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BC - Province extends training tax credit programs
In this year’s Budget, the province announced that its program of training tax credits, which was scheduled to end on December 31, 2018, has instead been extended and will be available until the...

BC - Province expands Venture Capital Tax Credit program
The province provides a Venture Capital Tax Credit (VCC) program, under which individual investors can claim a tax credit for qualifying investments made during the year or within 60 days after year e...

BC - Climate action tax credit amounts to increase July 1, 2019
The province of British Columbia provides a non-taxable climate action tax credit to help offset the impact of the carbon taxes paid by provincial residents. That credit is paid four times a year, com...

BC - Province to provide new Child Opportunity Benefit
As announced in the recent provincial Budget, and effective as of October 1, 2020, the existing early childhood tax benefit will be combined with the new Child Opportunity Benefit to provide a single ...

BC - 2019-20 Budget eliminates interest on government student loans
In the 2019-20 B.C. Budget brought down on February 19, the provincial government announced that it was eliminating interest charges on all student loans, effective immediately. The change means that...

BC - Notice provided on third-party payments of employer health tax
As of January 1, 2019, the province implemented a payroll tax — the Employer Health Tax (EHT). B.C. Small Business and Revenue has now issued a Notice providing information on the remittance of ...

BC - Province issues updated PST bulletin on cannabis sales
The B.C. Ministry of Finance has updated and re-issued its provincial sales tax bulletin with respect to sales of cannabis in the province. The updated bulletin (Bulletin PST 141), which applies to s...

BC - 2019-20 Budget to be brought down on February 19
The 2019-20 British Columbia Budget is, by law, brought down on the third Tuesday of February. Consequently, this year’s B.C. Budget will be announced on Tuesday February 19, 2019. When the Bud...

BC - Employer Health Tax implemented effective January 1, 2019
The provincial government has announced that registration for the B.C. Employer Health Tax (EHT) is now open. Employers having an annual B.C. payroll of more than the basic exemption amount of $500,00...

BC - Upcoming filing deadline for speculation and vacancy tax
In 2018, the provincial government announced the creation of a speculation and vacancy tax (SVT), as part of its housing affordability initiative. All owners living in areas subject to the SVT must re...

BC - Interest Rates - 2019
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax and insurance premium tax. T...

BC - CRA issues supplementary 2019 payroll deduction tables for B.C. residents
The Canada Revenue Agency has issued a supplement to the payroll deduction tables to be used for residents of British Columbia during the 2019 tax year.The supplement, which can be found on the CRA we...

BC - Second quarter fiscal report shows increased surplus
The B.C. Minister of Finance has announced that the province is operating debt-free for the first time in more than 40 years. The announcement was made as part of the Province’s Second Quarterl...

BC - Personal tax credit amounts for 2019
The province of British Columbia will provide the following personal tax credit amounts for 2019: Basic personal amount ………………………&hellip...

BC - New reporting requirements for condo sales in 2019
In its 2018-19 Budget, the province announced a 30-Point Housing Plan through which a number of measures would be implemented to address housing affordability in the province. As part of that Plan, a...

BC - Employment health (payroll) tax to be implemented January 1
As previously announced, the province will be implementing an employer health (payroll) tax, effective as of January 1, 2019. At the same time, Medical Service Plan premiums payable by B.C. residents ...

BC - Province issues updated bulletin on obtaining PST refunds
Consumers in the province can claim a refund of provincial sales tax (PST) paid, where such tax was overpaid or paid in error. The B.C. Ministry of Small Business and Revenue has updated and re-issue...

BC - Province announces contingency plans for postal disruption
The provincial government has announced the contingency plans which will apply for purposes of payments to and from the province in the event of a postal disruption. That announcement indicates that q...

BC - Province issues warning on third party Child Care Benefit application services
In September 2018, the province introduced a new Affordable Child Care Benefit for eligible residents of the province. It has now issued a warning to such residents about online services which purport...

BC - Updated bulletins issued on tax on short-term accommodation
British Columbia levies both provincial sales tax (PST) and a separate Municipal and Regional District Tax (MRDT) accommodation tax on sales of short-term accommodation in the province. Effective as ...

BC - Interest Rates - 2018
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...

BC - New Logging Tax Information Sheet issued
Individual and corporations which generate revenue from logging on private or Crown land in British Columbia are subject to the provincial logging tax. That tax applies to such individuals and corpora...

BC - Province launches pre-Budget consultation process
The provincial government has announced the start of the pre-budget consultation process for the 2019-20 B.C. Budget, which will be brought down on Tuesday, February 19, 2019. To assist in that the p...

BC - New Affordable Child Care Benefit effective as of September 1
Effective as of September 1, the province replaced its existing child care subsidy with the Affordable Child Care Benefit. That new benefit will, in most cases, be paid to child care providers, with t...

BC - Public accounts confirm surplus for fiscal 2017-18
B.C.’s Minister of Finance has released the Public Accounts for the fiscal year ended March 31, 2018. Those accounts confirm that the province recorded a surplus for the 2017-18 fiscal year. Th...

BC - New notices issued on transition to Petrinex
As previously announced, the province will be joining Petrinex, effective as of November 5, 2018. The purpose of the change is to improve how information about the oil and gas industry is recorded and...

