It’s the New Year, and with the advent of 2012 the Canadian government has introduced some Canadian Pension Plan changes that may have a significant effect on your life and the way you, “choose to live, work and retire,” in Canada. At our Vancouver bookkeeping and accounting firm we often receive questions from clients about how [...]

Are you a U.S citizen living in Canada? You may not be aware of this, but if you are, then you are subject to exactly the same filing requirements that you would be subject to if you were living in the U.S. Many U.S. citizens living in Canada aren’t aware of filing requirements in their [...]

Starting a new business? Is your business growing or expanding? If you are considering making the move to become a corporation, there are some important issues to consider. Operating as a sole proprietorship or partnership has many advantages compared to a corporation. They’re simple and much cheaper to set up, require less paperwork, and have [...]

So the HST has been defeated in British Columbia. What does this mean for your business? The provincial government has created an action plan to reinstate the old tax system of 7% PST and 5% GST. The plan intends to make the change back a smooth and effective process for everyone. It’s expected to take [...]

Warren E. Buffett, who is ranked as 2011’s third wealthiest person in the world, recently stirred up a heated debate on whether rich Americans should pay more in taxes. His column in the New York Times titled ‘Stop Coddling The Super Rich’ suggests an immediate raise in taxes for those making an excess of $1 [...]

The Harmonized Sales Tax (HST) has been a touchy subject in British Columbia ever since it was introduced in July 2010. Since then, the public has launched multiple campaigns against the HST, citing that a 12% sales tax is just too much for consumers to pay. In fact, under the HST, families pay an average [...]

You may have heard about Tax Free Savings Accounts (TFSA) for individuals, which are a form of registered savings accounts. Introduced in January 2009, it’s a flexible, general-purpose savings vehicle that Canadians can use to earn tax-free investment income. According to a CIBC World Markets report, the TFSA market could mushroom to $115 billion by [...]

British Columbia Provincial Service Tax (PST) was charged on most new and used products and many services. As of February 21, 2007, registration and collection of PST was optional for those who had gross sales of qualifying goods and services in the past twelve months of $10,000 or less. As at July 1, 2010, PST [...]

Back to Accounting and Bookkeeping Services Goods and services tax (GST 5%) is a tax that applies on most supplies of goods and services made in Canada. Examples of goods and services for which GST is not charged and collected include: • Used residential housing • Long-term residential accommodation • Most health, medical, and dental [...]

Harmonized Sales Tax (HST) was implemented in Ontario and BC on July 1, 2010. The BC HST is to replace the existing PST, and GST at 12% for BC and 13% for Ontario. HST is administered by Canada Revenue Agency prior to July 1, 2010 in Nova Scotia, New Brunswick, Newfoundland and Labrador. HST in [...]