J Wang CPA

01/31/2025

Good news. Toronto, January 31, 2025 – The Canadian Federation of Independent Business (CFIB) is pleased that the federal government has deferred the increase in the capital gains inclusion rate to 66.7% until 2026 – after the next federal election

01/08/2025

The BC home flipping tax applies to the profit you earn from selling a property in British Columbia (including presale contracts) if you owned the property for less than 730 days.

The tax is imposed under the Residential Property (Short-Term Holding) Profit Tax Act, which takes effect starting January 1, 2025.

Property purchased before the tax’s effective date may be subject to the tax if sold on or after January 1, 2025 and owned for less than 730 days, unless an exemption applies.

12/29/2024

Bench Accounting has closed it’s doors. If you need help wrapping up your year end and need a new accountant we can take you on as our client. Here is the website:

J. Wang Chartered Professional Accountant 2100 – 1055 West Georgia Street, PO Box 11110Vancouver, BC V6E 3P3 Tel: 604-638-0990Cel: 604-314-3631Fax: 604-638-0989Email: [email protected]

12/14/2024

FOR CANADIANS: Starting December 14, 2024, a tax break to all Canadians. With a GST/HST exemption across the country, Canadians will be able to buy essentials like groceries, snacks, and kids clothing – all tax-free.

This new tax break will apply to:

• Prepared foods, including vegetable trays, pre-made meals and salads, and sandwiches.

• Restaurant meals, whether dine-in, takeout, or delivery.

• Snacks, including chips, candy, and granola bars.

• Beer, wine, cider, and pre-mixed alcoholic beverages below 7 per cent ABV.

• Children’s clothing and footwear, car seats, and diapers.

• Children’s toys, such as board games, dolls, and video game consoles.

• Books, print newspapers, and puzzles for all ages.

• Christmas trees.

This tax break is projected to last until February 15, 2025. By making essentially all food GST/HST free, this will deliver meaningful savings for Canadians, with real relief at the cash register.

12/13/2024

Working Canadians Rebate

File your clients’ 2023 tax return(s) by December 31, 2024 to ensure they receive the proposed $250 Working Canadians Rebate. This one-time payment, announced on November 21, 2024, is expected to be issued in Spring 2025, pending parliamentary approval. Eligibility details and more information will be available in the coming weeks.

Filing these tax returns also means clients will receive any federal, provincial, or territorial benefits and credits they may be entitled to.

04/20/2024

Budget 2024 announces the government's intention to increase the inclusion rate on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and trusts from one-half to two-thirds, by amending the Income Tax Act, effective June 25, 2024.

09/14/2023

Government is extending the repayment deadline for CEBA loan until the end of 2026. However, if you are unable to repay the $40k by January 18, 2024, you will lose the $20k forgiveness portion and will have to repay the loan in full $60k plus interest.

08/23/2023

Canada dental benefit:

The interim Canada Dental Benefit is intended to help lower dental costs for eligible families earning less than $90,000 per year. Parents and guardians may be eligible if they pay for dental care for a child under 12 years old who does not have access to a private dental insurance plan.
Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. You can apply for a maximum of 2 payments per child.
Applications are open until June 30,2024 for:
-Dental care received between July 1,2023 and June 30, 2024
-One additional payment if you meet the criteria
Benefit payments are administered by the Canada Revenue Agency

08/04/2023

Determining your corporation’s tax year

New corporations
You can declare your tax year on your first T2 return after incorporation. Make sure the financial statements or the general index of financial information (GIFI), you attach to the return match the tax year of the return.

The first day of your tax year (tax year start)
On your first T2 return after incorporation, use the date of incorporation as the tax year start. For all subsequent returns, your tax year start will be the day after your tax year-end.

Any other new corporation may choose any tax year-end as long as it’s first tax year is not longer than 53 weeks from the date it was either incorporated or informed as a result of amalgamation.

07/17/2023

Payments to the CRA

If you make a payment to the Canada Revenue Agency (CRA), it may not be applied to your account right away. It will be applied once your payment has been processed by the CRA.

Before checking if your payment has been processed, allow:

- 3 business days for online payments
- 10 business days for payments by cheque or money order

Then log in to CRA My Account to view your payment details under “Accounts and payments”.

07/06/2023

If you’re calling the CRA about your account, have the following information ready:

Social insurance number or business number
Full legal name and date of birth or business name
Your complete address or complete business address
Your personal or business account open or an assessed return, notice of assessment, reassessment, or other tax document

06/29/2023

New grocery rebate

In Budget 2023, the government introduced a one-time Grocery Rebate to provide financial support to eligible individuals and families. The rebate is scheduled to be issued July 5, 2023 alongside the next regular quarterly GST/HST credit payment.

Who can get the payment

If you were entitled to receive the GST/HST credit for January 2023.
You have filed your 2021 personal tax return.

06/22/2023

All resident corporations have to file a corporation tax return (T2) every tax year even if there is no tax payable. This includes: non-profit organizations, tax-exempt corporations and inactive corporations. The CRA has two types of corporation returns: T2 corporation income tax return & T2 short return. If you require further assistance with filing your corporate tax return, please contact our office at 6046380990.

06/09/2023

June 15, 2023: Deadline to file your tax return if you or your spouse or common-law partner are self-employed. Pay your balance owing before the deadline to avoid the penalty charge if you are unable to get your taxes done in time. If you require further assistance, please contact our office at 6046380990.

04/21/2023

On Wednesday, April 19, 2023, the Public Service Alliance of Canada (PSAC) declared a general strike . As a result, bargaining groups representing 159,000 public servants including 39,000 employees of the Canada Revenue Agency (CRA), are on strike. With the 2022 personal tax filing deadline looming in the distance, the strike has raised many questions and concerns.

We’re answering frequently asked questions about how the CRA strike impacts Canadian personal tax filing. We will also provide updates as the negotiations continue.

03/27/2023

Are you always checking with your accountant or bookkeeper about what you can legitimately expense in your business?

We provide half an hour complimentary consultation meeting for new clients regarding taxes, accounting, liabilities, bookkeeping and business risks that owners should be aware of.

We are using the latest accounting software and can guide our clients on how to use the bookkeeping software effectively. Our office is located in Vancouver.

03/14/2023

What’s new for 2022?

Individuals and families:

Air quality improvement tax credit

Critical mining exploration tax credit

Disability tax credit

First-time home buyer’s tax credit

Home accessibility tax credit

Labour mobility deduction for tradespeople

Medical expense tax credit (for surrogacy and other expenses)

For more information, please feel free to contact our office at 6046380990 or email us at [email protected] or [email protected]

02/14/2023

Filing due dates for the 2022 tax return if you have a balance of owing:
1: For most people, the 2022 return has to be filed on or before May 1, 2023, and payment is due on the same day.
2: For self-employed persons, the 2022 return must be filed by June 15,2023. To avoid interest charges by the CRA, you must pay the tax on or before April 30,2023.