A Careful Restart B.C.’s restart will be a careful, step-by-step process to ensure all of our combined efforts and sacrifices are not squandered. For the different organizational sectors to move forward, they will be asked to develop enhanced protocols aligned with the Public Health and Safety Guidelines. A cross-ministry committee of deputy ministers will monitor the process and… Read more…
What are the tax implications when selling a rental property? As a general rule, a supply of real property situated in Canada, including residential property, is taxable unless the transaction is specifically exempted. The small supplier provisions do not apply to sales of real property. What is required for proof of Revenue & Expenses? Original… Read more…
Know Your Tax Obligations The better prepared you are before leaving Canada, the better your experience abroad will be. Your tax obligations while living abroad depend largely on whether you’re a resident or non-resident of Canada. Your status is determined by a number of factors, including the purpose and permanence of your stay abroad, the… Read more…
When claiming expenses for your business it’s important to keep all receipts or invoices pertaining to the expenses you want to claim. You can deduct any reasonable current expense you paid or will have to pay to earn business income, although some expenses do have limitations. The amount you can deduct depends if it is considered a current year… Read more…
Sometimes the choice to buy or lease a vehicle can be daunting but the information below will help you make that important decision. Cost Buying Long-term gain: meaning that once you buy it, it’s yours The cheaper option if you keep the vehicle for a long time Buyers can often get interest rates as low… Read more…
This is the time of year when individuals move to a new location. You may be eligible to claim your moving expenses on your tax return. You can claim eligible moving expenses if: you moved and established a new home to work or run a business at a new location; or you moved to be… Read more…
Are you an employee that is required to work from home? You can deduct expenses you paid in 2017 for the employment use of a work space in your home, as long as you had to pay for them under your contract of employment. These expenses must be used directly in your work and your… Read more…
The CRA’s annual Office Audit Letter Campaign The Canada Revenue Agency (CRA) will soon be conducting its eighth annual Office Audit Letter Campaign. The letter campaign is designed to encourage behavioural changes among a selected taxpayer population by providing relevant information about their current or past reporting requirements and guidance on how to correct any… Read more…
Does your business have tax debt? Don’t panic. You have options. Does your business owe taxes to the Canada Revenue Agency (CRA)? Ignoring your tax debt isn’t the best strategy. Avoiding payment could result in financial and legal consequences for you and your business. The CRA charges interest at the prescribed rate compounded daily on… Read more…
Are you missing a cheque or do you have an uncashed cheque from the Canada Revenue Agency? There are many reasons Canadians may be missing a cheque, or have not cashed their cheque from the Canada Revenue Agency (CRA). For example, people might have moved and not updated their address, the recipient might have died… Read more…
