Peninsula Bookkeeping Services

01/28/2026

We’re hiring a part-time bookkeeper (remote) to support our small business clients.

Feel free to apply, share, or tag someone who might be a good fit!

View the role and how to apply here:

Peninsula Bookkeeping Ltd. Flexible Hours | Part-time Employment British Columbia (Remote) Position Overview Role: Bookkeeper (Part-Time Employee) Hours: Flexible, Part-time (approximately 16 hours pe...

01/10/2025

Uncertainty looms for tax filers ahead of April 30 deadline.

The recent prorogation of Parliament has thrown a wrench into the implementation of key tax changes, including controversial capital gains tax proposals introduced in the 2024 federal budget. With Parliament suspended until March 24, and a potential election on the horizon, it’s increasingly unlikely that these measures will be enacted before the filing deadline.

This delay has left many tax filers in limbo as they prepare their returns. As CPA Canada’s Tax VP, John Oakey, puts it: "This is not the first time Parliament has been prorogued with unresolved tax measures, but it's the first time in my career that I have seen this volume."

While the CRA is updating its forms and systems for the proposed capital gains changes, taxpayers are ultimately responsible for deciding whether to file based on current or proposed law. The CRA cannot enforce filing under proposed legislation. However, if the changes, effective June 25, 2024, are later passed, taxpayers who file based on current law may face arrears interest.

While much attention has focused on capital gains uncertainty, other proposed tax measures are also in limbo. The Sept. 23 notice of ways and means motion proposed increasing the lifetime capital gains exemption to $1.25 million, effective for dispositions on or after June 25, 2024. Additionally, more proposed tax measures were announced by the Department of Finance on Aug. 12, 2024, and in the Fall Economic Statement on Dec. 16, 2024.

The CRA faces a significant challenge, especially with retroactive effective dates affecting 2024 tax returns. Other than the Sept. 23 notice of ways and means motion, all other tax measures don’t fall under the non-statutory common practice of provisional implementation of taxation. Without guidance from prorogued Parliament, the CRA must determine how to administer them.

Source CPA Canada. For the full article and to learn more about what to expect ahead of the April 30th deadline:
https://www.cpacanada.ca/news/analysis/prorogation?utm_campaign=20974804-Updates%20Q1%202025&utm_medium=email&_hsenc=p2ANqtz-_Ep9A4tNUXzmbZnanfdJ3H2gfD7sFUVoD-fEfw7NI4jo0pU1q8dDt8Wx_qkXCzqZWxG36FHtsFMHWjbRbtKvqgCL83BHG1XZEEJ9blJBdxvvE-A1U&_hsmi=102316578&utm_content=102316578&utm_source=hs_email

05/31/2024

Demystifying the Disability Tax Credit

Did you know that it’s important to apply for the disability tax credit (DTC), even if you don’t have any taxable income?

The DTC can help in a number of ways, including helping to access other federal programs.

This National AccessAbility Week, take some time to learn about the DTC and some of its most common misconceptions.

Learn more: https://ow.ly/z6NH50RY3P9

[Image description: An adult with a visible forearm tattoo standing in front of a smiling child seated in an assistive device.]

05/31/2024

First time home buyer alert!

🏠 Are you going to be a first-time home buyer?

You may be eligible to open a First Home Savings Account (FHSA) to help you save for your down payment!

Learn how it works: https://ow.ly/ZJAE50RX6FN

[Image description: Two smiling people carry boxes in a bright living room. They look around happily.]

05/17/2024

📢 Important Update on Capital Gains Tax Changes! 🏡

Attention homeowners and property investors! Starting June 25, 2024, there will be significant changes to the capital gains tax that could impact your investments.

🔍 What’s Changing? Currently, 50% of the capital gains from the sale of property (such as cottages, second homes, investment or rental properties) are taxable. However, for gains exceeding $250,000, this rate will increase to 66.7%.

💡 What Does This Mean for You?
• If you sell your property after June 25, 2024, and the capital gain is more than $250,000, a larger portion of that gain will be subject to tax.
• Capital gains are taxed as part of your income on your personal tax return, so it’s important to plan accordingly to avoid surprises.

🔑 Our Advice:
• Review your property portfolio and consider the timing of any potential sales.
• Consult with a tax professional to understand how these changes might affect your financial situation.
• Stay informed and prepared to make the best decisions for your investments.

At Al Dyck Homes, we’re here to help you navigate these changes. Reach out to us with any questions or for more information on how to best manage your property investments in light of the new tax regulations.

📞 Contact us today to discuss your options and stay ahead of the curve! Al Dyck 604-970-7083

04/07/2024

Update – Bare trusts are exempt from trust reporting requirements for 2023
March 28, 2024

Ottawa, Ontario

Canada Revenue Agency

To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.

In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.

Is your trust a bare trust?
Whether or not an arrangement is a trust or a bare trust is dependent on the specific facts of each situation, as well as the applicable law. Taxpayers may wish to seek legal counsel if they are unsure whether their arrangement is a trust, and what type of trust they have.

More information on bare trusts can be found in our frequently asked questions on the new reporting requirements for trusts.

What are the new trust reporting requirements?
The new trust reporting requirements are applicable to trusts with taxation years ending after December 30, 2023. Affected trusts are required to file a T3 return, including Schedule 15, some for the first time.

The T3 Return and Schedule 15 filing deadline for most trusts is March 30, 2024. Since March 30, 2024 falls on a Saturday, a T3 return will be considered filed on time if the CRA receives it, or it is postmarked, on or before April 2, 2024 (the next business day).

Bare trusts are exempt from this filing requirement for the 2023 tax year, unless directly requested by the CRA.

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html

03/31/2024

Wishing you a Happy Easter!

03/08/2024

03/03/2024

If we had no winter, the spring would not be so pleasant.
- Anne Bradstreet

Have a happy spring!! ⚘️

03/03/2024

Does CRA owe you money?

An overwhelming majority of Canadians now file their taxes electronically. Last year, in fact, 90 per cent chose that method.

Even so, some taxpayers haven’t yet registered for direct deposit (or did so only recently), so the government may still be sending them cheques instead.

Unfortunately, many of those cheques don’t ever get cashed: a good number end up lost, stolen or destroyed, or are sent to an address that is no longer valid.

The Canada Revenue Agency has accumulated about $1.4 billion over the past 24 years in uncashed cheques issued to taxpayers.

Here's how to check your CRA My Account and see if you have unclaimed cheques from the CRA:
https://www.cpacanada.ca/news/canada/2021-03-19-unclaimed-cra-cheques

Use this link to login or setup your CRA My Account:
https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html