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 […]
This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. In light of COVID-19, many employees have had to work […]
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 […]
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.
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 […]