The New York S&P TSX Composite index has had a strong run over the last 2 weeks. It has posted daily gains in nine of the last 10 trading sessions and has risen 6.5% over that time and is up 5.89% year-to-date. The TSX closed Friday at an all-time high of 18,460.21.

The Nasdaq closed above 14,000 for the first time on Tuesday and hit an intra-day all-time high of 14,102.04 on Friday before closing at 14,095.47. Year-to-date the Nasdaq is up 9.37%, continuing its torrid pace.

The S&P 500 is up 4.77% year-to-date and continues its march toward the 4,000 mark. Friday saw the S&P 500 hit an all-time intra-day high of 3,937.23 before closing at 3,934.83.

Most major European and Asian markets – even London’s FTSE 100 – posted weekly gains and are all positive for 2021 year-to-date.

Working from home: calculating your workspace deduction percentage

We have had several clients reach out with questions around tax deductions for employment expenses incurred while working from home throughout COVID, and specifically, how to calculate the appropriate workspace percentage.

As a reminder, there are two options for claiming home expenses: the temporary flat rate method ($2 per day worked at home, up to $400 maximum) or the usual detailed method. You can read a more thorough breakdown of these options here.

When calculating your workspace at home, you must prorate your workspace versus total home space, but you must also prorate your work time spent in your workspace within the context of a full week’s worth of hours.

For example: Jim worked from home from March until December 2020. His home is 1,300 square feet and his workspace is his living room/dining room, which is 300 square feet in size.

The first step in calculating the percentage of home expenses is to prorate the workspace by the total home space. In this case, 300 / 1300 = ~23%.

Next, Jim must consider that he is only using that workspace for 40 hours per week (his normal work week). There are 168 hours in a week (7 days, 24 hours per day). The second calculation is to divide Jim’s 40 hours by 168, giving him 24%.

So for work, Jim uses 23% of his home, 24% of the time. Multiplying these two amounts, Jim’s deductible percentage of home expenses is ~5.5%.

Using the detailed method of calculating home expenses is not worthwhile unless Jim ends up with a tax saving greater than the $400 flat rate method. In order to deduct more than $400 using the detailed method, Jim would need to have eligible home expenses of ($400 / 5.5%) ~$7,300.

A reminder to contact us if you have questions about your home use percentage or what constitutes and eligible expense. We can work with you to determine if the flat rate method or detailed method is the most applicable to your situation.

Weekly Update – By The Numbers

Sources: Yahoo! Finance, CNBC.com

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Please click here to view the full CRA details on employment expenses.

Many people, especially renters, will be better off using the detailed method.  For example, if your rent is $2,000 a month, you worked from home for 10 months, and your home-office percentage is 10%, that’s already a $2,000 deduction.

The “Flat-Rate” Method

The Canada Revenue Agency (CRA) has introduced a temporary “flat-rate” method to calculate your home office expenses for 2020 for employees who worked from home in 2020 due to COVID-19 and paid home office expenses for which they were not reimbursed. If you use this method, your employer is not required to complete form T2200 or T2200S.

The “flat-rate” option will allow you to deduct $2 per day you worked from home, to a maximum $400.  If you worked from home since March and work five days a week, you’ll be able to claim the full $400.

The Detailed Method

The detailed method is the standard method for claiming employment expenses. To use the detailed method, you need your employer to complete Form T2200 or the simplified T2200S. You must also itemize your various expenses.

Eligible expenses:

• rent paid for a house or apartment where you live
• electricity, heat, water or the utilities portion of your condominium fees
• home internet access fees
• maintenance (minor repairs, cleaning supplies, light bulbs, paint, etc.)
• supplies (stationery items, pens, folders, sticky notes, postage, toner, ink cartridge, etc.)
• employment use of a basic cell phone service plan
• long distance calls for employment purposes

If you are a commission employee, you can also claim expenses that reasonably relate to earning commission income for the following:

• property taxes
• home insurance
• lease of a cell phone, computer, laptop, tablet, fax machine, etc.

Non-eligible expenses.  You cannot claim any of the following:

• capital cost allowance
• mortgage interest
• principal mortgage payments
• home internet connection fees or the portion of fees related to the lease of a modem/router
• capital expenses (replacing windows, flooring, furnace, etc.)
• office equipment (printer, fax machine, briefcase, laptop case, or bag, calculator, etc.)
• monthly basic rate for a landline telephone
• cell phone connection, or license fees
• purchase of a cell phone, computer, laptop, tablet, fax machine, etc.
• computer accessories, (monitor, mouse, keyboard headset, microphone, speakers, webcam, router, etc.)
• other electronics (television, smart speaker, voice assistant, etc.)
• furniture (desk, chair, etc.)

