J Wang CPA

07/19/2025

Is income tax going down in 2025?
Once legislated, the lowest marginal personal income tax rate will be reduced from 15 per cent to 14 per cent, effective July 1, 2025. This tax cut will help hard-working Canadians keep more of their paycheques to spend where it matters most.

07/19/2025

As of April 2 until June 30, 2025, the CRA is deferring corporate income tax payments and GST/HST remittances. Interest will also be waived on new and existing GST/HST and T2 instalment and arrears payments due between April 2 and June 30, 2025. Interest will resume on July 1, 2025.

02/20/2025

Employees must be paid at least minimum wage

The minimum wage in B.C. is currently $17.40 per hour (as of June 1, 2024). Starting June 1, 2025 it will increase to $17.85 per hour.

This hourly minimum wage applies to most employees regardless of how they're paid – hourly, salary, commission or on an incentive basis. If an employee's wage is below minimum wage for the hours they worked, the employer must top up their payment so that it's equal to minimum wage.

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.