BC - Farmers’ food donation tax credit program extended
British Columbia provides farm corporations in the province with a tax credit for donations to registered charities (such as food banks or school meal programs) of certain agricultural products which ...

BC - Changes to be made to provincial automobile insurance program
The provincial government has announced that significant changes will be made to the provincial automobile insurance program administered by ICBC. Key proposed changes to basic insurance through ICBC...

BC - Interactive digital media tax credit program extended
The province provides a refundable tax credit equal to 17.5% of the wages and salaries paid in a tax year in relation to the development of eligible interactive digital media tax products, which inclu...

BC - New information disclosure requirements for some real estate purchasers
Effective as of September 17, 2018, the province will require additional information to be disclosed where real estate in the province is purchased through a trust or a corporation. In such circumsta...

BC - Notice outlines upcoming changes to reporting and invoice due dates
Effective as of November 2018, reporting requirements for oil and gas activities in the province will be changing. Those changes include the implementation of Petrinex, as well as new revenue administ...

BC - Updated bulletins issued on application of PST to delivery charges
B.C. Small Business and Revenue has updated and re-issued a number of provincial sales tax bulletins. The purpose of each update is to indicate that, effective as of April 1, 2018, delivery charges ar...

BC - Province releases details of upcoming employer health (payroll) tax
As previously announced, the province will be implementing an employer health (payroll) tax, or EHT, effective as of January 1, 2019. Details of that payroll tax have now been released. The payroll t...

BC - Changes to be made to regulation of payday loan companies
The B.C. government has announced that new regulations will apply to payday loan businesses and cheque cashing services operating in the province. Those new regulations will take effect as of Septembe...

BC - New caregiver tax credit available for 2018
The province announced, in this year’s Budget, that the existing B.C. Infirm Dependant and In-Home Care of Relative Tax Credits would be replaced by a new B.C. Caregiver Tax Credit. The new cred...

BC - Minimum wage increase effective June 1
Effective as of June 1, the general minimum wage payable in the province of British Columbia increased to $12.65 per hour. The change is part of a planned series of increases which will result in a $1...

BC - Deferring 2018 property taxes
Qualifying homeowners in the province can take advantage of a program which allows them to defer payment of their property taxes, through a low-interest loan from the province. There are two componen...

BC - Provincial education tax credit to be eliminated
The province announced, as part of this year’s (2018-19) Budget, that it would be eliminating the provincial education tax credit, effective as of January 1, 2019. That credit is claimable by p...

BC - Information bulletins updated to reflect sales tax on gift certificates
B.C. Small Business and Revenue has updated and re-issued a number of tax bulletins to reflect the application of sales tax to certain gift cards and gift certificates. The updated bulletins cover th...

BC - Province creates Small Business Task Force
The provincial government has announced the creation of a Small Business Tax Force, which will be holding consultation sessions throughout the province for interested stakeholders. An online consultat...

BC - Rating agency affirms B.C.’s AAA credit rating
Standard and Poor’s (S&P) Global Ratings has affirmed British Columbia’s ‘AAA’ long-term credit rating, with the Agency’s report indicating that it expects “the...

BC - Changes to caregiver tax credits for 2018 and subsequent years
As announced in the province’s 2018-19 Budget, changes have been made to the provincial caregiver tax credit, effective for the 2018 and subsequent taxation years. Those changes will see the for...

BC - Changes to carbon tax and tobacco tax rates effective April 1, 2018
As previously announced, B.C.’s tobacco tax and carbon tax rates were increased, effective as of April 1, 2018. Updated tobacco tax return forms and carbon tax refund forms which reflect the ne...

BC - Province releases details of new land speculation tax
In its 2018-19 Budget, the province announced that a land speculation tax would be imposed, in specified areas of the province, on housing units which were neither owner-occupied nor used as a qualify...

BC - Updated bulletins issued to correct re: provincial sales tax error
The B.C. Ministry of Small Business and Revenue has updated and re-issued a number of sales tax bulletins. Those updates correct an error in previous versions, which incorrectly indicated that provinc...

BC - Higher PST rate to be levied on sales of some passenger vehicles
In this year’s Budget, the provincial government announced that changes would be made to impose a higher provincial sales tax (PST) rate on the sale of some passenger vehicles in the province. ...

BC - Budget provides for increase to property transfer tax rate
The 2018-19 B.C. Budget included a number of changes to the province’s property transfer tax regime. Such tax is imposed when property is bought or sold and the tax payable is based on the fair ...

BC - Personal tax credit amounts for 2018
The province of British Columbia will provide the following personal tax credit amounts for 2018: Basic personal amount ………………………&hellip...

BC - Budget introduces real estate speculation tax
In its 2018-19 Budget, the provincial government introduced a new real estate speculation tax, which will be effective for the 2018 and subsequent tax years. The new tax will target foreign and domes...

BC - Province increases and expands additional property transfer tax
In the 2018-19 provincial Budget brought down on February 20, 2018, the B.C. government announced that the existing 15% additional property transfer tax rate has been increased to 20%, and that such t...

