The British Columbia Pay Transparency Act was introduced in Bill 13 and passed on May 11, 2023. This Act places requirements on employers which are intended to close gender pay gaps and address workplace discrimination. There are a number of key obligations and dates contained in the Act: Pay Transparency Discussions Effective now, employers in…

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Whether you and your partner file as common-law is more a matter of fact than it is a choice. The CRA considers an unmarried couple who have been living together in a conjugal relationship for 12 continuous months as common-law. There are several benefits to filing as common-law that can help reduce your combined tax…

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Looking to do some good for the planet and save some corporate taxes while you’re at it? The Canadian Department of Finance has you covered. In August 2023, draft legislation was released regarding the Clean Technology Investment Tax Credit and the Carbon Capture, Utilization, and Storage Investment Tax Credit. Both of these programs provide refundable…

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Business succession planning is a critical process for business owners in Canada. The process involves planning for the transfer of ownership and leadership of a business to another person or group of people, either within or outside the family. According to a study conducted by the Business Development Bank of Canada, 60% of small and…

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As accountants in a region rich with tourism, we’re often asked by employers the tax impact of gratuities. For the recipient, it’s relatively straight forward. Tips are considered taxable income regardless of whether they’re listed on the employees T4 slip or not. For employers, it’s not quite as simple. The difference between controlled and direct…

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Until recently, there were significant barriers to selling a business to the next generation within a family – parents and children were heavily penalized when transacting on a sale of shares of the business versus the same transaction with an arm’s-length party. Bill C-208 received Royal Assent on June 29, 2021. This bill generally removed…

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We are often asked by our clients how they should treat the carrying costs of vacant or undeveloped land for tax purposes. We are hopeful this blog will assist people to understand the appropriate treatment. Background Owners of vacant land incur carrying costs associated with ownership. Examples of such costs include property taxes, general maintenance…

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Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, delivered the 2023 Federal budget in the House of Commons on March 28, 2023. The budget calls for a deficit of $43 billion for 2022-23 and slightly lower deficits for each of 2023-24 and 2024-25. Business and Tax Highlights of the Budget include: Tax-Free First Home…

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If you have an employee that is valuable to your company, you may want to give them a gift for a special occasion, such as their birthday or the birth of a child. But at what point does it become taxable to them? Cash gifts All cash gifts to employees are taxable no matter the…

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The BC Government recently announced that effective January 1, 2022, employees covered by the Employment Standards Act are entitled to receive 5 paid sick days per employment year. This is in addition to the 3 unpaid sick days which were previously available. What employees are eligible? Any employee who has been employed for 90 consecutive…

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