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Beginning in January 2017, an annual "Empty Homes Tax" will be applied annually to homes that are deemed to be empty in the city of Vancouver. Many people will not have to worry about this tax, as it will not apply to those owners who reside in their homes full-time or who have long-term renters. To see if this tax applies to you, the City of Vancouver has created a simple questionnaire: http://vancouver.ca/home-property-development/empty-homes-tax-questionnaire.aspx There are many exemptions to this tax, however in some cases, owners must submit evidence to the city in order for them to be exempt. For example,…
  The beginning of October saw new tax changes aimed at foreign investors to Canada's real estate market, and have been imposed to ensure that these investors abide by existing tax rules. /div>   These changes also affect many Canadians residing in Vancouver. These new tax rules are very complex, and many Canadians are feeling unsure of what rules apply to them, and what to report when they sell property.  /div>   According to a report by Globe and Mail (by: Tim Cestnick) "The tax rules around principal residences are so complex that many Canadians simply don’t recognize when they might owe…
Our CPA's Jordan Cahill and Matthew Jacquet attended the National CPA Conference held at the Vancouver Convention Centre. This gave both Jordan and Matthew an opportunity to attend keynote addresses and various sessions to stay current on all things business and accounting related! Below are just some of the key things that Jordan and Matthew brought back to the North Vancouver office last week: They gained new information regarding retirement, especially in reference to people who begin thinking about retirement later in their careers.  They learned about how new 2016 budget changes and tax changes might have an affect on their clients. They gathered some new…
Family Income Splitting Tax Credit Eliminated With the Liberals taking their seat in parliament, the income splitting rules introduced for tjhe 2014 tax year will be phased out for the 2016 tax year. This may seem like a bad thing, however the liberals have introduced new child tax benefit and child tax credit rates which will benefit all families with children - not just those who have one spouse with a significantly higher income than the other. In my opinion, families will be better off with the new regime going forward.  If you are self employed there are still several…

New BC Income Tax Rates

January 18, 2016
New BC Tax Rates in effect for 2016 As promised by Justin Trudeau, a new tax bracket has been introduced for individuals earning greater than $200,000 of taxable income in a given year. Check out the new rates table here which shows a compariosn between the 2015 and 2016 rates. The top rate has been increased from 45.8% to 47.7% for 2016 - however we note that several of the intermediate tax bracket rates have decreased. Overall this fits with the liberals theme of decreasing the tax burden on the middle class. This shift in rates will benefit a large…
Download our simple personal tax forms to save yourself from the headache of confusing forms.  Make your personal taxes simple this year.  Contact us if you have any questions.  We'd gladly walk you through the process. Please visit the Resources page for downloadable PDFs.

An Email from CRA?

January 15, 2015
An Email from CRA? Have you ever received an email from CRA?  If not, GOOD! Canada Revenue Agency (CRA) has a policy that they do not send any information or require any action by email- only phone and mail. They will specifically correspond with you by phone, and ask security related questions to confirm your identity. Or, they will send you mail to your home address.  If you have received an email from a source claiming they are CRA, it is important that you do not respond or follow any links within the email. A client called us recently because…
Did you give to charity this holiday season? Or, are you planning to give in the New Year? Do you claim your donations as part of your tax return every year? Remember the following tips when making charitable donations: 1. Make sure a charity is registered and eligible to issue donation receipts. This can be done by doing a simple internet search of the charities listing through CRA. 2. Keep all your official donation receipts. 3. If possible, keep proof of payments as well (credit card slips, bank statements). 4. Ask to see if you are eligible for the "First…

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