BC - 2018-19 provincial Budget to be brought down February 20
British Columbia Budget legislation provides for a fixed annual budget date of the third Tuesday of February. Consequently, the 2018-19 B.C. Budget will be announced at around 1:30 p.m. on Tuesday, F...

BC - Personal income tax rates and brackets for 2018
For the 2018 tax year, the province of British Columbia will levy personal income tax at the following individual income tax rates and brackets. 06% on taxable income between $10,412 and $39,676; ...

BC - Medical services plan premiums reduced by 50%
As announced in the 2017 Budget Update, the province has reduced Medical Service Premiums (MSP) by one half, effective as of January 1, 2018. As well, the income threshold for full exemption from MSP...

BC - Provincial general corporate income tax rate increased effective January 1
As announced in the 2017 Budget Update last fall, the provincial general corporate income tax rate was increased, effective as of January 1, 2018, from 11% to 12%. The general corporate income tax ra...

BC - Increase in Homeowner Grant program threshold for 2018
The provincial government has announced that the threshold for British Columbia’s Homeowner Grant program has been increased, for 2018, to $1.65 million. Homeowners must apply for the grant eac...

BC - CRA releases 2017 T1 tax return form for B.C. residents
The Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of British Columbia at the end of that year. The T1 form p...

BC - Interest Rates – 2018
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax and insurance premium tax. T...

BC - 2018 payroll deduction tables for provincial income tax released
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which B.C. employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension Plan...

BC - Changes to rent control legislation effective December 11
A number of changes to the province’s rent control legislation took effect on December 11, 2017. One of the changes effective on that date limits the ability of landlords of rental residential ...

BC - 2017-18 second quarter fiscal report released
British Columbia’s fiscal report for the second quarter of the 2017-18 fiscal year shows that the province is on track to post a balanced budget for the year. That balanced budget is expected n...

BC - 2018 BC TD1 Form and TD1Worksheet released
The Canada Revenue Agency has issued the British Columbia TD1 Form and Worksheet which will be used by taxpayers resident in the province, and their employers, to determine required provincial income ...

BC - Upcoming change to sales tax treatment of clean energy vehicles
The B.C. Ministry of Finance has issued a provincial sales tax (PST) notice dealing with the application of PST to sales of clean energy vehicles in the province. That notice (Notice 2017-005) addres...

BC - Consultation process underway on changes to minimum wage
The provincial government, which previously announced its intention of raising the minimum wage to $15 per hour, will be holding public consultations on the timeline and process for that change. The ...

Budget 2019: Adjusting the Rules for Cannabis Taxation
Budget 2019 is proposing that the excise duty framework for cannabis products be amended to more effectively apply the excise duty on new classes of cannabis products, as well as to cannabis oils, whi...

Budget 2019: Expanding Health-Related Tax Relief
Budget 2019 proposes to expand health-related tax relief under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) system to better meet the health care needs of Canadians by: providing GST/H...

Budget 2019: Employee Stock Options
Budget 2019 announces the Government’s intent to limit the use of the current employee stock option tax regime and move toward aligning the tax treatment with the United States for employees of ...

Budget 2019: Electronic Delivery of Requirements for Information
Budget 2019 proposes that the Canada Revenue Agency (CRA) will be allowed to send requirements for information electronically to a bank or credit union only if the bank or credit union notifies the CR...

Budget 2019: Carrying on Business in a Tax-Free Savings Account
Budget 2019 proposes that the joint and several liability for tax owing on income from carrying on a business in a TFSA be extended to the TFSA holder. The joint and several liability of a trustee of ...

Budget 2019: Mutual Funds: Allocation to Redeemers Methodology
Budget 2019 proposes to introduce a new rule that would deny a mutual fund trust a deduction in respect of the portion of an allocation made to a unitholder on a redemption of a unit of the mutual fun...

Budget 2019: Pensionable Service Under an Individual Pension Plan (IPP)
Budget 2019 proposes to prohibit Individual Pension Plans (IPPs) from providing retirement benefits in respect of past years of employment that were pensionable service under a defined benefit plan of...

Budget 2019: Contributions to a Specified Multi-Employer Plan (SMEP) for Older Members
To bring the Specified Multi-Employer Plan (SMEP) rules in line with the pension tax provisions that apply to other defined benefit RPPs, Budget 2019 proposes to amend the tax rules to prohibit contri...

Budget 2019: Medical Expense Tax Credit
Amounts paid for cannabis products may be eligible for the medical expense tax credit where such products are purchased for a patient for medical purposes in accordance with the Access to Cannabis for...

Budget 2019: Supporting Donations of Cultural Property
A recent court decision related to the interpretation of “national importance” has created uncertainty about the availability of these tax incentives. Budget 2019 proposes to introduce leg...

Budget 2019: Tax Measures for Kinship Care Providers, Tax Treatment of Financial Assistance Payments
Budget 2019 proposes to amend the Income Tax Act to clarify that financial assistance payments received by care providers under a kinship care program are neither taxable nor included in income for th...

Budget 2019: Tax Measures for Kinship Care Providers, Canada Workers Benefit
Budget 2019 proposes to amend the Income Tax Act to clarify that an individual may be considered to be the parent of a child in their care for the purpose of the Canada Workers Benefit, regardless of ...

