News

Keeping you informed

Update: Canada Emergency Wage Subsidy

On July 17, 2020, the Federal Government announced significant changes to the Canada Emergency Wage Subsidy (“CEWS”) program to extend the program to November 21, 2020, broaden its eligibility criteria, and modify the subsidy calculation. This newsletter provides updated information on the CEWS based on Bill C-20: An Act respecting further COVID-19 measures (“Bill C-20”) […]

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Update – Extended Tax Filing and Payment Deadlines

The purpose of this newsletter is to update our clients and colleagues on the status of tax filing and payment due date extensions, particularly those that are now close to ending. Since the Covid-19 crisis began in Canada in mid-March 2020, the Canada Revenue Agency (“CRA”) has announced many tax filing and payment extensions to […]

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Update on Covid-19 Emergency Programs

Canada Emergency Wage Subsidy We have updated our May 13, 2020 newsletter on the Canada Emergency Wage Subsidy.  The update includes details of the three additional qualifying periods to August 29, 2020 and the additional organizations that may qualify for the program.  Please read our updated newsletter here: Canada Emergency Business Account On May 19, […]

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Update: Canada Emergency Wage Subsidy

On May 8, 2020, Prime Minster Trudeau announced that the Canada Emergency Wage Subsidy (“CEWS”) will be extended beyond the current three qualifying periods. On May 15, the Department of Finance provided details of the additional of qualifying periods to August and of additional organizations that can qualify. We have provided a summary of the […]

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Canada Emergency Commercial Rent Assistance

On April 24, 2020, the Government of Canada announced additional details about the proposed Canada Emergency Commercial Rental Assistance (CECRA) program.  The CECRA is expected to provide financial support to commercial property owners that temporarily reduce monthly rent by 75% for affected small businesses tenants. Assistance Under the CECRA, commercial property owners may apply for […]

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COVID-19 – KEEPING SAFE WHILE SERVING YOUR NEEDS

As part of our firm’s response to the global pandemic, and recognizing that our most important priority is maintaining the health and safety of our people, our clients, and our community, we are taking steps to limit all physical interaction. The large majority of our staff are working remotely from their homes using secure online […]

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Update: Payroll Subsidies for Employers under Canada’s COVID-19 Economic Response Plan

The Federal Government has created two new programs to provide a subsidy to employers to help them to avoid layoffs or reduced employment during the current crisis: The Canada Emergency Wage Subsidy; and The Temporary Payroll Subsidy. New details on the proposed Canada Emergency Wage Subsidy (“CEWS”) were announced on April 8, 2020, and we […]

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Canada Emergency Business Account

The Federal Department of Finance announced Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses on March 18, 2020.  Three business loan programs were included in the plan, all of which are expected to become available in mid-April 2020: Canada Emergency Business Account A new Canada Emergency Business Account will be implemented by eligible […]

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Update: Payroll Subsidies for Employers under Canada’s COVID-19 Economic Response Plan

The Federal Government has created two new programs to provide a subsidy to employers to help them to avoid layoffs or reduced employment during the current crisis: The Temporary Payroll Subsidy; and The Canada Emergency Wage Subsidy: The Canada Emergency Wage Subsidy is far more generous that the Temporary Payroll Subsidy. Employers who do not […]

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Update: Canada’s COVID-19 Economic Response Plan

The Federal Department of Finance announced Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses on March 18, 2020. Additional announcements have followed several times since that date: On March 27, 2020 and March 30, 2020, new measures and changes to recently announced measures were announced by the Federal Government. We have identified the […]

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Canada’s COVID-19 Economic Response Plan Legislation RE: Temporary Wage Subsidy for Employers

The Federal Department of Finance announced Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses on March 18, 2020. Our newsletter from March 19, 2020 provided our comments on that first release of information. This newsletter provides updated information on the Temporary Wage Subsidy for Employers based on Bill C-13: An Act respecting certain measures […]

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Canada’s COVID-19 Economic Response Plan & D&H Group’s Measures to Respond to our Shared Challenge