Remember that whether you are salaried or commissioned, there is always the possibility that the CRA will request verification of your expense claims, so you will need to keep your receipts for 7 years, just in case. Failure to verify a claim could mean tax owing and interest charges.

Conclusion

Again, please note that we will have a specific tax checklist you’ll be able to complete for work-from-home expenses at tax time.

If you are unsure which work-from-home option is best for you, talk to us. We can help you determine how best to proceed.

Source: Canada Revenue Agency

The post Working from home and employment expenses: which method is best for you? appeared first on Smof Investment Manager, LLC.

The Federal Government proposed a “Simplified T2200” during their Fall Economic Statement. Under this proposal, the simplified T2200 option would allow you to make a claim to deduct up to $400 in expenses in cases where you were forced to work from home due to the COVID-19 outbreak.

With the simplified T2200, you would not need to include an itemized expenses list and you would not be required to have your employer complete a standard T2200.

While not finalized, here is what a proposed Simplified T2200 might look like. At this point, the simplified T2200 is appears to be applicable only to the 2020 tax filing year.

Of course, you will still have the option of using the detailed T2200 method, should you choose. As many of you will no doubt be aware, the standard T2200 requires a greater level of detail and work on the taxpayer’s part.

Claiming home expense deductions requires keeping track of eligible home expenses like heat, work supplies, utilities, home office repair/maintenance, and providing workspace square footage and total home square footage. You are also required to have your employer complete the T2200 tax form on your behalf.

If you had to work from home more than usual due to COVID-19 but are unsure if the simplified or standard T2200 would be best for you, please contact us. We can help you determine which claim route would be best for you.

Weekly Update: By The Numbers

Sources: Advisor.ca, Yahoo! Canada Finance, CNBC.com

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

The post Update on the tax benefits of working from home appeared first on Smof Investment Manager, LLC.

Penalties and interest will not be charged if returns are filed and payments are made by this date. This includes the late-filing penalty.

Source: Canada.ca

The post Pay your taxes: The CRA interest-free deferral of your 2019 tax balance and 2020 instalments ends on September 30th appeared first on Smof Investment Manager, LLC.

CRA Sets 2020 CPP Maximum Pensionable Earnings

The maximum CPP pensionable earnings will increase from $57,400 in 2019 to $58,700 in 2020.

This increase is in accordance with the legislated CPP formula, which accounts for the average growth in weekly & annual wage in Canada.

The basic exemption (the amount of earnings before CPP premiums begin) remains at $3,500.

Per the CPP enhancement program that was introduced on January 1, 2019, the employer & employee contribution rates will increase from 5.10% in 2019 to 5.25% in 2020. This means a self-employed rate is 10.50%. In dollar terms, the 2020 CPP maximum contribution will be $2,898.

Wealthview Maintenance – Service Disruption This Weekend

Please be aware that a scheduled Wealthview maintenance will take place this weekend. As a result, the Wealthview Client Portal will be unavailable from Friday November 8th (today) from 5pm PST until Sunday November 10th at 4pm PST.

We apologize for this inconvenience.

Weekly Update – By The Numbers

Sources: Yahoo Finance, Advisor.ca

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

The post Weekly Update – November 8, 2019 appeared first on Smof Investment Manager, LLC.

Tax Filing Deadline Next Week

As a final reminder, the tax filing deadline is next Tuesday, April 30th. If you have self-employment income, the deadline is June 15th.

Again, regardless of when your deadline is, if you owe money, then the payment deadline is April 30th. See our below explainer on how the different deadlines affect those who owe.

CRA Tax Deadlines Explained

The CRA filing deadline is April 30th, or June 15th if you have self-employment income. You are only subject to a late-filing penalty if you have a balance owing with CRA. If you know you will receive a refund, you will not be penalized for filing after your deadline.

CRA has two types of penalties: late-filing, and late-payment. Late-filing is by far the most punitive. The penalty is 5% of your 2018 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.

Example: If you owe $5,000 to CRA and you file one week late, you will be assessed a late-filing penalty of $5,000 x 5% = $250.