Budget 2019: Improvements to the Registered Disability Savings Plan (RDSP)
To ensure that the Registered Disability Savings Plan (RDSP) continues to respond to the needs of Canadians with disabilities, Budget 2019 proposes two changes that will better protect the long-term s...

Budget 2019: Variable Payment Life Annuities
Budget 2019 proposes to amend the tax rules to permit PRPPs and defined contribution RPPs to provide a variable payment life annuity (VPLA) to members directly from the plan. A VPLA will provide payme...

Budget 2019: Advanced Life Deferred Annuities
Budget 2019 proposes to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...

Budget 2019: Change in Use Rules for Multi-Unit Residential Properties
To improve the consistency of the tax treatment of owners of multi-unit residential properties in comparison to owners of single-unit residential properties, Budget 2019 proposes to allow a taxpayer t...

Budget 2019: Modernizing the Home Buyers’ Plan (HBP)
Budget 2019 proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019. Budget 2019 also proposes to extend a...

Budget 2019: Canada Training Credit
Budget 2019 proposes this new, non-taxable credit that would help Canadians pay for training fees. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250 ...

Budget 2019: Strengthening Canada’s International Tax Rules
Budget 2019 proposes to: extend the foreign affiliate dumping rules in the Income Tax Act to prevent a corporation resident in Canada that is controlled by a non-resident individual or trust from r...

Budget 2019: Strengthening Beneficial Ownership Transparency
In Budget 2019, the Government proposes further amendments to the Income Tax Act to make the beneficial ownership information maintained by federally incorporated corporations more readily available t...

Budget 2019: Character Conversion Transactions
Budget 2019 proposes an amendment that introduces an additional qualification for the commercial transaction exception in the definition “derivative forward agreement” as the exception app...

Budget 2019: Canadian-Belgian Co-productions - Canadian Film or Video Production Tax Credit
Budget 2019 proposes to add The Memorandum of Understanding between the Government of Canada and the Respective Governments of the Flemish, French and German-speaking Communities of the Kingdom of Bel...

Budget 2019: Improving Support for Small, Growing Companies
Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s annual expenditure limit for the purpose of the enhanced SR&ED tax credit. As a result, small CCP...

Budget 2019: Small Business Deduction - Farmers and Fishers
Budget 2019 proposes to eliminate the requirement that sales be to a farming or fishing cooperative corporation in order to be excluded from specified corporate income. As such, this exclusion will ap...

Budget 2019: Supporting Business Investment in Zero-Emission Vehicles
Budget 2019 proposes that these vehicles be eligible for a full tax write-off in the year they are put in use. Qualifying vehicles will include electric battery, plug-in hybrid (with a battery capacit...

Budget 2019: Support for Canadian Journalism
Budget 2019 proposes to introduce three new tax measures to support Canadian journalism: allowing journalism organizations to register as qualified donees; a refundable labour tax credit for quali...

Unemployment rate unchanged in February
The most recent release of Statistics Canada’s Labour Force survey shows that, while the rate of unemployment for the month of February was unchanged, employment grew by 56,000 positions. The un...

Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2% ...

Inflation down to 1.4% for January 2019
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows a drop in the rate of inflation for the month of January. That rate, as measured on a year-over-year basis, was 1....

First instalment payment of 2019 due March 15
The first instalment payment of individual income taxes for the 2019 tax year is due on or before Friday March 15, 2019. Individuals who have previously paid tax by instalments will have received an i...

CRA providing extended hours for individual tax help line
The Canada Revenue Agency (CRA) has announced that its Individual Income Tax Enquiries line (1-800-959-8281) is now available for extended hours. Until April 30, 2019, telephone agents will be availa...

Date announced for 2019-20 federal Budget
The Minister of Finance has announced that the 2019-20 federal Budget will be brought down on Tuesday, March 19, 2019. Once the Budget is released, at around 4 p.m., the Budget Papers will be posted ...

Obtaining a 2018 tax return form and guide
The 2018 T1 Individual Income Tax Return and Guide package is now available on the Canada Revenue Agency (CRA) website at https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packag...

NETFILE available for filing of 2018 individual income tax returns
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns is available as of Monday, February 18, 2019. The current NETFILE service (which...

CRA issues tax filing tips for students
The Canada Revenue Agency (CRA) has issued a Tax Tip for post-secondary students and graduates who will be filing an income tax return for the 2018 tax year. That Tax Tip, which can be found on the C...

Small increase in unemployment rate for January
During the month of January, the number of people employed in Canada rose by 67,000, with that figure attributable for most part to increased employment of those aged 15 to 24 and those working in the...

Prescribed interest rate for leasing
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of March 2019. That prescribed rate for the month of March will b...

CRA issues tax filing tips for seniors
The Canada Revenue Agency (CRA) has posted a Tax Tip which lists the tax deductions and credits which are most relevant to seniors, and which can be claimed by eligible seniors when preparing and fili...

NETFILE service for 2018 returns available February 18
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns for the 2018 tax year will be available online on Monday February 18, 2019. The N...

Upcoming changes to the CRA’s e-mail service
Effective as of February 11, 2019, the Canada Revenue Agency (CRA) will be merging its online mail and account alerts services. Notification of the change is being sent to users of those services, and...

