CANADA EMERGENCY WAGE SUBSIDY

CANADA EMERGENCY WAGE SUBSIDY (75%) The government is proposing a 75% wage subsidy, up to a maximum of $847 per week for each eligible employee. The subsidy would be available for qualifying businesses who have suffered a decline of 30% in monthly revenue for a period of 3 months (March 2020 through May 2020). For […]

COVID 19 EMERGENCY SUPPORT FOR FAMILIES and LOW INCOME INDIVIDUALS

The Federal Government has announced emergency support for individuals and families: Increases to the Child Tax Benefit will be automatically be adjusted for families receiving the benefit. A one-time special payment for recipients of the GST credit will be sent automatically In addition, the filing deadline for personal tax returns has been extended from April […]

The End of Bookkeeping?

Originally transactions were actually recorded in journals or “books” – hence the person recording them was called a bookkeeper. Today we still refer to accounting records as “the books of account”, but they’re almost never found in books any more. Today transactions either begin in a digital form or are soon converted into electronic form. […]

Taxing Online Purchases and Sales

These days tax jurisdictions are struggling to deal with online transactions. In British Columbia we are subject to both Federal GST and BC PST. If the jurisdictions themselves are struggling, that means that small businesses may find that they are caught up in a dizzying array of complex rules for multiple jurisdictions. By and large […]

The Evolution of the Business Plan

Management science used to tell us that we needed to plan carefully and intelligently for any new business venture, document our assumptions clearly – and then execute. As a professional accountant I’ve always been leery of projections – or as we like to refer to them “FOFI” (i.e. future-oriented financial information). The thing is, accountants […]

Asset Sale vs Share Sale

Technology companies – in fact most small businesses – often have difficulty taking advantage of the recently enriched lifetime capital gains deduction. When first introduced the capital gains deduction was targeted the first $500,000 of capital gains on family farms and qualified small business corporation shares (“QSBCs”). Since then the lifetime capital gains limit has […]

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