BC - Interest Rates - 2017The 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 - Personal income tax rate change for 2018The 2017-18 Budget Update released by the province of British Columbia included the announcement of new personal tax bracket for 2018.
Effective January 1, 2018, taxable income over $150,000 will be ...
BC - Small business corporate tax rate reducedThe 2017 Budget Update brought down by the B.C. government on September 11 included a retroactive reduction in the province’s small business corporate income tax rate.
That rate stood at 2.5% f...
BC - Final fiscal results for 2016-17 announcedThe final revenue and expenditure figures for B.C.’s 2016-17 fiscal year have been released by the province, and they show an operating surplus for the year of $2.7 billion.
That surplus result...
Registering for EtaxBCBritish Columbia provides individual and corporate taxpayers in the province with an option to manage their provincial tax affairs online, through the EtaxBC service.
Using EtaxBC, taxpayers can file...
BC - Province issues Fiscal Update for 2016-17The provincial Minister of Finance recently issued an update of the province’s fiscal position at the end of the 2016-17 fiscal year (March 31, 2017). That update indicates that British Columbia...
BC - Applying for deferral of 2017 property taxesBritish Columbia offers two property tax deferral programs for eligible residents of the province — the regular program and the program for families with children. Under both programs, a deferra...
BC - Interactive digital media tax credit expandedThe Interactive Digital Media Tax Credit is a refundable tax credit claimable by corporations which incur qualifying labour expenses in the development of digital media products. The credit is equal t...
BC - Book publishing tax credit extended to 2019Eligible companies in British Columbia are entitled to claim a refundable book publishing tax credit, with the amount of the refundable credit equal to 90% of base amount of the Support for Publishers...
BC - Province eliminates education tax creditThe province currently provides a non-refundable tax credit – the education tax credit – for eligible students who are enrolled in post-secondary education.
In this year’s Budget, i...
BC - Province introduces back-to-school tax creditIn its 2017-18 Budget, the provincial government announced the creation of a new non-refundable credit for parents of school-aged children, to assist with the cost of purchasing school supplies.
The ...
BC - Interest Rates - 2017The 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 - Mining flow-through share tax credit extendedIndividual taxpayers in the province who invest in qualifying flow-through shares are entitled to claim a mining flow-through share tax credit. That non-refundable tax credit is equal to 20% of the fl...
BC - Small business tax rate to be reducedIn the province’s 2017-18 Budget which was brought down last month, the Minister of Finance announced that British Columbia’s small business corporate income tax rate would be reduced, eff...
BC - Changes to B.C. Home Owner Grant for 2017The province of British Columbia provides a grant program which allows homeowners to reduce the amount of property taxes payable. The Home Owner Grant Program has a basic component, as well as several...
BC - Interest Rates - 2017The 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 - New PST Bulletin issued for non-BC businessesB.C. Small Business and Revenue has issued a new provincial sales tax bulletin (Bulletin PST 321) outlining how the provincial sales tax applies to businesses which are located outside British Columbi...
BC - Interest Rates - 2016The 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 - Province launches 2017 Budget consultationsThe B.C. Minister of Finance has announced the start of the public consultation process leading up the province’s 2017-18 Budget. That Budget will be brought down on February 21, 2017.
Public c...
BC - Province issues updated sales tax bulletinThe Provincial Sales Tax Bulletin (PST 300) outlining the rules and procedures which govern Special Occasion Liquor Licences has been extensively revised and re-issued by the B.C. Ministry of Small Bu...
BC - Province introduces new property transfer taxThe provincial government has announced that a new property transfer tax will be imposed as of August 2, 2016. That tax will apply to residential property transfers to foreign entities in the Greater ...
BC - Changes to Home Owner Grant program for 2016Homeowners in the province are eligible to apply for the Home Owner Grant as a means of reducing their property taxes payable for the year, and are advised to apply for the grant as soon as they recei...
BC - Interest Rates - 2016The 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 - 2016 Personal Tax Rates and BracketsThe tax rates and brackets which will apply to individual taxpayers in B.C. for the 2016 tax year are as follows.
$0 to $38,210 – 5.06%;
$38,211 to $76,421 – 7.7%;
$76,422 to $87,741 ...
Small business tax rate to be reducedFinance Canada has announced that the federal small business tax rate, which is currently set at 10.5%, will be reduced in two stages.
The first reduction will be effective as of January 1, 2018, whe...