Pre-Budget consultations ending on January 29
Finance Canada has issued a reminder that the current consultation process with respect to the upcoming 2019-20 federal Budget will end on Tuesday, January 29, 2019. Interested stakeholders can make ...

Inflation rate increases to 2% in December
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, stood at 2% during the month of December 2018. The eq...

Finance announces automobile allowance limits and rates for 2019
Finance Canada has announced the automobile deduction limits and expense benefit rates which will apply to businesses and their employees during the 2019 taxation year. Most of the limits which appli...

Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on January 9, 2019, the Bank of Canada indicated that no change would be made to current interest rates. The Bank Rate therefore remains at 2...

Prescribed interest rates for leasing for January and February
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the months of January and February 2019.The prescribed rate for January is ...

Prescribed interest rates for the first quarter of 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2019, as well as the rates that will apply for the purpo...

Canada Pension Plan changes to take effect January 1, 2019
Over the next seven years, significant changes will be made to the Canada Pension Plan. Those changes will result, overall, in an increase of about 50% in the maximum retirement benefit. The first su...

Inflation for November down to 1.7%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of November, as measured on a year-over-year basis, stood at 1.7%. The comparab...

NETFILE service for prior years available until January 25, 2019
Taxpayers who have not yet filed their individual income tax returns for 2017 (or the three prior years) can file those returns on NETFILE until Friday, January 25, 2019. Until that date, the Canada R...

Prescribed leasing interest rate for January 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of January 2019. The prescribed rate for that month will be 3.39%...

December 31, 2018 deadline for 2008 tax fairness applications
Where taxpayers fail to meet their tax filing or payment obligations, penalties and interest are usually levied for that failure. However, the Minister of National Revenue has the authority to forgive...

Unemployment rate for November at 42-year low
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of November was the lowest recorded since 1976. The unemployment rate for the m...

Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on December 5, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate rem...

Personal tax credit amounts for 2019
The federal government will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………&...

Inflation rate up slightly in October
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation rate for the month of October. That rate rose 2.4%, following a 2.2% increase...

Finance announces start of 2019-20 federal Budget consultation process
Finance Canada has announced details of the consultation process leading up the release of the 2019-20 Federal Budget next spring. The budget consultation process will include both in-person and digi...

New tax credits to support news organizations
In the 2018-19 Fall Economic Statement, the Minister of Finance announced that three new tax initiatives would be introduced to support both traditional and digital news organizations. Those changes ...

Federal government announces new business tax incentives
In the Fall Economic Statement issued on November 21, the Minister of Finance announced new tax measures that would: allow businesses to immediately write off the cost of machinery and equipment us...

CRA issues 2018 employer’s guide to taxable benefits
Some of the non-monetary benefits which employers provide to their employees must be included in the employee’s income and taxed as such. Each year, employers must include the amount of any such...

CRA announces enhancements to BizApp
The Canada Revenue Agency (CRA) provides a mobile web app for small business owners and sole proprietors which enables them to manage their business tax accounts on any browser-enabled mobile device. ...

Unemployment rate down slightly for September
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in unemployment during the month of September. That rate stood at 5.8%, down 0.1% from the rate posted fo...

Canada Pension Plan contribution rates for 2019
The Canada Revenue Agency has announced the contribution rates and amounts for the Canada Pension Plan which will apply during the 2019 calendar year, and that announcement can be found at https://www...

Prescribed interest rate for leasing for November
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of November. The prescribed rate for that month will be 3.43%. A...

CRA announces contingency plans for postal disruption
The Canada Revenue Agency (CRA) (as well as other federal government departments and agencies) has issued information indicating how government payments will be handled during the current postal disru...

Inflation rate at 2.2% for September
The most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate for the month of September stood at 2.2%, as measured on a year-over-year basis. The comparable ...

Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on October 24, the Bank of Canada once again increased the bank rate, which now stands at 2%.In the press release announcing the increase, wh...

OAS payment rates for the fourth quarter of 2018
The federal government has announced the maximum Old Age Security (OAS) benefit amount which will be paid to eligible recipients in the last quarter — October, November, and December — of ...

CRA issues updated forms for reduced source deductions
In some circumstances, taxpayers are entitled to request a reduction in the amount of tax being deducted at source from their income. An employee can request that the amount of income tax being deduct...

CRA to hold webinar on CPP changes for the self-employed
A number of changes have been made over the past few years to the Canada Pension Plan (CPP), with those changes generally providing greater flexibility to CPP contributors. Some of those changes parti...

Slight decline in unemployment rate for September
The most recent release of Statistics Canada’s Labour Force Survey shows a small decrease in the overall unemployment rate for the month of September. That rate decreased from the 6% rate record...

Prescribed interest rate for leasing for October
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of October. The prescribed rate for that month will be 3.33%. A ...

Prescribed interest rates for the fourth quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the fourth quarter of 2018, as well as the rates that will apply for the purp...

NETFILE still available for filing of 2017 returns
While the deadline for filing of individual income tax returns for the 2017 tax year (for both employees and the self-employed) has passed, the Canada Revenue Agency’s (CRA’s) NETFILE serv...

