NEWSLETTERS

There is a temporary GST break on British Columbia on certain items from December 14, 2024, to February 15, 2025 which provides 5% discount on selected items. Items purchased and imported from other countries: Imported goods qualify for the temporary GST/HST relief as long as they meet the other qualifying conditions. Details of Federal Government GST/HST Holiday on selected items are listed below: ITEMS QUALIFY FOR GST BREAK IN B.C. ITEMS NOT QUALIFY FOR GST RELIEF FOODS – specifically prepared foods, including sandwiches, salads, vegetable…

Capital gain tax was introduced in Canada in 1972, since then capital gain tax rates changed throughout the years; From 1972 to 1988 CGTR  = 50% From 1988 to 1989 CGTR  = 66.67% From 1990 to 2000 CGTR  = 75% From 2000 to 2024 CGTR  = 50% From June 25, 2024  = 66.67% Prior to June 25, 2024 one half capital gain is included in computing, taxpayer’s corporation’s and trust income. Budget 2024 announced an increase in the capital gains…

Individual business owners are looking for ways to minimize tax liabilities. Corporations are looking to subcontract work to small business owners in order to minimize employee benefit expenses such as CPP, EI, Worksafe premium and group insurance. Individual business owners resulted to incorporating its business to take advantage of the small business and general tax rate deductions available to corporation not knowing the consequences and significant tax implications of Personal Services Business. Beware that CRA launched a new campaign focusing…

Ceba loan bears 0% interest per annum and is repayable on or before December 31, 2023. A portion of this loan is forgivable provided the payment terms and conditions are met.   The forgivable portion of CEBA loan are taxable when received; but if and when repaid it is deductible. On September 14, 2023, the Government of Canada announced a one-year extension of the final loan maturity date – from December 31, 2025, to December 31, 2026 Loan Holders that were…