The 2021 Federal Budget announced an annual tax on residential real estate owned by non-residents that is considered underused. As a result, the Underused Housing Tax (UHT) was announced in June of 2022, which sees new reporting requirements for properties owned on or after December 31, 2022. For owners who are required to pay the…
As some of you may have heard, in 2023 the government is set to launch the new tax-free First Home Savings Account (FHSA). Below is a summary of the information that has been released so far: Summary: The FHSA is an account that allows qualifying individuals to earmark funds specifically for the purchase of their…
Many may have already noticed, but we at TPC Financial Group are very pleased to reveal our new branding, and with it, a new tagline: “Your partners in financial health.” Visit our website to see the changes! From the very beginning, our goal at TPC Financial has been to create long lasting relationships with our clients…
On April 13th, the Bank of Canada announced it was raising the overnight rate by 0.50% to 1.00% to address the increasing costs of goods within Canada. This increase is reflected in the prime rate offered by banks, with the current bank prime rate listed at 3.20%. This is the second increase in 2022 after…
The 2022 Federal Budget was tabled on Thursday, April 7th by deputy prime minister and minister of finance Chrystia Freeland. It’s based on the pillars of making life more affordable while helping grow our economy. This budget sees a follow through on several items that were conceived by the Liberal Government during their 2021 federal…
In an effort to alleviate the financial impacts associated with government-imposed restrictions surrounding the COVID-19 pandemic, the BC government introduced a provincial PST rebate program. The BC PST Rebate is available on select machinery & equipment and is available to most corporations, including professional corporations. To receive a refund on PST paid on equipment, the…
The Contributory Professional Retirement Savings Plan (CPRSP) is a program offered by Doctors of BC that helps practicing physicians fund their retirement by providing contributions up to specific annual limits. Over the past few years there have been a number of changes to the CPRSP program, most significantly, the removal of the matching component that…
It has come to our attention that on October 19th, the Ontario Government released its new business registry platform. This platform allows anyone to search the business registry and obtain information about any Ontario registered businesses. The information displayed within a search includes the corporation’s full name, incorporation date, and registered or head office address.…
The 2021 federal budget was unveiled on Monday, April 19th. In the first federal budget delivered in two years, Chrystia Freeland, Canada’s finance minister, expects a deficit of $354.2 billion for 2020-21, and forecasts a further deficit of $154.7 billion for 2021-2022. Though there have been no changes to existing personal and corporate federal tax…
Increased Employment Incentive (IEI) The Increased Employment Incentive (IEI) was introduced as part of the BC provincial government’s StrongerBC: BC’s Economic Recovery Plan. This initiative allows eligible employers to apply for a one-time tax credit of 15% of the employer’s eligible remuneration for eligible employees in the qualifying period. For the purpose of this incentive,…