Inflation rate down slightly in August
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August 2018 stood at 2.8%, as measured on a year-over-year basis. The compar...

CRA updates fact sheet for temporary Canadian workers
Canada’s tax system is one based on residency, and individuals who are considered to be residents of Canada are subject to federal and provincial tax. The federal government has issued a fact s...

Employment insurance premium rate for 2019
The Minister of Finance has announced that the employment insurance premium rate payable by employees and the self-employed for the 2019 tax year will be reduced. The premium rate for that year will ...

CRA issues updated guide to federal and provincial child benefits
The federal government has updated and re-issued its guide to child benefits paid by the federal and several provincial governments. The updated guide (T4114), which is available on the Canada Revenu...

Slight increase in unemployment rate for August
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate posted for the month of August. That rate rose by 0.2%, from 5.8% to 6%. Most ...

Relief available to taxpayers affected by wildfires
The Canada Revenue Agency (CRA) can provide interest and penalty relief to taxpayers who are unable to meet their tax filing or payment obligations due to circumstances beyond their control, including...

Bank of Canada leaves interest rates unchanged
In its scheduled interest rate announcement made on September 5, the Bank indicated that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 1.75%. The Bank ackno...

CRA issues Tax Tip on benefit review process
Each year the Canada Revenue Agency (CRA) sends a letter and questionnaire to approximately 350,000 taxpayers, seeking to determine whether such taxpayers are receiving the correct tax credits and ben...

Upcoming tax instalment due date for individuals
The due date for the third instalment payment of 2018 income taxes by individuals falls on September 15, 2018. As that date is a Saturday, instalment payments will be considered to be made on time if ...

Amendments to be made to rules on political activities of charities
The federal government has announced that changes will be made to the administrative rules governing the extent to which charities can engage in non-partisan political activities. The intended amendm...

Rate of inflation at 3% for July
The most recent release of Statistics Canada’s Consumer Price Survey shows a significant increase in inflation for the month of July. That rate, as measured on a year-over-year basis, stood at 3...

Unemployment rate down slightly for July
The most recent release of Statistics Canada’s Labour Force Survey indicates that the overall rate of unemployment was down slightly for the month of July. That rate stood at 5.8%, down by 0.2% ...

Finance announces lower payment card fees for small businesses
The Minister of Finance has announced that two major payment card networks have agreed to lower costs charged to small and medium-sized businesses. Both VISA and Mastercard have agreed to reduce dome...

CRA podcasts and webinars for small businesses
The Canada Revenue Agency (CRA) prepares and posts on its website a number of podcasts and webinars covering tax and tax-related issues of particular interest to small businesses. There are currently...

Bank of Canada 2019 interest rate announcement dates
The Bank of Canada has issued a listing of the dates on which it will make announcements during the 2019 calendar year with respect to current interest rates. There are eight such interest rate annou...

Upcoming changes to mortgage lending assessments for self-employed taxpayers
The Canada Mortgage and Housing Corporation (CMHC) has announced that, effective as of October 1, 2018, changes will be made to the process by which self-employed taxpayers are assessed for mortgage f...

CRA issues new direct deposit form for businesses
The Canada Revenue Agency (CRA) has updated and re-issued its Form RC366, which allows businesses to have amounts owed to them deposited directly to a bank account. The updated form can be used to ei...

CRA issues updated guide to RESPs
The Canada Revenue Agency (CRA) has updated and re-issued its publication RC4092(E) on Registered Education Savings Plans. The updated publication incorporates changes, originally announced as part o...

Inflation rate up by 2.5% in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June, as measured on a year-over-year basis, stood at 2.5%. That cha...

Prescribed interest rates for leasing rules
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply during the months of July and August 2018. Those prescribed rates will be 3.28% for July...

CRA issues updated guide to taxation of RRIF on death
The Canada Revenue Agency has updated and re-issued its publication outlining the tax treatment of funds held in a RRIF on the death of the RRIF annuitant. The updated publication (RC4178(E)) also re...

Slight increase in unemployment rate for June
While employment rose by 32,000 during the month of June, the unemployment rate was also up, by 0.2%, a result attributed by Statistics Canada an increase in the number of individuals seeking to enter...

Bank of Canada increases benchmark interest rate
In its regularly scheduled interest rate announcement made on July 11, the Bank of Canada indicated that it was increasing its benchmark interest rate by one-quarter of a percentage point. Accordingly...

CRA issues Tax Tip on return review process
Each year, the Canada Revenue Agency reviews approximately 3 million returns which have already been filed and assessed. Generally, such reviews are carried out to confirm income amounts reported, and...

Old Age Security benefits to increase by 1.2% in third quarter
Old Age Security (“OAS”) benefits received by Canadians are indexed to changes in the overall Consumer Price Index, and are adjusted each quarter to reflect increases in that Index.The fed...

No change to inflation rate for May
The most recent release of Statistics Canada’s Consumer Price Index indicates the rate of inflation for the month of May stood at 2.2%. The same rate was recorded for the month of April, and bot...

CRA issues updated source deductions online calculator
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by employers in calculating employee source deductions as of July 1, 2018. The updated version of tha...