CRA policy on taxation of employee discountsEmployees who work in the retail sector frequently receive a discount when purchasing goods sold by their employer. Recent press reports have indicated that the Canada Revenue Agency (CRA) had or woul...
No change in unemployment rate for SeptemberThe most recent release of Statistics Canada’s Labor Force Survey indicates that, for the month of September, employment across Canada was substantially unchanged.
For that month, the unemploym...
Obtaining a proof of income statementIndividual Canadians are sometimes required to provide proof of their income, often as part of an application for a mortgage or other form of credit. Such proof of income can be obtained from the Cana...
Prescribed interest rates for 2017The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2017, as well as the rates that will apply for the purpose of calculating emp...
Increased inflation rate in AugustThe most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of August. The inflation rate for that month stood at 1.4%, a...
Small decline in unemployment rate for AugustThe most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of August. That rate declined by 0.1%, to 6.2%, which is t...
Bank of Canada announces interest rate increaseIn its regularly scheduled interest rate announcement made on September 6, the Bank of Canada announced that it was increasing its target for the overnight rate, and that the Bank Rate now stands at 1...
Increased inflation rate for JulyThe most recent release of Statistics Canada’s Consumer Price Index indicates that the overall inflation rate for the month of July stood at 1.2%, as measured on a year-over-year basis. The comp...
First tax instalment reminders issued this monthDuring the month of August, the Canada Revenue Agency (CRA) will be issuing 2017 Tax Instalment Reminders, and many taxpayers will be receiving such Reminders for the first time.
Individuals who need...
CRA launches annual tax return processing reviewThe Canada Revenue Agency (CRA) has begun its annual tax return processing review, which seeks to confirm or verify that amounts reported by taxpayers on their 2016 income tax return were accurate and...
Unemployment rate down slightly in July The most recent release of Statistics Canada’s Labour Force Survey shows a small decline of 0.2% in the overall unemployment rate for the month of July. That rate stood at 6.3% which was, as not...
Interest rate announcement dates for 2018The Bank of Canada makes eight regularly scheduled interest rate announcements each year, and the Bank recently announced the dates on which those announcements will be made during 2018. Those dates a...
Inflation rate down slightly in JuneThe most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June was 1%, while the rate posted for May stood at 1.3%. Both rates...
Unemployment rate down slightly in JuneThe most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the overall unemployment rate for the month of June. That rate stood at 6.5%, down by 0.1% from the p...
Bank of Canada increases benchmark interest rateAs expected, in its regularly scheduled interest rate announcement made on July 12, the Bank of Canada increased the bank rate from 0.75% to 1.0%.
In the announcement of the rate increase, which can ...
Inflation rate down slightly for MayThe most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation slowed slightly during the month of May. The year-over-year rate for that month stood...
CRA to provide new small business servicesThe Canada Revenue Agency (CRA) has announced that, following its consultation with respect to services provided by the Agency to small businesses, a number of new services will be provided. Those new...
New return adjustment feature added to EFILEThe Canada Revenue Agency has introduced a new feature to its existing EFILE service, which will allow EFILE service providers to submit adjustment requests using certified software. Currently, the ne...
Unemployment rate up slightly in MayThe most recent release of Statistics Canada’s Labour Force Survey shows that, while employment rose by 55,000 during the month of May, the overall unemployment rate increased by 0.1%. That resu...
Upcoming income tax instalment due dateThe second instalment payment of individual income taxes for the 2017 tax year is due on or before Thursday June 15, 2017. Individual taxpayers who pay taxes by instalment will have received an instal...
Inflation rate for April unchangedThe most recent release of Statistics Canada’s Consumer Price Survey shows that there was no change in the overall inflation rate during the month of April 2017. That rate stood at 1.6%, as meas...
Upcoming webinar on employee taxable benefitsThe Canada Revenue Agency (CRA) will be holding a webinar for employers on the subject of employee taxable benefits. The webinar will be held on Wednesday May 24, 2017.
The webinar is free of charge,...
Slight decrease in unemployment rate for April The most recent release of Statistics Canada’s Labour Force Survey shows a slight decrease in the overall unemployment rate for the month of April 2017, which dropped from 6.7% to 6.5%. The 6.5%...
Interest charges on unpaid taxes begin May 2, 2017Taxpayers who have unpaid tax balances for 2016 are subject to interest charges on those unpaid balances as of May 2, 2017.
The current (until June 30, 2017) rate imposed on unpaid tax amounts by the...
