Entries by KHGrandForks

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 […]

Did you know…

If an employer provides a free party or social event to all its employees and the cost is $150 per person or less, it is not considered to be a taxable benefit. Transportation and accommodation costs are not included in the $150 per person amount. If the cost of the party is greater than $150 […]

Minor Income Splitting Adjustments Introduced

As part of the 2018 budget, the government announced that there will be no further changes to income sprinkling rules that were revised in December 2017. The government had made these revisions in December because of the outcry from taxpayers across the country to the original proposals. These new rules are effective January 1, 2018. […]