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Royal Canadian Mint to Cease Production of the Penny on February 4, 2013

February 1st, 2013

Though the elimination of the penny in Canada has been in the works for a while, the Royal Canadian Mint will officially end production of the penny on February 4, 2013. One-cent coins that are currently in circulation will remain in use for cash transactions indefinitely as long as businesses choose to accept them. For […]


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BC Government Offering $1500 Training Grant for Micro-Business Owners

January 30th, 2013

The government of British Columbia has partnered with the BC Chamber of Commerce to offer $1,500 training grants to owners of micro-businesses which employ fewer than 5 employees. Unlike previous grants which were aimed at subsidizing the cost of training for employees of small businesses, this program is aimed at helping the business owner take […]


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How Changing the Age to Receive Old Age Security (OAS) Affects Retirement

July 16th, 2012

The federal government has suggested that the age to receive Old Age Security may be changed from the current age of 65 to 67. This change represents a number of significant repercussions for retiring Canadians. Knowledge Bureau author, Douglas Nelson, wrote an informative article about some of the ways that changes to OAS will affect […]


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Deadline Nears for US “Persons” to Report Foreign Accounts to the IRS

June 20th, 2012

DEADLINE NEARS FOR US “PERSONS” TO REPORT FOREIGN ACCOUNTS TO THE IRS By June 30, 2012, “U.S. persons” with a direct or indirect financial interest in, or signature authority over, one or more accounts in a foreign country whose aggregate value exceeds $10,000 at any time during the calendar year must file a report of […]


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Canada Revenue – Children’s Arts Tax Credit

March 21st, 2012

In addition to fitness programs covered by the children’s fitness tax credit, parents can now claim money spent on programs that focus on fine arts, music, performing arts, outdoor wilderness training, learning a language, studying a culture, tutoring, and more. When parents claim the children’s arts tax credit – up to a maximum of $500 […]


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Beware as Canada Revenue Agency Cracks Down on Personal Service Businesses

March 6th, 2012

While setting up a corporation may seem like a good idea if you’re self-employed, it can have serious tax consequences in certain instances. If Canada Revenue Agency determines that you are, effectively, an “incorporated employee”, it may disallow a number of business expenses as well as the small business deduction which normally applies to the […]


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BC Issues Progress Report on Return to PST

February 28th, 2012

Slowly, but surely, the BC Government is taking steps to revert back to the dual GST/PST system that was in place before HST was implemented. On November 28, 2011, the BC Ministry of Finance issued an update on the progress of the transition. According to the update, the plans established remain on schedule for completion […]


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How Will Changes to the Canada Pension Plan Affect Your Retirement Plans?

February 22nd, 2012

Every three years, federal, provincial and territorial Finance ministers review the Canada Pension Plan (CPP) to determine if benefits and/or contribution rates should be changed. Recommendations are based on a number of factors, including whether or not the Plan is meeting the needs of Canadians. Following their review of the CPP in May 2009, the […]


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HST is Out – Now What?

November 4th, 2011

The ballots have been cast and the decision made. The HST in BC has been repealed. Now, the government is presented with the task of reinstating the GST/PST mode. If you’re wondering what will happen now, you’re not alone. For many BC residents and entrepreneurs, questions abound. When will PST be re-implemented? Will we continue […]


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Are You Affected By the Recent Changes to the Canada Pension Plan?

November 2nd, 2011

Beginning January 2011 Canada Revenue Agency made changes to the Canada Pension Plan that might affect you if you are: an employee who contributes to the Canada Pension Plan (CPP), whether you are just starting your career or you are planning to retire soon; a self-employed person who contributes to the CPP; between the ages […]


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British Columbia Minimum Wage Sees Increase to $9.50 on November 1, 2011

November 1st, 2011

British Columbia’s general minimum wage will rise by 75 cents on Tuesday to $9.50 an hour, while the minimum wage for liquor servers will increase to $8.75. By next May, the minimum wage will rise to $10.25 an hour. “When workers have more money in their pockets, they are in a better position to support […]


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Free Employee Training for Small Businesses in BC

October 5th, 2011

Together, the Canadian and British Columbia governments have sponsored the Aspect Targeted Skills Shortage program. The initiative bestows up to $7,500 per employer to provide workplace-specific training to eligible employees, to a maximum of $1,500 per employee. The program is a great chance for employers to support educational opportunities for staff members who have a […]


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