Resource Centre2019-11-14T04:54:45+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.

What Tax Credits Can I Claim in Canada?

By |September 25th, 2019|

Tax credits are amounts that you can claim against your taxable income to reduce your taxable income. In Canada, there are two types of tax credits: refundable and non-refundable. Refundable tax credits are tax credits that you can claim whether you have any taxable income or not. That means that the Canada Revenue Agency will refund you real money for these credits even if you have no taxable income. Non-refundable tax credits are different. These are tax credits that you can use to reduce taxable income. However, if your taxable income is zero, then CRA will not refund you any [...]

What are the Advantages of RDSPs (Registered Disability Savings Plans)?

By |September 6th, 2019|Tags: , , , , |

A registered disability savings plan, or RDSP, are savings plans that offer extraordinary benefits for those who qualify for and use them, or even in estate planning and trusts for those with disabled dependents. The RDSP is a federal plan for people with disabilities that provides the following advantages: -           Tax Free Earnings -           Government Grants and Bonds -           Government Incentives Tax Free Earning The registered disability savings plan allows any contributions to earn interest tax free until money is withdrawn from the plan. This allows the principal balance to grow and accumulate at a quicker pace, meaning more potential [...]

What Tax Changes are in Store for Small Businesses in 2019?

By |June 26th, 2019|Tags: , |

What Tax Changes are in Store for Small Businesses in 2019?   It seems every year brings about new tax changes, and 2019 is no exception. The 2019 taxes for small business have come with some changes, so keep reading to learn about some of the small business tax changes that came into effect this year. Some Good Changes   Not all tax news and changes have to be bad news. For 2019, there are actually some good changes for small businesses. First, the federal small business tax rate has been reduced. Previously this was set at 10%, but for [...]

As a Non-Resident, What Taxes Should I Pay on my Canadian Rental Property Income?

By |June 12th, 2019|Tags: , , |

As a Non-Resident, What Taxes Should I Pay on my Canadian Rental Property Income?   If you are a non-resident of Canada, but own a rental property and generate Canadian rental income in Canada, you might be confused about what your tax requirements are. Non-residents tax obligations can be confusing, so read on to see what your obligations are. Withholding Agent   The first thing you must ensure is that you have a withholding agent for your rental property. The role of the withholding agent is to remit 25% of the rent collected each month to the Canada Revenue Agency, [...]

Tracking Your Expenses for a Business Trip: Which Receipts Should You Save?

By |May 31st, 2019|Tags: , |

Tracking Your Expenses for a Business Trip: Which Receipts Should You Save?   Whether you are on business trips every week, or are about to embark on your first trip ever, one of the most common question is which receipts to save when tracking your business expenses. When doing business taxes, there are many write-offs available to claim from business trips, so here are some receipts you should keep handy. Travel Expenses   Any travel expenses can be deducted from your business taxes. This can include airfare, bus fare, rail or even taxi services. Further, travel related expenses such as [...]

Can I Claim the Exception for the Speculation & Vacancy Tax?

By |April 1st, 2019|Tags: |

British Columbia’s new Speculation and Vacancy tax is an annual tax for owners of residential property in certain taxable regions of B.C. The main idea behind this new BC tax is to discourage housing speculation and encourage owners of vacant houses to make these properties available for rental. Thankfully, the BC NDP government has claimed that “99% of British Columbians are expected to be exempt from the tax”.   It is with this exemption that the issue lies. If you are a registered property owner, you must declare yourself exempt from the tax, or you will be expected to pay [...]