Prescribed interest rate for leasing for July
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July. The prescribed rate for that month will be 3.28%. A cha...

Prescribed interest rates for the third quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the third quarter of 2018, as well as the rates that will apply for the purpo...

CRA updates and re-issues Notice of Objection form
The Canada Revenue Agency has updated and re-issued its standard form for filing an objection to a Notice of Assessment or Reassessment. The 2018 T-400A E, Notice of Objection, can be found on the CRA...

No change in unemployment rate for May
The most recent release of Statistics Canada’s Labour Force Survey shows little change in unemployment during the month of May. For the fourth consecutive month, that rate stood at 5.8%. There ...

June 15 filing deadline for self-employed taxpayers
The filing deadline for individual income tax returns for the 2017 year for self-employed individuals and their spouses is midnight Friday June 15, 2018. Returns can be filed using the Canada Revenue...

Individual income tax instalment payment due June 15
For Canadians who make quarterly instalment payments of personal income tax, the next due date for such payment is Friday June 15, 2018. The Canada Revenue Agency has posted a notice on its website i...

Taxpayer relief available for Canadians affected by spring floods
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who have been affected by this spring’s floods of the availability of administrative tax relief. Under the federal government&...

Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on May 30, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate remains...

CRA issues updated payroll deduction formulas for July 1, 2018
The Canada Revenue Agency (CRA) has issued updated payroll deduction formulas for use by employers for payroll periods beginning after July 1, 2018. The updated formulas reflect changes in provincial ...

Inflation rate for April at 2.2%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of April stood at 2.2%, as measured on a year-over-year basis. The rate...

Changes to distribution of GST/HST reporting/remittance forms for small businesses
The Canada Revenue Agency (CRA) will be making changes to its distribution method for GST/HST reporting and remittance forms for small businesses, with those changes generally directed toward reducing...

Unemployment rate unchanged in April
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change during the month of April to either employment figures or the overall unemployment rate. Th...

CRA tax topic podcasts available for download
The Canada Revenue Agency prepares and posts podcasts on a number of different tax topics, both individual and corporate. Those podcasts are available for download from the CRA website. The current s...

Prescribed interest rates for May and June
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the months of May and June 2018. Those prescribed rates will be 3.22% during the...

Getting information about your tax refund
Taxpayers who have filed their return for the 2017 tax year and are expecting to receive a refund can track the status of that refund payment through a toll-free telephone line. That line, the CRA&rsq...

CRA issues warning on filing season tax scams
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of the need to be particularly vigilant with respect to fraudulent text, telephone, and e-mail communications, which increase during t...

Inflation rate for March reaches 2.3%
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation stood at 2.3% during the month of March 2018, as measured on a year-over-year basis. The ...

April 30 due date for all 2017 individual taxes owed
The Canada Revenue Agency (CRA) has issued a reminder that all individual income tax balances owed for the 2017 tax year must be paid on or before Monday April 30, 2018. April 30 is also the deadline...

Unemployment rate unchanged in March
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of March 2018 stood at 5.8%. The same rate was recorded for February 2018. E...

Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 18, the Bank of Canada indicated that no change was required to current interest rates. Accordingly, the Bank Rate will remain at 1....

ReFILE service for changing individual income tax returns
It is not uncommon for taxpayers to discover an error or omission in an already-filed return, and the usual means by which such error can be corrected is the filing of a T1-Adjustment form. While a co...

CRA issues reminder of taxability of income from “sharing economy”
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who receive income from the “sharing economy” that such income is taxable and must be reported on the annual tax return. ...

Bank of Canada interest rate announcement dates for 2018
The Bank of Canada’s regularly scheduled interest rate announcement dates for the remainder of calendar year 2018 are as follows: April 18, 2018; May 30, 2018; July 11, 2018; S...

CRA issues update on home sale reporting requirements
Proceeds received from the sale of one’s principal residence are, in most circumstances, not taxable, as such sales are eligible for the principal residence exemption. However, as of the 2016 ta...

Significant increase in inflation rate for February
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in inflation for the month of February. That rate stood at 2.2%, while the rate for January 2018 was 1....

Prescribed interest rates for second quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the second quarter of 2018, as well as the rates that will apply for the purpose...

CRA issues warning on tax scams
While taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authoritie...

CRA publication on changes to Voluntary Disclosure Program available online
In December 2017, the Canada Revenue Agency (CRA) announced that substantive changes would be made to the Agency’s Voluntary Disclosure Program (VDP). That program enables taxpayers who are in d...

CRA issues e-filers manual for 2017 returns
The Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...

Unemployment rate down slightly in February
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the mont...

Increase in Consumer Price Index for January
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%. I...

Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%. ...

Budget 2018 - Personal tax credits
Budget 2018: No personal tax credits have been repealed, and there are no new personal tax rate changes....

Budget 2018 - Foreign-born Status Indians
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....

Budget 2018 - Service animals
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....

Budget 2018 - Canada Workers Benefit
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive the Canada Workers Benefit....

Budget 2018 - Working Income Tax Benefit amounts
Budget 2018: The Working Income Tax Benefit amounts are enhanced as of 2019, and the credit is renamed the Canada Workers Benefit...

