Starting May 2025, the Canada Revenue Agency (CRA) is transitioning to online mail for most business correspondence. This means you’ll start receiving most of your business notices and other correspondence through the My Business Account portal in your CRA account, instead of in the mail. This change will apply to new business number and CRARead more
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March 14, 2023 Underused Housing Tax The Government of Canada implemented the Underused Housing Tax (UHT) on June 9, 2022, which impacts certain residential property owners as of December 31, 2022. A residential property owner who is an affected owner must file the UHT return by April 30 of the following year. AffectedRead more
The B.C. Government has extended the transparency reports required by indirect owners of B.C. land to November 30, 2022. This filing date applies to the beneficial owners of all corporations, trusts and partnerships that have an interest in B.C. land acquired prior to November 30, 2020. This filing date is not applicableRead more
The 2022 British Columbia budget did not directly increase corporate or personal income tax rates. However, there are multiple indirect and PST tax changes. We have highlighted a few below. Purchase price of private vehicle sales Effective October 1, 2022, tax on private sales of motor vehicles will be based on the greater ofRead more
Preparing for your 2021 taxes has never been easier. Once you have gathered all the necessary information outlined in your tax package mailed early February, upload them using your client portal. https://www.sabojang.com/client-portal/ Alternatively, drop your tax information off at our offices 24/7 using the night drop slot to securely deliver your tax documents onRead more
You can claim up to $500 per year for amounts you paid for qualifying digital news subscriptions for the tax years 2020 through 2024. The CRA launched the digital news subscription tax credit in 2021 as a tax measure to support journalism. Since then, the CRA’s list of qualifying digital news subscriptions has vastlyRead more
The Canada Emergency Business Account (CEBA) program offered interest-free loans of up to $60,000 to small businesses and not-for-profits. Given the continued challenges to many businesses because of the Omicron variant, the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for allRead more
On December 14, 2021, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, delivered the Federal Government’s Fall Economic and Fiscal Update. No personal or corporate tax rate changes were announced; however, the Government announced several tax measures to continue supporting Canadians. Read below for a summary of the most relevant measures orRead more
If your corporation owns an interest in real estate in British Columbia, this correspondence applies to you. As a courtesy, we wish to inform you that the Land Owner Transparency Act requires that all companies, trusts and partnerships that have an interest in land in B.C. must file a transparency report on or before NovemberRead more
Today is voting day for the federal election. The Canada Elections Act requires that all employees in Canada are allowed 3 consecutive hours to vote. Many of the polling stations in the area are only open until 7PM. As such, Sabo, Jang and Co. will be closing today at 4PM to allow employees theRead more
