Entries by KHGrandForks

CORPORATE TAX RATE DROPPING IN 2019

Corporate tax rates will continue to decrease in 2019 for small businesses. The small business tax rate applies on the first $500,000 of active income that is earned by a qualifying small business corporation. The tax rate on this income in British Columbia will be reduced to 11%. This drop will represent the final annual […]

DID YOU KNOW…

If a taxpayer is a resident of Canada, and they receive United States Social Security benefits, they must report these benefits on their personal tax return in Canada. As a result of the tax treaty between Canada and the United States, a taxpayer only has to pay tax on 85% of the benefits they receive. If […]

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 […]