December 18, 2023, CRA announced the 2024 automobile deduction limits and expense benefit rates:
- The limit on the deduction for non-taxable allowances paid by an employer to an employee using a personal vehicle for business purposes will increase by 2 cents to 70 cents per km for the first 5000 km driven and to 64 cents for each additional km.
- The ceiling on the capital cost for CCA of most passenger vehicles will increase to $37000 from $36000, and the limit for zero-emission passenger vehicles will remain at $61000.
- The limit on leasing costs will increase to $1050/month from $950/month for new leases entered on or after January 1, 2024.
- The maximum allowable interest will increase to $350/month from $300/month for new loans entered into on or after January 1, 2024.
- The general prescribed rate used to determine the taxable benefit relating to the personal of automobile operating expenses paid by employers will remain at 33 cents per kilometer.
- For taxpayers employed principally in selling or leasing automobiles, the rate will remain at 30 cents per kilometer.
Posted on: Mar. 11, 2024
Health Canada announced the Canadian Dental Care Plan (CDCP) along with a webpage and backgrounder, which would cover a wide variety of dental services for certain Canadian residents. To be eligible, the individual must meet all following conditions:
- Have an adjusted family net income (AFNI) of less than $90,000
- Be a Canadian resident for tax purpose
- Have filed tax returns in the previous year; and not have access to dental insurance
Posted on: Feb. 20, 2024
Marginal Tax Rates for BC Residences 2023
| Tax Brackets |
From $ |
To $ |
Federal % |
BC % |
Combination Rate % |
| 1 |
– |
45,654 |
15.00% |
5.06% |
20.06% |
| 2 |
45,654 |
53,359 |
15.00% |
7.70% |
22.70% |
| 3 |
53,359 |
91,310 |
20.50% |
7.70% |
28.20% |
| 4 |
91,310 |
104,835 |
20.50% |
10.50% |
31.00% |
| 5 |
104,835 |
106,717 |
20.50% |
12.29% |
32.79% |
| 6 |
106,717 |
127,299 |
26.00% |
12.29% |
38.29% |
| 7 |
127,299 |
165,430 |
26.00% |
14.70% |
40.70% |
| 8 |
165,430 |
172,602 |
29.00% |
14.70% |
43.70% |
| 9 |
172,602 |
235,675 |
29.00% |
16.80% |
45.80% |
| 10 |
235,675 |
240,716 |
33.00% |
16.80% |
49.80% |
| 11 |
240,716 |
above |
33.00% |
20.50% |
53.50% |
Posted on: Feb. 20, 2024
February 28, 2023 the BC government announced a new refundable renter’s tax credit which effective January 1, 2023 for households renting in BC for at least six months. The maximum $400/year will be available to households whose income is from $60,000 to $80,000. The income thresholds will be indexed to inflation annually and rent must be paid to unrelated persons.
Posted on: Jan. 01, 2024
Since January 1, 2022, Canada Revenue Agency introduced Underused Housing Tax (UHT), which imposed a 1% annual tax on the value of residential real estate considered to be vacant of underused on December 31 of each year. The reporting deadline for both 2022 and 2023 is April 30, 2024. The late filing penalty is changed from $5000 to $1000 for individuals and from $10,000 to $2,000 for corporations.
Posted on: Mar. 01, 2023
First Home Saving Account (FHSA) enter into force. Any Canadian resident, who is the age between 18 years old and under 72 years old first-time home buyer is eligible to contribute a limit $8,000 a year and a maximum of $40,000 lifetime towards FHSA. Any investment earned in this account is tax free.
Posted on: Mar. 01, 2023
Anti-Flipping Measures came into force. Under this new legislation, any gains on a “Flipped Property” would be deemed to be business income and will be taxed 100% of the gain from dispositions. “Flipped Property” will do a measurement test to see if owners own the property over 365 days.
Posted on: Jan. 01, 2023
Multigenerational Home Renovation Tax Credit is effective. This new refundable tax credit allows taxpayers to claim 15% on qualifying expenditures for qualifying renovations made to an eligible dwelling and the maximum is $50,000 in the qualified individual’s lifetime.
Posted on: Jan. 01, 2023
Home Accessibility Tax Credit is increased from $10,000 to $20,000 for qualified individuals who claim the Disability Tax Credit or individuals who is 65 years of age or old at the end of 2022.
Posted on: Jan. 01, 2022
Home Buyers’ Amount is increased from $750 to $1500 for the first-time home buyers.
Posted on: Jan. 01, 2022
The Canada Emergency Wage Subsidy
Posted on: Apr. 07, 2020
Canada Emergency Response Benefit
Posted on: Apr. 07, 2020
COVID-19: Information for employees and suppliers
Posted on: Mar. 24, 2020
How to apply for EI and COVID-19 emergency benefits
Posted on: Mar. 24, 2020
Speculation and Vacancy Tax
Posted on: Jan. 23, 2019
2018 Canada Tax Season Change #1
Posted on: Apr. 04, 2018
2018 Canada Tax Season Change #2
Posted on: Apr. 04, 2018
Empty Home Tax
Posted on: Nov. 06, 2017
General income tax and benefit package for 2016
Posted on: Jan. 04, 2017
General income tax and benefit package for 2015
Posted on: Jan. 04, 2016