Changing source deductions for 2017This year’s federal Budget repealed and replaced several federal tax credits affecting caregivers of infirm and non-infirm family members. Those changes can in many cases affect the tax payable ...
Decrease in inflation rate for March 2017The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall inflation rate for the month of March 2017. The rate for that month stood at 1.6%, as measured on ...
Individual tax payment deadline May 1, 2017For all individual Canadian taxpayers, the deadline for payment of tax amounts owed for the 2016 taxation year is midnight on Monday May 1, 2017.
Payments which are not made in full by that deadline ...
Bank of Canada maintains current interest ratesIn its regularly scheduled interest rate announcement made on April 12, 2017, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains ...
Unemployment rate up slightly for March 2017The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate for the month of March 2017. That rate rose by 0.1%, to 6.7%.
Among demographi...
Slight decrease in inflation rate for FebruaryThe most recent release of Statistics Canada’s Consumer Price Index indicates that the inflation rate for the month of February stood at 2%, as measured on a year-over-year basis. The comparable...
Budget 2017 - Taxi and Ride-Sharing ServicesEffective July 1, 2017, Budget 2017 proposes to extend the GST/HST on taxi operators to ride-sharing services. Taxi operators are required to collect and remit GST/HST on their fares with no dollar ex...
Budget 2017 - Billed-Basis AccountingGenerally, taxpayers are required to include the value of their work in progress (“WIP”) in their income whether or not they have actually received payment for performing the work. H...
Budget 2017 - Home Relocation Loans DeductionIf a taxpayer receives a loan by virtue of their employment with an interest rate below a prescribed rate, he or she is deemed to have received a taxable benefit. However, taxpayers can claim an offse...
Budget 2017 - Medical Expense Tax CreditBudget 2017 proposes to expand the medical tax credit to include costs paid for the purpose of conceiving a child regardless of whether the medical procedures involved are not medically indicated due ...
Budget 2017 - Public Transit Tax CreditBudget 2017 announced that the public transit tax credit will be repealed as of July 1, 2017. The non-refundable credit provided a 15% tax reduction with respect to eligible public transit passes such...
Budget 2017 - Disability Tax CreditBudget 2017 proposes to amend the eligibility criteria for the disability tax credit. One of the conditions required for the credit is that a medical practitioner certifies on CRA Form T2201 that the ...
CRA and Service Canada online services now linkedThe Canada Revenue Agency (CRA) has announced that a link is now available between its website and that of Service Canada, for users of online services at both sites.
Canadian taxpayers can carry out...
Update on CRA online service interruptionThe Canada Revenue Agency (CRA) has issued a notice indicating that its online services have been restored, and that taxpayers are once again able to file their 2016 tax returns online, make payments,...
Mineral exploration tax credit extended to 2018Individual investors in flow-through shares can claim a 15% federal Mineral Exploration Tax Credit. That federal tax credit was scheduled to expire as of March 31, 2017, but Finance Canada has announc...
2017-18 federal Budget date announcedThe Minister of Finance has announced that the 2017-18 federal Budget will be brought down on Wednesday, March 22, 2017. The announcement of the Budget date can be found on the Finance Canada website ...
CRA provides new T1 Adjustment serviceThe Canada Revenue Agency (CRA) has announced that, effective as of February 20, 2017, EFILE service providers will be able to submit T1 adjustments for clients online, using their EFILE software.
Th...
NETFILE service for 2016 returns now availableThe Canada Revenue Agency (CRA) has announced that its online NETFILE service for the filing of individual income tax returns is now available.
NETFILE can be used to file individual tax returns for ...
Obtaining the 2016 income tax return formThe Canada Revenue Agency (CRA) formerly mailed hard copies of the individual income tax return form and guide to Canadian taxpayers, but that service is no longer provided. Taxpayers can, however, ob...
Unemployment rate down slightly in JanuaryThe most recent release of Statistics Canada’s Labour Force Survey indicates that the overall unemployment rate fell slightly during the month of January 2017. That rate fell by 0.1%, from 6.9% ...
CRA issues 2016 Corporation Income Tax Return formThe Canada Revenue Agency (CRA) has released the T2 Corporation Income Tax Return Form to be used by corporations for the 2016 tax year.
The federal T2 is used by all federal, provincial, and territo...
Individual income tax rates and brackets for 2017The Canada Revenue Agency has indicated that an indexing factor of 1.4% will apply to federal individual income tax brackets for the 2017 tax year. The personal income tax brackets and rates which wil...
