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What a tax audit will most likely focus on

Here is a shortlist of common tax mistakes which trigger reassessments. Automobile expenses When claiming auto expenses, you need to provide evidence supporting the auto expense allocation between business and personal use. The tax auditor … [Read more...]

The BC Small Business Recovery Grant

On March 4, 2021, B.C. updated the eligibility for the Business Recovery Grant. This grant ranges from $10,000 to $30,000, depending on the size of your business. It is based on pre-COVID annual revenues as follows: Pre-COVID annual … [Read more...]

The PST Rebate on Equipment Purchases

The British Columbia government will allow incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020 and September 30, 2021 (“Eligible Time Period”) on purchases or leases of select … [Read more...]

The one-time, tax-free payment of $1,000 for B.C. Residents

The B.C. Recovery Benefit is a one-time, tax-free payment of: $1,000 for families with incomes under $125,000. Families earning up to $175,000 will qualify for a reduced benefit amount. Single-parent families also qualify for these benefit … [Read more...]

A Great Tax Shelter-Soon to Disappear

Many dentists are taking advantage of a tax strategy of converting the regular dividends from their corporations into a capital gain generating huge savings. To illustrate, the capital gains tax on $200,000 of income from the corporation is about … [Read more...]

The 2021 financial challenge: saving for retirement

The year 2020 was a time that everyone wants to forget. The pandemic disrupted our lives in unimaginable ways. It brought our economy to its knees, forcing the closure of many thriving businesses. Medical clinics were not spared either. The … [Read more...]

Ordinary Canadians Pay 40% of all Capital Gains Taxes

40% of Canadians who pay capital gains taxes earn less than $100,000 a year. There is a common misperception that capital gains taxes are only paid by rich Canadians. “Despite what many Canadians believe, most capital gains taxes are paid by … [Read more...]

CPP Tax Hike Hurts All Canadian Workers

The maximum pensionable earnings and contribution rate for 2021 have now been released and are a surprise to many; the cost of CPP is significantly increasing. Year Max. Pensionable Earnings ($) Employer/ee Contribution Rate (%) Max. Annual … [Read more...]

Hurry: January 31 is deadline for the wage subsidy application

January 31, 2021 is the deadline for application of the Canada Emergency Wage Subsidy for Period 1 (based on March 2020 revenue) through to Period 5 (based on July 2020 revenue). If you would like our firm to assist you in the calculation of your … [Read more...]

The extra $20,000 CEBA loan – Think Twice before You Apply

The expanded CEBA loan program provides for a $60,000 loan, of which $20,000 will be forgiven provided the loan is repaid by December 31, 2022. Businesses and professionals that have not yet applied for the original CEBA loan will be required to meet … [Read more...]

Our New Dentist Program is designed to help new dentists start their career with a solid financial foundation.

What sets us apart from other dental CPA firms is our years of experience working closely with dentists. We offer an unmatched skill set that goes way beyond routine accounting and tax planning. From Practice purchase or Start up assistance and loan financing to practice management and financial/retirement planning, we will help you manage every aspect of the financial side of your dental career.

Call at 604-669-7558 or email us at info[at]purtzki.com to request a free consultation.
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