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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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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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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Do you own a small business corporation in Canada? Do you and your family receive compensation from the corporation and have medical expenses? If the answer to both of these questions is yes, you may want to consider the benefits of a private health services plan (PHSP). Private Health Services Plan A Private Health Services…

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Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, delivered the 2021 Federal budget in the House of Commons on April 19, 2021. This is the first budget tabled by the federal government in over two years. Highlights of the Budget include: COVID-19 emergency supports Wage Subsidy and Rent Subsidy Programs The Canada Emergency Wage…

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The BC government has introduced a new incentive program for BC employers. The program offers employers a one-time tax credit, equal to 15% of the increase in remuneration from the base period to the qualifying period. There is no maximum credit amount and it is not affected by any other government support you may have…

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Transactions involving cryptocurrency (“crypto”) have soared in popularity over the last decade. Guidance from taxation authorities has at times been unclear or non-existent. Guidance has also changed somewhat rapidly as crypto users have proliferated and transactions have become more complex. Despite its name, crypto is not actually treated as a currency for tax purposes in…

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During each tax season, your tax preparer will ask you to gather all of your T-Slips in order to report the information on your tax return. But what are all of these slips and how are they different? All T-slips are filed by corporations, partnerships, sole proprietorships, and trusts to report funds that have been…

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If you are an employee who worked from home due to the COVID-19 pandemic, you may be eligible to claim a deduction for home office expenses on your 2020 T1 Personal Income Tax Return. The CRA has introduced a new temporary flat rate method to make claiming the deduction even easier. Temporary Flat Rate Method…

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