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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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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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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Baker’s Law : Bad Clients Drive Out Good Clients Over the years, Pinnacle has developed a client ranking system. This system has proven invaluable in sustaining and enhancing our business culture. We hope we can help others by sharing a key piece of this system – client resonance. What is “Client Resonance”? Client resonance is…

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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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A friend of mine who just started a new job recently said something to me that got me thinking… He said, “It’s strange to walk into a workplace where everyone is so happy to be there.” This kind of took me by surprise – I really enjoy my job and the team I work with.…

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How to get $1,200 from the BC Government for your child’s education In order to help families save for their children’s education, The B.C Government is offering to contribute $1,200 to a Registered Education Savings Plan (RESP) through the B.C. Training and Education Savings Grant (BCTESG). The best part is, if you shop around, you…

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If you have a balance owing on your personal tax return, there is an easy way to pay – Online!   In order to make a payment, please locate your bank below and follow the steps. You may need to first sign up for online banking – contact your bank for help with this. If your…

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Review of your Tax Return by the Canada Revenue Agency Nobody likes receiving a letter in the mail from CRA.  And when that letter tells you that your return is being reviewed – well, yuck…. Each year, CRA selects tens of thousands of income tax returns for review as part of their Processing Review (PR)…

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If you sell services (or anything, for that matter) and extend credit to your customers, collecting your receivables is something you likely need to do.  Making collections calls can be super awkward; we don’t generally like having to ask for money that is rightfully ours to begin with. It is uncomfortable for the asker and the askee… Here are…

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