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.

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 [...]

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, [...]

What Financial Help Can I Get in BC Because of COVID-19?

By |September 30th, 2020|Tags: , , |

Canadian government both provincial and federal are putting in place several different types of financial help for citizens during the current COVID-19 pandemic. The financial help becoming available is changing and increasing rapidly. These are the benefits available as of March 31, 2020, that we are aware of. Provincial (British Columbia): 1. BC Emergency Benefit This is intended to be a one-time payment of $1000 to workers who have lost work because of COVID-19. The full details are not available, but there is a web page  where you can sign up for alerts. Citizen will be able to apply soon. [...]

What Can I Deduct From my Rental Income?

By |March 23rd, 2020|

In Canada, in every province there are many things that be deducted from your rental income for tax purposes. Here is a brief list of things you can deduct followed by a few things you can’t deduct. What You Can Deduct 1. Interest on your mortgage If your rental property has a mortgage, you can’t deduct the principal you’re paying back, but you can deduct the interest in your mortgage payment. Also, if you’re living in the property, too, and renting out part of it, but the whole building has a mortgage, then you can only deduct the portion that [...]