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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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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Do you need to register? If your company’s total payroll for 2018 was less than $500,000 and you anticipate that amount to remain under $500,000 for 2019, no action is required. If your total payroll was over $500,000 but less than $600,000 and the same is anticipated for 2019, you will need to register for…

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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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