Budget 2018 - Non-resident surplus stripping rules
Budget 2018: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....

Budget 2018 - CRA compliance orders
Budget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....

Budget 2018 - RDTOH
Budget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....

Budget 2018 - Investment income
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....

Budget 2018 - Corporations' small business limit
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....

Extended hours for CRA telephone help line
The Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...

CRA issues list of approved software for NETFILING of 2017 returns
The Canada Revenue Agency’s NETFILE service for filing of individual income tax returns will be available starting Monday February 26, 2018. Taxpayers do not need to obtain an access code to fi...

Unemployment rate up slightly in January
The most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%. T...

2018-19 Federal Budget date announced
The Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018. The Budget will be released at around 4 p.m. and the full Budget Pape...

Obtaining hard copy of a 2017 income tax return package
This year, the Canada Revenue Agency (CRA) will be providing taxpayers with hard copies of the 2017 Income Tax and Benefit package through a variety of means, and at various dates. Individuals who pa...

CRA announces NETFILE service availability dates for 2017 returns
The Canada Revenue Agency (CRA) has announced the date on which NETFILE service for the filing of individual income tax returns for the 2017 tax year will be available. NETFILE service will be availa...

CRA to mail tax return packages to selected taxpayers
While the majority of Canadians now file their individual income tax returns electronically, there is still a significant minority of tax filers who file using a printed return. The Canada Revenue Ag...

CRA announces change to 2017 individual tax return forms
The Canada Revenue Agency (CRA) has posted a notice on its website that an “update” has been made to individual 2017 tax forms. Those forms are to be used by individual Canadians to file t...

CRA reinstates telephone tax return filing service
For a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....

Prescribed interest rates for first quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2018, as well as the rates that will apply for the purpo...

Bank of Canada raises interest rates
As widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required. The Bank’s announceme...

Federal Budget 2018-19 consultations to end January 26
Finance Canada has announced that the consultation process leading to the release of the 2018-19 federal Budget will conclude on Friday January 26, 2018. Canadians can provide input by submitting the...

CRA issues individual T1 Tax Return Form and Guide for 2017
The Canada Revenue Agency has released the T1 Individual Income Tax Return and Benefit form to be used by individual Canadian taxpayers in filing their return for the 2017 tax year. The T1 form is ava...

Unemployment rate for December 2017 down to 5.7%
The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was reco...

Small business tax rate reduced effective January 1
As previously announced, the federal small business tax rate is reduced to 10.0%, effective as of January 1, 2018. There is no change in the federal small business limit, which remains at $500,000. T...

Automobile deduction and benefit limits for 2018
Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018. Most such deduction limits and thresholds are uncha...

CRA issues guidance on upcoming changes to small business tax rules
Planned changes to the federal income tax rules governing the taxation of small incorporated Canadian businesses are to take effect for 2018. One of those changes will include greater restrictions on ...

Changes to be made to Voluntary Disclosure Program
The Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...

Age 71 final RRSP contribution to be made by December 31
Taxpayers who are turning age 71 during the year and who have available contribution room are entitled to make a final RRSP contribution for that year. Such contributions must be made by the end of t...

NETFILE service for 2016 returns available until January 19
Taxpayers who have not yet filed their return for the 2016 tax year will have until January 19, 2018 to file that return using NETFILE. Until that date, returns for the 2013, 2014, 2015, and 2016 tax ...

Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...

Unemployment rate down in November
The most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The N...

T4127 for 2018 payroll deduction amounts released
The Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...

CRA issues federal TD1 Form and TD1 Worksheet for 2018
The Canada Revenue Agency has issued the federal TD1 Form and Worksheet which will be used by taxpayers and their employers to determine required federal income tax source deductions for the upcoming ...

Inflation rate up by 1.4% in October
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for...

Finance launches pre-budget consultations
Finance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget. As part of that budget consultation process, the Minister of Finance is holding in-person publi...

CRA to provide online filing for trust tax and information returns
Effective as of January 8, 2018, administrators and representatives of qualifying Canadian trusts will be able to file trust income tax and information returns online, through the Canada Revenue Agenc...

Employment Insurance premium rates for 2018
The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year. The premium rate for the year for employees has been se...

CRA announces CPP contribution rates and amounts for 2018
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts for both employers and employees which will apply for 2018. Maximum pensionable earnings for the year will be $55,900 ...

Welcome and thank you for visiting our Website. Alastair Murdoch Accounting Group Ltd., Chartered Professional Accountant Firm, and our predecessor firm, McIntyre Accounting Group, have been offering accounting services in Kamloops since 1995. Our services include bookkeeping, payroll, preparation of financial statements and tax returns, and tax advice including financial and retirement planning.

In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.

As you browse through our Website, you will see that we have not only highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).

While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.

Our office is open 8:30 to 4:30 (8:00 to 5:00 March and April) except Saturdays, Sundays and the following days: January 1, February 18, April 19, May 20, July 1, August 3-9, September 2, October 14, November 11, and December 22-27.

Weekends and evenings appointments can be arranged by contacting us at:

490 - 546 St Paul Street, Kamloops V2C 5T1
Phone 250 851 9900
Fax 250 851 9901

Email am@amagcpa.com