Thursday Tax Update British Columbians will not be paying the Carbon Tax increase on April 1st The carbon tax was deemed too divisive, and it is hoped to be replaced with policies meant to reduce emissions. Forest fires and other natural disasters linked to climate change continue to impact BC so there will be a big push this year to switch the economy over to electrical power generated here in Canada instead of fossil fuels. BC was actually the first province to pay a Carbon Tax in 2008. Although some opposed the tax, Canadian households were better off thanks to...

Tax Tip Tuesday – Clean buildings tax credit The clean buildings tax credit is a refundable income tax credit for qualifying retrofits that improve the energy efficiency of eligible commercial and multi-unit residential buildings with four or more units. The retrofit must improve the energy efficiency of an eligible building and meet energy-use targets. The credit amount is 5 percent of qualifying expenditures paid on the retrofit. The deadline for incurring qualifying expenditures for the clean buildings tax credit is extended by one year to March 31, 2026. Deadlines for completion of the retrofit and application for certification have been...

Small Business Saturday - Invest in Your Community! Small Business venture capital tax credit: This tax credit helps both investors and small businesses. A tax credit of 30% of the investment can be claimed by those who buy shares in registered eligible BC small businesses. The small businesses receive early-stage venture capital to help develop and grow their business. Effective for 2025, for investments made on or after March 4, 2025, the tax credit limit is increased from 30% of $120,000 to 30% of $300,000. #accounting #smallbusiness #nelsonbc #cpabc #community #supportlocalbusinesses #kootenaybusiness #rbtaccountingservices #moneysavingtips

Small business Saturday How will this impact your business’s budget? According to an Employment Standards Act mandate, minimum wage must increase to keep pace with the cost of living. This year it will increase to $17.85/hr. The minimum wage rates increase on June 1 of each year: • June 1, 2025 – $17.85 per hour • June 1, 2024 – $17.40 per hour • June 1, 2023 – $16.75 per hour • June 1, 2022 – $15.65 per hour • June 1, 2021 – $15.20 per hour • June 1, 2020 – $14.60 per hour • June 1, 2019 –...