Depositing Funds Electronically to NBCN

There is a new option for depositing funds electronically to your NBCN Cash Trading Account if you already are an online banking customer. In your online banking account, go to Payees (as if you were setting up electronic payment for your Telus or BC Hydro account) and type in NBCN, which then should come up […] Read More

Inheritance Disconnect Between Parents and Millenials

With the high cost of housing in the greater Vancouver area, many young people are counting on the bank of mom and dad for their long-term financial stability. However, this faith may be misplaced, and they could be in for an unwelcome surprise. A new survey done by Vancity found that there is a striking […] Read More

FBAR Filing Deadline Changes

A note for any US taxpayers living abroad that are required to file the FBAR (Reports of Foreign Bank and Financial Accounts). Starting with the 2016 tax year, the filing deadline has changed from June 30 to April 15, to coincide with the regular tax filing deadline in the US. When we learned about this […] Read More

CRA Notice of Assessments

As with every May, tax practitioners across the country can finally breathe a sigh of relief. It's a bit of a whirlwind finish each April, but before you know it the office is calm once again, and we can catch up on all those other side projects which have been put to the side. Thanks […] Read More

TFSA Over contributions – Honest Mistakes Forgiven

We've talked before about TFSA over contributions, see Here. But this weeks story is one of forgiveness from CRA, and it comes to us from our very own staff member's daughter. She had mistakenly over contributed to her TFSA, something that happened due to automatic withdrawls that she was unaware of. When CRA found out, […] Read More

FBAR Filing Fears

The U.S. government is certainly a unique jurisdiction when it comes to taxation. Former residents find that the need to file a return every year for the rest of their lives can be quite burdensome, with many revoking their citizenship to avoid the hassle. One problem that American citizens living abroad have to deal with […] Read More

NBCN Statements – Back to Monthly

Good news for our Trivest clients. NBCN has indicated to us that starting March all statements will be sent out every month, assuming there is activity. A few months ago we learned that NBCN would no longer be sending out statements each month if there wasn't any buying or selling activity in the period. This […] Read More

Budget 2017 – No Major Changes

The Liberal Government released their 2017 budget yesterday, and while it was heavy on nice sounding words like innovation and skill development, it was fairly light on new measures, as many were previous promises. Two notable tax credits are being eliminated, the public transit credit, and the home relocation loan deduction. However, the much rumoured […] Read More

Highlights from the 2017 BC Budget

This week we thought we'd bring you some highlights from the latest BC budget. While none of these effect personal taxation, there are some notable items. Starting January 1st, 2018, MSP premiums will be reduced by half for families with annual net income of up to $120,000. The BC government has also indicated it plans […] Read More

Principal Residence Exemption – Trust Designations

As we noted a few posts ago, Principal Residence Disposal reporting rules are changing, see our post here if you missed it. Staying on the theme of principal residence exemptions, there is another change being enacted which could have very large consequences for some people. Typically when a personal trust acquires a principal residence, it […] Read More