What you need to know about the Land Owner Transparency Act (LOTA). Filing deadline is November 30, 2022! On November 30, 2020, the Land Owner Transparency Act (LOTA) came into effect and with it the Land Owner Transparency Registry (LOTR). … [Read more...]
Just for Doctors Newsletters
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Oct, 2022 New Reporting Requirements for Trusts!
October 21, 2022 by
There are new rules applicable to taxation years on or after December 31, 2022, which require trusts, including bare trusts, to annually file T3 trust income tax returns and disclose the following: name and address; date of birth; … [Read more...]
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Sep, 2022 Stock market is down? Good time for an estate freeze!
September 8, 2022 by
What is an estate freeze? An estate freeze refers to transfer of the future growth of your corporate investments into the hands of your children. An estate freeze limits the value of your estate reflected in your corporate holdings at the date the … [Read more...]
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Sep, 2022 The deadline for PST rebate is October 3, 2022!!
September 8, 2022 by
The British Columbia government allows incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020, and March 31, 2022 (“Eligible Time Period”) on purchases or leases of select machinery … [Read more...]
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Sep, 2022 Should you defer the OAS pension until 70?
September 8, 2022 by
If you defer the OAS pension to age 70, the pension will be 36% greater than at age 65. Many choose to take the OAS at age 65 for several reasons. You need the pension for retirement income. The 36% increase in OAS at age 70 is less than the 42% bump … [Read more...]
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Sep, 2022 Immediate Write-off of eligible assets
September 8, 2022 by
If you are an individual, partnership or a professional corporation, you can now immediately write off up to $1.5 million of eligible assets each year that you acquired after April 9, 2021 that become available for use before January 1, 2024. The … [Read more...]
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Apr, 2022 The Federal Budget 2022 in a Nutshell
April 12, 2022 by
Student loan forgiveness for rural doctors – Up to $60,000 in loan forgiveness for doctors working in rural or remote communities. Personal and corporate tax – No rate increase. Capital gains inclusion rate – Remains at 50%. … [Read more...]
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Apr, 2021 Federal Budget 2021: What You Need to Know!
April 20, 2021 by
After waiting more than two years without a Federal Budget, there was a lot of angst among taxpayers fearing Draconian tax measures to help pay for the ballooning deficit. The good news is that the 724 pages of yesterday’s budget did not contain … [Read more...]
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Mar, 2021 What a tax audit will most likely focus on
March 24, 2021 by
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...]
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Mar, 2021 The BC Small Business Recovery Grant
March 24, 2021 by
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...]