The “penalty” for late-payment is simply an accrual of interest of 6% a year.

Example: You owe $5,000 to CRA and you pay your balance one month after the deadline. You will be assessed late-payment interest of $5,000 x (1/12th of 6%) = $25.

Conclusion: If you have a balance owing with CRA, filing a few days after your deadline can be expensive.  Paying a few days after the deadline will have more minor consequences.

Be Aware: CRA Scams Abound

As we enter the full swing of tax season, it is important to remember that scammers posing as CRA agents are also getting into full swing. The CRA has put together a helpful list of things they MAY and things they WILL NEVER do, depending on the type of communication (phone contact, email contact, mail contact).

The CRA website page on the subject is here. One thing CRA will never, ever do is threaten you with arrest or prison, or demand immediate payment by e-transfer, bitcoin / other e-coins, prepaid credit cards or retail gift cards (iTunes, Amazon, etc). They will NEVER do this.

As always, if you are contacted by the CRA or by someone you think might be a scammer, feel free to contact us and let us know. If we prepare your taxes, we can contact the CRA on your behalf to determine whether the contact you received is legitimate or not.

Weekly Update – By The Numbers

North America

• The TSX closed at 16,614, up 1 points or 0.01% over the past week. YTD the TSX is up 16.00%.
• The DOW closed at 26,543, down -17 points or -0.06% over the past week. YTD the DOW is up 13.78%.
• The S&P closed at 2,940, up 35 points or 1.20% over the past week. YTD the S&P is up 17.27%.
• The NASDAQ closed at 8,146, up 148 points or 1.85% over the past week. YTD the NASDAQ is up 22.77%.
• Gold closed at 1,288, up -17.00 points or 0.86% over the past week. YTD gold is up 0.23%.
• Oil closed at 62.87, down -1.13 points or -1.77% over the past week. YTD oil is up 37.18%.
• The USD/CAD closed at 0.7427, down -0.0041 points or -0.55% over the past week. YTD the USD/CAD is up 1.35%.

 Europe/Asia

• The MSCI closed at 2,154, down -6 points or -0.28% over the past week. YTD the MSCI is up 14.27%.
• The Euro Stoxx 50 closed at 3,500, up 1 point or 0.03% over the past week. YTD the Euro Stoxx 50 is up 16.63%.
• The FTSE closed at 7,428, down -32 points or -0.43% over the past week. YTD the FTSE is up 10.40%.
• The CAC closed at 5,569, down -11 points or -0.20% over the past week. YTD the CAC is up 17.71%.
• DAX closed at 12,315, up 93.00 points or 0.76% over the past week. YTD DAX is up 16.63%.
• Nikkei closed at 22,259, up 58.00 points or 0.26% over the past week. YTD Nikkei is up 11.21%.
• The Shanghai closed at 3,086, down -185.0000 points or -5.66% over the past week. YTD the Shanghai is up 23.74%.

Fixed Income

• The 10-Yr Bond Yield closed at 2.51, down -0.0500 points or -1.95% over the past week. YTD the 10-Yr Bond Yield is down -6.69%.

Sources: Dynamic, Canada Revenue Agency

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

The post Weekly Update – April 26, 2019 appeared first on Smof Investment Manager, LLC.

2018 Tax Deadline

We generally quote a two-week turnaround for completion of tax files. Given the volume of tax files we’ve received to-date, we would like to remind you that it the April 30th deadline is only 18 days away.

It will be impossible to guarantee the completion of your file if we receive it after April 16th.

With that said, if you would like us to prepare your return(s), please send us your paperwork as soon as possible.

Regardless of when your taxes are due, if you owe money on your return, it is due on April 30, 2019.

Let us know if you have any questions about your tax return.

Our tax checklists are available here.

Q1 2019 – Market Recap

Global capital markets reversed course after a notably difficult end to 2018, rebounding strongly to post mainly positive results for the first quarter of 2019. Equity markets appeared to be lifted by the prospect of easier monetary policy, while bond markets benefited from economic data showing slowing global growth.

The MSCI World Index, which reflects equity market results for 23 developed market economies, climbed 10.3% in Canadian dollar terms, with broad-based gains across markets in North America, Europe and Asia.

In the U.S., the S&P 500 Index finished the quarter with a gain of 11.3% (also in Canadian currency), led by strong results for the information technology, energy and industrials sectors. Emerging markets equities also made gains during the quarter.

