Accounting Articles Archives - Courtenay, Comox, BC

The New “Employer Health Tax”: What You Need to Know

December 20, 2018
Michael Williams

The year 2018 saw a number of policy changes impacting Canadian businesses and individuals, but one new tax imposed on British Columbian businesses deserves closer scrutiny: the new “employer health tax” (or “EHT”).

GST – Place of Supply Rules

February 8, 2017
Kati Stroh

The rate of GST to charge for a taxable supply of goods or services is determined by the province in which the supply is made, which is referred to as the place of supply. Unfortunately, this is not always a straightforward determination.

Filing Requirements for Non-Profit Organizations

January 12, 2017
Summer Matthews

Although most non-profit organizations (NPOs) are exempt from paying income taxes under Part 1 of the income tax act, there are various tax forms that may still need to be filed with the Canada Revenue Agency (CRA).

Lifetime Capital Gains Exemption – What You Should Know

November 5, 2016
Donna Cloutier

When you sell assets, most times, it is treated as a capital gain for tax purposes and is subject to taxation. However, selling certain types of property may be exempt from taxation under the Lifetime Capital Gains Exemption (LCGE).

Ferry Costs Claimable as a Tax Credit

January 11, 2016
Donna Cloutier

Ferry costs can certainly add up, especially when it’s your daily mode of transportation. But when can you claim them on your personal income tax return? If you use public transit, which includes BC Ferries, you may be able to…

The 21 year rule and Family Trusts

January 11, 2016
Donna Cloutier

Family trusts are utilized in many succession planning opportunities. They can be versatile and effective in reaching your goals of managing family wealth and minimizing taxes. But there are very special considerations that need attention if the family trust has…

GST – When to register

January 11, 2016
Kati Stroh

If you sell taxable goods or supply taxable services you must register for GST once your sales exceed $30,000 in any four quarter period. The Canada Revenue Agency will deem you or your company to be registered if your income…

Personal Service Business Corporation – What you need to know from an income tax perspective

January 11, 2016
Donna Cloutier

It has become quite common for professionals and knowledge workers to set up their own corporation to perform services to one or more corporations. Being incorporated has many advantages: access to the small business deduction and the related low income…

Pension Income Splitting Opportunities

November 3, 2014
Summer Matthews

Here is something to consider when reviewing or preparing your personal income tax returns. Taxpayers are able to split up to 50% of qualifying pension income with their spouse or common law partner. There is no age restriction for the partner who will be reporting their share of the split pension. However, in order to develop a tax efficient strategy, you may have to consider some interesting new outcomes and potential pitfalls and traps.