News
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Tax updates for 2024/2025
The Federal and BC Budget proposals outlined above include a series of measures designed to impact individuals, businesses, and property owners. Here’s a breakdown of some of the key changes: Federal Budget Proposals: Working Canadian Rebate:Eligible individuals can receive a $250 tax-free rebate if they meet criteria such as having worked in 2023, earned less
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What is new for 2023 (tax year 2022)
Here are some of the updates CRA is accepting application starting December 1, 2022, tax-free payment of maximum $650/child of Canada dental benefit if family income is under $70,000 (reducing to $0/child if family income is equal or higher than $90,000) to cover dental expenses for children under age 12 without dental coverage. Program would
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Top 3 tips for 2022 (tax year 2021)
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1. The Canada workers benefit Rates and income thresholds have changed for 2021. A new “secondary earner exemption” $14,000 has been introduced. Maximin income for Single taxpayer without children is at $32,244 Maximin income for Single-earner families is at $42,197 Maximin income for double-earner families is at $56,197 2. Home office expenses Temporary flat rate
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COVID-19 updates for Businesses
B.C. Tax Incentives 1. Increased Employment incentive is a one-time refundable tax credit for employers. The deadline to apply is December 31, 2021. 2. PST rebate on select machinery and equipment is a temporary provincial sales tax (PST) program where corporations may apply to receive an amount equal to the PST they paid between September