Entries by KHGrandForks

TAXATION OF MUNICIPAL ALLOWANCES CHANGING IN 2019

Another change announced in prior years will become effective in 2019. As of January 1, 2019, non-accountable allowances paid to elected members of legislative assemblies, certain municipal officers, and certain other individuals will be fully included in income. Allowances are considered to be non-accountable if the employee did not have to submit receipts in order to […]

CANADA PENSION PLAN MODIFICATIONS FOR 2019

Changes to the Canada Pension Plan, which were announced in 2016, will come into effect on January 1, 2019. At that time, pension benefits and premiums will gradually begin escalating. Currently, premiums are deducted at a rate of 4.95% for employees, and 9.90% for the self-employed. As of January 1st, the rate will increase to […]

BC SPECULATION AND VACANCY TAX INTRODUCED

The provincial government of British Columbia has introduced legislation which will tax those individuals who own multiple homes in certain areas of British Columbia. Originally titled as the “BC Speculation Tax”, it has been renamed as the “BC Speculation and Vacancy Tax”. It will apply to those who own multiple properties in Metro Vancouver, the […]

Provincial Education Credit Eliminated… (Again)

There has been another change to the education tax credit for students in British Columbia. As discussed in the Autumn  newsletter, the previous  provincial government had planned to eliminate the provincial education  tax credit. When the  new government came to power, they cancelled the plans for eliminating this credit. However, in the provincial budget  this […]

Short Term Accommodations Taxed

Effective October 1, 2018, new rules will be in place for short term accommodation providers in British Columbia. As of that date, unless an owner is listing their property on an online accommodation platform such as Air BNB, or they have an exempt property, they must be registered for Provincial Sales Tax (PST), and if […]