Entries by KHGrandForks

Employment Standards Updated

Changes have been introduced to Employment Standards in British Columbia. These regulations establish minimum standards that must be followed in the workplace. One of the most notable changes is related to the employment of youth. The minimum age of employment has been raised from 12 years to 16 years. If a child is under the […]

Increases to Climate Action Tax Credits

Gradual increases are planned for the provincial Climate Action Tax Credit for eligible taxpayers. In July of this year, the maximum amount of the annual credit was increased to $155 per adult from $135. This will increase to $174 per adult in July 2020, and $194 per adult in July 2021. The annual credit per […]

Amortization (CCA) Rates Increased

The federal government has introduced accelerated rates of amortization on capital asset purchases, otherwise known as Capital Cost Allowance (CCA). These will allow businesses to write off their eligible asset purchases faster than in previous years. The write off will be increased by one half of the original rate on ordinary asset purchases, if the […]

Credit for Digital Subscriptions

A new non-refundable federal tax credit has been introduced for individuals who purchase digital news subscriptions. The maximum amount of the credit is $500 per year. It is limited to the cost of the standalone digital subscription if the individual purchases a combined digital and newsprint subscription. To qualify for the credit the amount must […]

BC Child Opportunity Benefit

Starting this October, the provincial Early Childhood Tax Benefit is changing to the BC Child Opportunity Benefit. The maximum annual benefit will be $1,600 for a family’s first child, $1,000 for the second, and $800 for each additional child. The children must be under the age of 18 to qualify. If a family’s net income […]