Entries by KHGrandForks

Tax Documentation Changes for 2016

Tax season is once again upon us, and there are some changes that you will need to consider when bringing us your 2016 tax documentation. Starting in 2016, you are required to report the sale of your principal residence. It is important to note that there has been no changes to the taxability of the sale of […]

CERTAIN CAPITAL GAINS TO REMAIN TAXABLE

In our summer 2015 newsletter, we advised that the federal government was going to expand the types of transactions in which capital gains would be considered to be tax exempt. Currently, if a taxpayer donates a public security or mutual fund, any gains that have accrued on the investment at the time of the donation […]

TAXABLE BENEFIT GUIDANCE

The CRA recently provided additional guidance on the taxability of certain employment benefits that are provided by employers to their employees. One issue that was discussed was related to happy hours and team lunches that are offered to all employees. They advised that their policy regarding these types of social events is that as along […]

DID YOU KNOW…

Fair Pharmacare is a program which subsidizes prescription costs in BC. The amount that each family pays is based on the net income that is reported on their personal tax returns from two years prior. For a family with no eligible seniors, the maximum that they would pay for eligible prescriptions in a year is […]

MEDICAL SERVICE PREMIUMS ADJUSTED

There will be changes to Medical Services Premiums in 2017. Although the government has announced that there will be no premium increases in 2017, many taxpayers’ premiums will increase due to structural changes in the program. Children under 19 will no longer be charged premiums. However, premium rates for two adult households have now increased […]