. This […]
CRA FAQ: Deferral of GST/HST Tax Remittances
Deferral of GST/HST Tax Remittances (COVID-19 Measures) Question 1: What fiscal measures is the Canada Revenue Agency (CRA) taking to help Canadian businesses manage their GST/HST payments and remittances? The CRA understands that businesses might be dealing with difficulties in making their GST/HST payments or remittances. The CRA will allow all businesses to defer, until […]
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 […]
