As you probably know, beginning in January 2019, B.C.’s Medical Service Plan premiums are being transferred to businesses through a new payroll tax called the Employer Health Tax. It applies to regular employers with payroll above $500,000 and charitable and not-for-profit employers with payroll over $1,500,000. Pinnacle Professional Accounting has compiled the most relevant information…

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Many small businesses don’t realize they can save time and money by using the Quick Method of Accounting for GST/HST. The purpose of this method is to eliminate the need to calculate Input Tax Credits (ITCs) by simply remitting a portion of gross revenue. The Quick Method is available for most small businesses that have…

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What is the GST New Housing Rebate? When an individual purchases or constructs a new home, or substantially renovates an existing home, the individual pays GST on the purchase price or on the costs of renovation. The GST New Housing Rebate provides a refund to the individual for a portion of the GST paid. The…

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Earlier this year, Finance Minister Bill Morneau announced a new federal income tax initiative whereby the government would be working to “close tax loopholes” and amend existing rules related to the use of private corporations for tax planning in Canada. In July of this year, a number of specific proposals were brought forward. At that…

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CCA: What is it, and should I claim it? When reporting income on your annual tax return, it is always advantageous in the short term to claim as many deductions as possible in order to reduce your taxable income, and in turn, your balance of taxes payable. However, there are some things to consider when…

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For corporate fiscal years ending after March 20, 2017, there are new rules to be aware of related to the small business deduction. Small business deduction The small business deduction is a tax rate reduction available to Canadian-controlled private corporations (“CCPCs”) in Canada on active business income. Generally speaking, these CCPCs have a reduction of…

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When it comes time to send us your year-end files, it can sometimes feel like an overwhelming task to ensure that you have included everything needed. In an effort to simplify this process, we have compiled a list of things to remember. Make sure the bookkeeping is complete up to the year-end date This is…

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Pinnacle guarantees to deliver your completed corporate yearend financial statements and tax return within 21 working days of receiving your documents. Why do we do this and how do we do it? Why Do We Do It? From the client’s perspective, studies show you appreciate quick turnaround of your work. As a business owner, you rely…

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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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Can’t I Just Call Them “Casual Labour”? Businesses in Canada are subject to a statutory requirement to withhold income tax, Canada Pension Plan (CPP) and Employment Insurance (EI) premiums from their employees.  This places an administrative burden on employers that many will seek to avoid whenever possible.  This blog discusses the nature of casual employment…

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