The Canadian benchmark S&P/TSX Composite Index posted a robust quarterly gain of 13.3%. Although most sectors added value, Canada’s resource-heavy market was particularly buoyed by higher oil prices, while the industrials, information technology and health care sectors also performed well.

The equity rebound came despite economic data indicating growing slack in the global economy, and central banks responded by striking a more dovish (conservative) tone in the first quarter. After moving to raise interest rates several times in 2018, the U.S. Federal Reserve left rates unchanged and put further increases for 2019 on hold. The Bank of Canada also left rates unchanged, and 10-year Canadian government bond yields declined as investors discounted the probability of further rate cuts in the near term.

The FTSE Canada Universe Bond Index, a broad measure of Canadian government and corporate bonds, returned 3.9% for the quarter.

Since the bull market in North American equities began more than 10 years ago, investors have drawn confidence from the gradual expansion of the global economy, particularly in the U.S. where corporate earnings have been healthy and employment, housing and consumer spending data have been strong. However, late in the economic cycle, corporate earnings are slowing, along with global economic growth. While interest rates remain low and help to support business investment and equity prices in the near term, the market volatility we have seen over the past few quarters may become a more common occurrence as the cycle matures. The fourth quarter’s steep decline and the dramatic reversal in the first quarter of this year is a timely reminder of how quickly markets can turn, and underscores the importance of staying invested for the longer term.

Given this backdrop, we continue to believe investors are best served by a diversified approach to investing – one that provides exposure to a broad range of actively managed investments from equities to bonds, depending on your personal objectives.

If you have any questions or concerns about your portfolio, please do not hesitate to contact our office.

Be Aware: CRA Scams Abound

As we enter the full swing of tax season, it is important to remember that scammers posing as CRA agents are also getting into full swing. The CRA has put together a helpful list of things they MAY and things they WILL NEVER do, depending on the type of communication (phone contact, email contact, mail contact).

The CRA website page on the subject is here. One thing CRA will never, ever do is threaten you with arrest or prison, or demand immediate payment by e-transfer, bitcoin / other e-coins, prepaid credit cards or retail gift cards (iTunes, Amazon, etc). They will NEVER do this.

As always, if you are contacted by the CRA or by someone you think might be a scammer, feel free to contact us and let us know. If we prepare your taxes, we can contact the CRA on your behalf to determine whether the contact you received is legitimate or not.

Sources: Canada.ca, CI Investments

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

The post Weekly Update – April 12, 2019 appeared first on Smof Investment Manager, LLC.

Guide to Recessions

Capital Group has released an informative, user-friendly piece on the topic of recessions. The article answers the following questions:

• What is a recession?
• How long do recessions last?
• What happens to stock markets during recessions?
• What economic indicators can lead to a recession?
• How close are we to the next U.S. recession?
• How should you position your portfolio for a recession?
• What should you do to prepare for a recession?

You can read the article here.

2018 Tax Deadline

The 2018 tax deadline for most Canadians is April 30, 2019. If you or your spouse are self-employed, then your return is due June 15, 2019.

Regardless of when your taxes are due, if you owe money on your return, it is due on April 30, 2019.

Let us know if you have any questions about your tax return.

Our tax checklists are available here.

Be Aware: CRA Scams Abound

As we enter the full swing of tax season, it is important to remember that scammers posing as CRA agents are also getting into full swing. The CRA has put together a helpful list of things they MAY and things they WILL NEVER do, depending on the type of communication (phone contact, email contact, mail contact). The CRA will NEVER text you or try to contact you via various social media apps (Whatsapp, Facebook, etc).

The CRA website page on the subject is here. One thing CRA will never, ever do is threaten you with arrest or prison, or demand immediate payment by e-transfer, bitcoin / other e-coins, prepaid credit cards or retail gift cards (iTunes, Amazon, etc). They will NEVER do this.

As always, if you are contacted by the CRA or by someone you think might be a scammer, feel free to contact us and let us know. If we prepare your taxes, we can contact the CRA on your behalf to determine whether the contact you received is legitimate or not.