Inflation up by 1.5% for December 2016The most recent release of Statistics Canada’s Consumer Price Index (CPI) indicates that the rate of inflation for December 2016 stood at 1.5%, as measured on a year-over-year basis.
Inflationa...
Bank of Canada leaves interest rates unchangedIn its scheduled interest rate decision made on January 16, the Bank of Canada (BOC) announced that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 0.75%.
&...
Unemployment rate up slightly in DecemberThe most recent release of Statistics Canada’s Labour Force Survey indicates that employment rose by 54,000 jobs during the month of December 2016, as the result of gains in full-time work.
Des...
CRA launches GST/HST compliance letter campaignThe Canada Revenue Agency (CRA) has announced that it will be conducting a GST/HST compliance letter campaign pilot project over the next 9 months.
As part of that project, the Agency will send 250 l...
Bank of Canada leaves interest rates unchangedAs expected, the Bank of Canada made no change to current interest rates in its announcement made on December 7. Consequently, the bank rate remains at 0.75%.
In its announcement, which can be found ...
Unemployment rate down slightly in NovemberThe most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined slightly during November, dropping from 7% to 6.8%.
During November, employm...
CRA webinar on payroll deductions for businessesThe Canada Revenue Agency (CRA) regularly holds webinars for businesses on how to fulfill their payroll reporting and remittance obligations.
The last in the current series of such webinars, which wi...
Small increase in inflation rate for OctoberThe most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation stood at 1.5% for the month of October, as measured on a year-over-year basis. The year-over-...
Payroll deductions formulas for 2017 releasedThe Canada Revenue Agency (CRA) has issued the 2017 version of its publication T4127, which outlines and summarizes the payroll deductions formulas for computer programs which will be used beginning J...
Changes made to business tax assessment noticesAs of October 2016, changes were made to standard correspondence sent to business owners by the Canada Revenue Agency (CRA). Specifically, the CRA will be providing businesses with two new, simplified...
Employment Insurance premium rates for 2017The federal government has announced the Employment Insurance premium rates which will apply for the 2017 calendar year.
Total insurable earnings for the year have been set at $51,300. Employee premi...
No change in unemployment rate in OctoberThe most recent release of Statistics Canada’s Labour Force Survey shows that, while employment during the month of October increased by 44,000 jobs, the unemployment rate was unchanged at 7%.
...
Revised deficit figure for 2016-17 announcedIn his Fall Economic Statement, the Minister of Finance announced that the federal government will post a deficit of $25.1 billion for the 2016-17 fiscal year.
The full Fall Economic Statement can be...
Bank of Canada leaves interest rates unchangedIn its most recent announcement, the Bank of Canada indicated that in its view, no change was required to current interest rates. Accordingly, the bank rate remains at 0.75%.
In the press release ann...
Inflation rate of 1.3% recorded for SeptemberThe most recent release of Statistics Canada’s Consumer Price Index shows an inflation rate of 1.3% for the month of September, as measured on a year-over-year basis.
Prices for the month were ...
Date announced for Fall Economic and Fiscal UpdateThe federal Minister of Finance has announced that the 2016 Fall Economic and Fiscal Update will be released on Tuesday November 1, 2016.
The Fiscal Update papers will be posted on the Finance Canada...
Prescribed interest rates for 2016The Canada Revenue Agency (CRA) has announced the interest rates that will apply to amounts owed to and by the federal government for 2016, as well as the rates that will apply for the ...
New school supply tax credit claimable by educators Beginning in 2016, teachers and early childhood educators who purchase school supplies for use in their classrooms will be able to claim a 15% refundable federal tax credit on up to $1,000 worth of su...
Finance posts first quarter fiscal resultsThe Department of Finance has issued the August release of The Fiscal Monitor, which outlines the revenue and expense figures for the federal government for the first quarter of fiscal 2016-17.
Durin...
Applying for the Canada Child BenefitAs of July 2016, the former Universal Child Care Benefit (UCCB) and the Child Tax Benefit (CTB) were replaced by the new Canada Child Benefit (CCB), a non-taxable, means-tested benefit paid to Canadia...
Employment insurance premium rates for 2016Effective January 1, 2016, maximum insurable earnings for purposes of the Employment Insurance program will increase from $49,500 to $50,800. This means that an insured worker will pay EI premiums in ...