The Federal Department of Finance announced Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses on March 18, 2020. This will have important consequences to individuals, corporations, and trusts. We have outlined the highlights of the plan: Tax Filing Deadline Extensions The tax filing deadlines for individuals and for trusts have been extended by […]

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Elimination of B.C. Medical Services Plan Premiums

Effective January 1, 2020, residents of British Columbia will no longer be required to pay Medical Service Plan (“MSP”) premiums. MSP premium debts owing prior to January 1, 2020 will still be owed, and collection will continue for any outstanding MSP premium debts. Employers should ensure that their payroll processes are updated to discontinue any […]

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Year End Tax Planning Newsletter

As we approach the end of the year, it is time to consider some tax planning opportunities that may be available to you for 2019. The planning points outlined below are not intended to serve as specific advice; you should always consult your D&H advisor before implementing any of the suggestions contained in this newsletter. […]

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BC Employer Health Tax Registration Deadline

The Deadline to Register for the BC Employer Health Tax (“EHT”) Is Coming Soon The EHT registration deadline is quickly approaching for some employers. Employers who had BC Remuneration of $600,000 or more in the 2018 calendar year will have an EHT instalment requirement for 2019. Employers with an EHT instalment requirement for 2019 must […]

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2019 FEDERAL BUDGET COMMENTARY

Finance Minister Bill Morneau released the Federal Government’s 2019 Federal Budget on Tuesday March 19. There are no proposed changes to tax rates, but the Budget does propose a new Canada Training Credit, tax credits for news organizations and news subscribers, and additional funds for money laundering investigations and Canada Revenue Agency auditors. The Budget […]

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2019 B.C. Budget Overview

The B.C. Government released the 2019 Budget on February 19, 2019. There were no personal or corporate tax rate changes in the Budget, but the Budget did contain enhancements to some tax credits and provided some clarification on new measures like the BC Employer Health Tax and the Speculation and Vacancy Tax. Income Tax Measures […]

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The New B.C. Employer Health Tax – An Update

British Columbia Budget 2018 included the announcement of a new payroll tax called the Employer Health Tax (the “EHT”). Preliminary details were released over the summer, with additional details being released in recent months. The EHT came into effect on January 1, 2019; employers should be aware that the EHT may result in a significant […]

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Year End Tax Planning Newsletter

As we approach the end of the year, it is time to consider some tax planning opportunities that may be available to you for 2018. The planning points outlined below are not intended to serve as specific advice; you should always consult your D&H advisor before implementing any of the suggestions contained in this newsletter. […]

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The New B.C. Employer Health Tax

British Columbia Budget 2018 included the announcement of a new payroll tax called the Employer Health Tax (the “EHT”). While legislation and full details on the EHT are expected to be released in the fall of 2018, the BC Government has released preliminary details about the EHT. The EHT is expected to come into effect […]

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2018 Federal Budget Commentary

On February 27th Finance Minister Bill Morneau presented the 2018 Federal Budget titled “Equality and Growth”. The budget includes a focus on growing government revenues by increasing economic participation among women, visible minority Canadians and persons with disabilities, as well as substantial long-term investments in science and technology. The government suggests that increasing equality for […]

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US Tax Cuts and Jobs Act: Transition Tax

As you may be aware, the US Government passed significant tax reforms in late 2017, and one of the major reforms was the wholesale conversion of its system of taxing corporate business income from a worldwide taxation system to a territorial taxation system. Under the old worldwide taxation system, business profits earned in a foreign […]

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Year End Tax Planning Newsletter

As we approach the end of the year, it is time to consider some tax planning opportunities that may be available to you for 2017. The planning points outlined below are not intended to serve as specific advice; you should always consult your D&H Group LLP advisor before implementing any of the suggestions contained in […]

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An Update on the Proposed Changes to the Taxation of Private Corporations and Shareholders

On July 18, 2017 the Government introduced proposed amendments to the Income Tax Act (Canada) (the “Act”) that will have a profound impact upon the taxation of private corporations and their shareholders. We previously summarized these proposals in our Proposed Changes to the Taxation of Private Corporations and Shareholders newsletter of September 7, 2017. The […]

