Resource Centre2021-01-15T18:47:37+00:00

Tax & Financial Resource Centre

Our resource centre is designed to give you ready access to the tips and tools you need to take control of your financial future. With clear, simple advice that you can implement today, we’ll help you be more comfortable tomorrow. Each month, our featured “tip of the month” will provide practical pointers about taxes, accounting and other relevant financial matters.

How Can I Find Out When My Business Tax Year Ends?

By |August 1st, 2021|

All businesses, whether a self-employed sole proprietorship or a corporation, follow a 12-month fiscal period. This is done to manage tax fillings and for general bookkeeping purposes. However, when this 12-month period begins, and ends is less apparent to first-time business owners. If you are in this position, this article will attempt to provide an answer for when your fiscal year – or “business tax year” – ends. When does the Fiscal Tax Year Usually End? A “standard” tax year for a business in Canada is most often the 12 months of the calendar year. This means that the business [...]

Business Taxes in 2021

By |April 29th, 2021|

This year, 2021, will be an unpredictable year for the economy in Canada due to the ongoing pandemic, the limited vaccine supply, and the varying approaches to economic recovery on both provincial and federal levels. Here are some changes to Canadian Business Taxes you can expect in 2021. Extensions and Deferrals Currently no official extensions of Corporate Tax Deadlines have been announced but this may change going forward, because of the unpredictability of the pandemic going forward. If the worst effects of the pandemic begin to subside do not expect these deferrals and be prepared to have your taxes ready [...]

What Changes Should We Expect in 2021 for BC and Federal Taxes?

By |April 20th, 2021|

Canada’s ‘COVID-19 Economic Response Plan’ has provided millions with financial relief throughout 2020. But it may be providing everyone with some extra work come tax time. With that in mind, what changes should we expect to see in 2021 for BC, and federal taxes? COVID-19 Relief Measures Will Have a Big Impact on Your Taxes If you applied for the ‘Canadian Emergency Revenue Benefit’ (CERB), the ‘Canada Relief Benefit’ (CRB), the ‘Canada Emergency Rent Subsidy’ (CERS), or the ‘Canada Emergency Wage Subsidy’ (CEWS), you will be required to pay taxes on the amount you received. Therefore, having a plan to [...]

When Should I File my Corporate Income Taxes in BC?

By |April 8th, 2021|

The end of the year is fast approaching and that means that tax season will be starting up shortly after the new year begins. With a new tax year on the horizon, when is the best time to file your corporate income tax? Ordinarily corporate income tax is due no later than 6 months following the end of a corporations fiscal period. As well corporations must file a return no later than three years after the end of a given tax year in order to receive a refund. As of November there have been no updates from the CRA regarding [...]

Do I Have to Pay a Penalty If I File My Taxes Late?

By |March 28th, 2021|

If you have not yet paid your taxes for this year, or a previous year, it’s getting to the point where it is likely going to be costing you a lot of extra money. Now, if you don’t owe the CRA anything, you have a bit of a grace period to file your taxes without being penalized. However, if you knowingly owe the CRA money and you are putting off filing your taxes, you will be penalized the longer you wait. Whether you are penalized or not, by not filing your taxes on time you are setting yourself up for [...]

What Is Involved in a Forensic Audit of a Charity?

By |October 29th, 2020|

With charity-scandals so often grabbing the headlines as of late, many people are wondering what measures are used to keep charitable organizations from being misused or abused. Each year, the Canada Revenue Agency audits approximately one percent of registered charities. This may take the form of a field audit at the charity’s location, or an office audit at CRA headquarters, both of which are routine procedures. If the CRA has reason to believe that the law has been breached, then a forensic audit may be initiated. What is a Forensic Audit? A forensic audit is comparable to a regular audit, [...]