Weekly Update – By The Numbers

North America

• The TSX closed at 16,380, up 278 points or 1.73% over the past week. YTD the TSX is up 14.36%.
• The DOW closed at 26,425, up 496 points or 1.91% over the past week. YTD the DOW is up 13.28%.
• The S&P closed at 2,893, up 59 points or 2.08% over the past week. YTD the S&P is up 15.40%.
• The NASDAQ closed at 7,939, up 210 points or 2.72% over the past week. YTD the NASDAQ is up 19.65%.
• Gold closed at 1,296, up -23.00 points or 0.31% over the past week. YTD gold is up 0.86%.
• Oil closed at 63.3, up 3.14 points or 5.22% over the past week. YTD oil is up 38.12%.
• The USD/CAD closed at 0.7472, down -0.0007 points or -0.09% over the past week. YTD the USD/CAD is up 1.97%.

Europe/Asia

• The MSCI closed at 2149, up 42 points or 1.99% over the past week. YTD the MSCI is up 14.01%.
• The Euro Stoxx 50 closed at 3448, up 96 points or 2.86% over the past week. YTD the Euro Stoxx 50 is up 14.90%.
• The FTSE closed at 7,447, up 168 points or 2.31% over the past week. YTD the FTSE is up 10.69%.
• The CAC closed at 5,476, up 125 points or 2.34% over the past week. YTD the CAC is up 15.75%.
• DAX closed at 12,010, up 484.00 points or 4.20% over the past week. YTD DAX is up 13.74%.
• Nikkei closed at 21,808, up 602.00 points or 2.84% over the past week. YTD Nikkei is up 8.96%.
• The Shanghai closed at 3,247, up 156.0000 points or 5.05% over the past week. YTD the Shanghai is up 30.19%.

Fixed Income

• The 10-Yr Bond Yield closed at 2.5, up 0.0900 points or 3.73% over the past week. YTD the 10-Yr Bond Yield is down -7.06%.

Sources: Canada.ca, Capital Group, Dynamic

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

The post Weekly Update – April 5, 2019 appeared first on Smof Investment Manager, LLC.

Be Aware: CRA Scams Abound

As we enter the full swing of tax season, it is important to remember that scammers posing as CRA agents are also getting into full swing. The CRA has put together a helpful list of things they MAY and things they WILL NEVER do, depending on the type of communication (phone contact, email contact, mail contact). They will NEVER text you.

The CRA website page on the subject is here. One thing CRA will never, ever do is threaten you with arrest or prison, or demand immediate payment by e-transfer, bitcoin / other e-coins, prepaid credit cards or retail gift cards (iTunes, Amazon, etc). They will NEVER do this.

As always, if you are contacted by the CRA or by someone you think might be a scammer, feel free to contact us and let us know. If we prepare your taxes, we can contact the CRA on your behalf to determine whether the contact you received is legitimate or not.

British Columbia Speculation and Vacancy Tax Declaration Deadline is March 31

If you own your home, you’ll have received a letter from the B.C. government telling you to make your declaration by March 31st (this Sunday!).

Homeowners, even if they are exempt from the tax, must nevertheless file their declaration by the March 31st deadline. It is estimated that 99 per cent of homeowners will be exempted from the tax.

There are a few important points to keep in mind.

Firstly, if you haven’t received your letter already, the onus is on you to reach out to the tax office. Not receiving the letter in the mail will not exempt you from the tax.

Secondly, if there are multiple owners on title, they must all make declarations. One person cannot declare for the other owner(s).

A link to the BC government website is here.

If you cannot complete the form online, you can call the toll-free helpline, 1-833-554-2323, and in 5 minutes a representative can complete the form for you over the phone.

Any Canadian homeowners adjudged to pay the tax will pay 0.5 per cent of the assessed value of the home, although B.C. taxpayers receive a $2,000 rebate to offset the charge on the first $400,000 of assessed value.

Any foreign nationals liable for the tax are to be charged 2 per cent of the assessed value.

The affected B.C. regions are as follows:

• Municipalities in the Capital Regional District, excluding Salt Spring Island, Juan de Fuca Electoral Area and the Southern Gulf Islands
• Municipalities in the Metro New York Regional District, excluding Bowen Island, the Village of Lions Bay and Electoral Area A, but including the University of British Columbia and the University Endowment Lands
• The City of Abbotsford
• The District of Mission
• The City of Chilliwack
• The City of Kelowna
• The City of West Kelowna
• The City of Nanaimo
• The District of Lantzville

2018 Tax Deadline

The 2018 tax deadline for most Canadians is April 30, 2019. If you or your spouse are self-employed, then your return is due June 15, 2019.