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Changes to the Small Business Deduction for 2017

The Small Business Deduction (“SBD”) provides for a reduction in the rate of corporate income taxes payable on the first $500,000 of active business income earned by Canadian-controlled private corporations. The 2016 Federal Budget introduced changes to the Income Tax Act (Canada) intended to prevent taxpayers from multiplying access to the SBD. The changes are […]

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Proposed Changes to the Taxation of Private Corporations and Shareholders

On July 18, 2017, the Government introduced proposed amendments to the Income Tax Act (Canada) (the “Act”) that could have profound implications for the taxation of private corporations and their shareholders. The amendments are intended to address certain tax planning strategies involving the use of private corporations that the Government has portrayed as giving “unintended […]

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IFRS: Issued but Not Yet Effective

Below is a brief summary of recently issued standards that will become effective in 2018 and 2019. The adoption of these recently issued standards will involve some complexities and you may wish to contact your D&H Group LLP advisor to provide guidance and clarification. These recently issued standards, IFRS 9 – Financial Instruments, IFRS 15 […]

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Are Significant Tax Changes Coming for Private Companies and their Shareholders?

As you may be aware, the Trudeau Liberals campaigned with a promise to “cancel income splitting and other tax breaks and benefits for the wealthy.” The Government reaffirmed its commitment to this policy in the most recent Federal Budget, released March 22, 2017, stating it was reviewing certain tax planning strategies using private corporations. The […]

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New Rules for Inter-Corporate Dividends December 2016

Recently enacted changes to Canada’s Income Tax Act (the “Act”) have important implications to recipients of intercorporate dividends. The new provisions will increase the risk that all or part of what would otherwise be a tax-free intercorporate dividend will be converted into a taxable capital gain to the corporation receiving the dividend. Dividends paid to […]

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Year End Tax Planning

Business Report Year End Tax Planning November 2016 As we approach the end of the year, it is time to consider some tax planning opportunities that may be available to you for 2016. We have provided you with a few items that may be applicable in your certain circumstance. Keep in mind that the planning […]

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2016 Federal Budget Commentary

Theme: Economic growth, Job creation, Strong middle class When the new government said last year that it would return Canada to deficits, few expected the numbers to jump to nearly $30 billion this year and next and add $100 billion in debt over the next five years. But lower-than-expected revenues have forced the government’s hand, […]

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2016 B.C. Budget Overview

The B.C. Government released its Provincial Budget on Tuesday, February 16, 2016. Minister of Finance Michael de Jong projected a surplus of $ 377 million in the 2015/2016 fiscal year, followed by surpluses of $ 264 million in 2016/2017, $ 287 million in 2017/2018, and $ 373 million in 2018/2019. The following is a summary […]

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Year End Tax Planning December 2015

As the holiday season approaches and many of us are looking forward to holiday festivities, we would like to remind you that this is also a good time to do some year end tax planning. Planning ahead over the entire year is ideal, but by considering specific tax planning matters now, you may be able […]

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Goods & Services Tax Tips October 2015

As fall arrives and the rain must come after a hot dry summer, we thought it would be a good time to give you some tips related to the Goods & Services Tax (“GST”). Recent GST Audit Activity Many of our clients are being asked by Canada Revenue Agency (“CRA”) to provide documents to support […]

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2015 Federal Budget

On April 21, 2015 Minister of Finance Joe Oliver tabled a budget document, which offers targeted tax reductions for small businesses, seniors, and families with children, and predicts a $1.4 billion surplus in 2015-16, a surplus of $1.7 billion the following year, and a surplus of $4.8 billion by 2019-20. The government reported that the […]

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2015 BC Budget

Minister of Finance Michael de Jong projected a surplus of $ 879 million in the 2014/2015 fiscal year, followed by surpluses of $ 284 million in 2015/2016, $ 376 million in 2016/2017, and $ 399 million in 2017/2018.  The following is a summary of the income tax and sales tax measures contained in the Budget. […]

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