DMCL Accounting Blog
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Keep up to date with the latest accounting trends with DMCL, with tips, alerts and financial updates. Accounting firm Vancouver, Surrey, Tri-Cities.
DMCL Accounting Blog
2y ago
June is Effective Communications month in the business world; a time to reflect and learn new strategies for better communicating in the workplace. As many businesses continue to navigate the era of the remote and hybrid work environments, there’s bound to be places where communication issues arise and information flow breaks down. According to one study, miscommunication costs companies of ~100 employees an average of $420,000 per year.
With that in mind, let’s examine some of the most common email pitfalls you might be falling into, and how to take steps to avoid them.
Less is more—keep it s ..read more
DMCL Accounting Blog
2y ago
While the final school bell of the year is music to every kid’s ear, for most parents the end of the school year means it’s time to figure out their summer childcare situation. Day camps, sports schools, overnight camps and in-home care are all great options for ensuring your child is taken care of while out of school, but it’s important to know the limits on claiming any associated expenses as childcare expenses.
Daycare and in-home care
Generally speaking, licensed daycare facilities, nursery schools, nannies or other in-home care providers can be considered eligible childcare expenses. If y ..read more
DMCL Accounting Blog
2y ago
On behalf of the DMCL team, we’d like to wish all our clients, friends and family a happy Pride Month as we celebrate and uplift those in our lives who identify as part of the LGBTQ2S+ community. Today and every day, DMCL is committed to fostering an inclusive workplace and culture where our staff can feel safe, supported and free to be their authentic selves.
Visit Pflag Canada for more information, resources and opportunities to get involved with LGBTQ2S+ organizations in your community.
The post Happy Pride Month! appeared first on DMCL ..read more
DMCL Accounting Blog
2y ago
In the event of a disaster, both natural or man-made, issues with your business’s taxes are likely the last thing on your mind; however, there will eventually come a time when you’ll need to figure out if an emergency impacts your ability to file and/or pay your taxes on time, and what happens if you cannot do either.
The CRA offers relief from penalty or interest in several types of situations that prevent you from meeting tax obligations, which include extraordinary circumstances such as natural or human-made disasters (e.g., flood or fire) or civil disturbances or disruptions in services (e ..read more
DMCL Accounting Blog
2y ago
As climate change makes extreme weather events more common and more severe, and BC continues to be a geologically-active region, there are plenty of reasons for you to be wary of disaster risks posed to you and your business. Just as you would plan for protecting your home and your family, there are significant steps you can take to help ensure your business, employees and assets are safe and can recover quickly in the event of an emergency.
As the saying goes, “if you fail to plan, you can only plan to fail”—with that in mind, here are some important measures you can take to protect your busi ..read more
DMCL Accounting Blog
2y ago
Canadian resident taxpayers who own shares of non-resident corporations are generally required to file a T1134 information return if the non-resident corporation is a “foreign affiliate” of the taxpayer. A one-time exemption from filing may be available for the year in which an individual immigrates to Canada.
New Form, Filing Deadline, and Disclosures
The Canada Revenue Agency has implemented a new version of form T1134 Information Return Relating to Controlled and Non-Controlled Foreign Affiliates. For taxation years beginning in 2021 or later, the new version of form T1134 must be used, and ..read more
DMCL Accounting Blog
2y ago
With Earth Day (April 22) around the corner and gas prices at painful highs, we wouldn’t be surprised to hear you’re looking at ways to help your business join the clean economy. The good news is there’s never been more clean tax incentives available to help green your business—and save you a few bucks in the process—than there are today.
Here are some valuable tax incentives to start taking advantage of:
CleanBC tax credits and incentives CleanBC Go Electric Program
Of all the incentives on this list, this is the one you’ve likely heard the most about. In addition to offering point-of-purchas ..read more
DMCL Accounting Blog
2y ago
With so many incentives being offered by the BC and federal governments to encourage zero-emission vehicle (ZEV) adoption, you’re likely to see some of your business’s employees arriving to work in ZEVs soon. If your employees use their personal ZEVs for business purposes, they’ll want to be reimbursed for the associated expenses the same as if they were driving a conventional internal combustion engine vehicle. In this case, you may be wondering if you have to reimburse them differently since the fuel they use (e.g., electricity pulled from an outlet at their home) is purchased and priced in ..read more
DMCL Accounting Blog
2y ago
On April 7, 2022, the Honourable Chrystia Freeland tabled her second budget as federal Minister of Finance and Deputy Prime Minister. While previous years’ tax-and-spend budgets have been peppered with some more constraint and long-term plans for containing Canada’s growing deficit, this year’s budget takes aim at several of the Liberal campaign promises and was undoubtedly influenced by the recent announcement of a coalition with the NDP.
The government continues to spend on significant new programs and initiatives and expects a budget deficit of $113.8 billion for the 2021/22 fiscal year. It ..read more
DMCL Accounting Blog
2y ago
While we can all agree it’s great to pay less tax, it goes without saying that you need to make sure any methods of tax reduction you utilize follow the law. That’s why it’s important to know the difference between tax planning, avoidance and evasion when you’re looking for ways to keep your taxes down.
Tax planning – Simply put, tax planning involves arranging your business affairs to reduce or defer the amount of taxes payable, within the specific wording and intent of tax legislation.[1] As a business owner, you’ll work with your advisor to reduce or defer taxes through legal avenues such a ..read more