Regardless of when your taxes are due, if you owe money on your return, it is due on April 30, 2019.

Let us know if you have any questions about your tax return.

Our tax checklists are available here.

Weekly Update – By The Numbers

North America

• The TSX closed at 16,102, up 13 points or 0.08% over the past week. YTD the TSX is up 42%.
• The DOW closed at 25,929, up 427 points or 1.67% over the past week. YTD the DOW is up 15%.
• The S&P closed at 2,834, up 33 points or 1.18% over the past week. YTD the S&P is up 04%.
• The NASDAQ closed at 7,729, up 86 points or 1.13% over the past week. YTD the NASDAQ is up 49%.
• Gold closed at 1,292, down 13.00 points or -1.75% over the past week. YTD gold is up 54%.
• Oil closed at 60.16, up 1.12 points or 1.90% over the past week. YTD oil is up 27%.
• The USD/CAD closed at 0.7479, up 0.0021 points or 0.28% over the past week. YTD the USD/CAD is up 06%.

Europe/Asia

• The MSCI closed at 2107, up 23 points or 1.10% over the past week. YTD the MSCI is up 78%.
• The Euro Stoxx 50 closed at 3,352, up 46 points or 1.39% over the past week. YTD the Euro Stoxx 50 is up 70%.
• The FTSE closed at 7,279, up 71 points or 0.99% over the past week. YTD the FTSE is up 19%.
• The CAC closed at 5,351, up 81 points or 1.54% over the past week. YTD the CAC is up 11%.
• DAX closed at 11,526, up 162.00 points or 1.43% over the past week. YTD DAX is up 16%.
• Nikkei closed at 21,206, down -421.00 points or -1.95% over the past week. YTD Nikkei is up 95%.
• The Shanghai closed at 3,091, down -13.0000 points or -0.42% over the past week. YTD the Shanghai is up 94%.

Fixed Income

• The 10-Yr Bond Yield closed at 2.41, down -0.0500 points or -2.03% over the past week. YTD the 10-Yr Bond Yield is down -10.41%.

Sources: Canada.ca, Government of British Columbia, Dynamic

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

The post Weekly Update – March 29, 2019 appeared first on Smof Investment Manager, LLC.

British Columbia Speculation and Vacancy Tax Declaration Deadline is March 31

If you own your home, you’ll have received a letter from the B.C. government telling you to make your declaration by March 31st.

Homeowners, even if they are exempt from the tax, must nevertheless file their declaration by the March 31st deadline. It is estimated that 99 per cent of homeowners will be exempted from the tax.

There are a few important points to keep in mind.

Firstly, if you haven’t received your letter already, the onus is on you to reach out to the tax office. Not receiving the letter in the mail will not exempt you from the tax.

Secondly, if there are multiple owners on title, they must all make declarations. One person cannot declare for the other owner(s).

A link to the BC government website is here.

If you cannot complete the form online, you can call the toll-free helpline, 1-833-554-2323, and in 5 minutes a representative can complete the form for you over the phone.

Any Canadian homeowners adjudged to pay the tax will pay 0.5 per cent of the assessed value of the home, although B.C. taxpayers receive a $2,000 rebate to offset the charge on the first $400,000 of assessed value.

Any foreign nationals liable for the tax are to be charged 2 per cent of the assessed value.

The affected B.C. regions are as follows:

• Municipalities in the Capital Regional District, excluding Salt Spring Island, Juan de Fuca Electoral Area and the Southern Gulf Islands
• Municipalities in the Metro New York Regional District, excluding Bowen Island, the Village of Lions Bay and Electoral Area A, but including the University of British Columbia and the University Endowment Lands
• The City of Abbotsford
• The District of Mission
• The City of Chilliwack
• The City of Kelowna
• The City of West Kelowna
• The City of Nanaimo
• The District of Lantzville

2019 Federal Budget

This week, we provided some commentary on the Liberal Government’s 2019 Federal Budget proposal. You can read about it in detail here.

2018 Tax Deadline

The 2018 tax deadline for most Canadians is April 30, 2019. If you or your spouse are self-employed, then your return is due June 15, 2019.

Regardless of when your taxes are due, if you owe money on your return, it is due on April 30, 2019.

Let us know if you have any questions about your tax return.

Our tax checklists are available here.

Sources: New York Courier, Government of British Columbia

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

The post Weekly Update – March 22, 2019 appeared first on Smof Investment Manager, LLC.