News
Ontario Ministry of Finance – 2024 Interest Rates
Canadian Indirect Taxes Out Of The Box
Finding Refunds, Paying Too Much Tax
Why Your Supplier Just Charged Tax Again Even Though You Paid Tax at the Border
How to Recognize if Your Tax Department is Operating With a Poverty Mindset
Minor Tax Errors Add Up Quickly
Reliance On Auditors Can Have You Paying More Tax Than You Need To
Tax Implications & Updates During COVID-19
Alberta 19/20 Budget Announced
Alberta announced its 2019/20 budget on October 24. Here are the major commodity tax changes proposed. Tourism Levy Short-term rentals (STRs) offered through online marketplaces, such as Airbnb, HomeAway, and Vacation Rental by Owner (VRBO), are an increasingly popular accommodation option in Alberta. While the province applies a tourism levy of 4 percent on most […]
FinTech in the Indirect Tax World—What is all the fuss about?
It’s everywhere- get ready for FinTech. Fintech is going to take your job. Really? Indirect Tax? Does that even have anything to do with FinTech? The common definition of FinTech is that it refers to a range of financial technologies that enable consumers to access financial services over their mobile phones or the internet. While […]
BC Budget 2018
It’s that time of year again. Government budget season is upon us. BC is the second province to bring down a budget this year. The focus of their budget was child care, affordable housing and services. There was some provincial sales tax (PST) changes announced to help fund these initiatives. BC imposes a tax on […]
RITCs- It’s almost over!
Saskatchewan PST- DATES TO REMEMBER
In our last post, we told you about the PST rate increase that happened on March 23, 2017. In announcing this increase, Saskatchewan outlined two other dates that you need to be aware of. APRIL 1, 2017 Effective April 1, 2017, chances are the value of a trade-in will not deductible from the purchase price […]
Saskatchewan PST Surprise!
BC PST: A Picture is worth 1000 Words, but can it prove Delivery?
HST Rate Cut, A Case of Misdirection?
Thankful for the PEI HST Rate Increase?
BHA Newsletter: Help your Firm Find Money Today
Hidden Canadian Sales Taxes making your airline tickets more expensive?
If you have ever taken a close look at your airline tickets did you spot the Canadian Sales Taxes? What you may have noticed was a series of numbers and two letter codes that really don’t tell you anything unless you know what the codes mean. If you are traveling throughout Canada, recoverable taxes will […]
When is the Ontario Sales Tax Holiday?
Ontario HST To Apply to New Carbon Tax
What is Canadian Harmonized Sales Tax?
Canadian HST or Harmonized Sales Tax is a combination of the federal GST and provincial PST imposed in 5 of the 13 provinces and territories in Canada. The rate of HST varies between 13% -15% and applies on most goods and services supplied in the participating provinces. Currently, the following provinces impose an HST: Ontario, New […]
What is Canadian Sales Tax?
Canadian Sales Tax Rates
Canadian Sales Tax Rates include a Federal GST which is included in all the HST rates in Canada, only Alberta, the Yukon, the Northwest Territories and Nunavut charge the Federal tax alone. The Provinces of Ontario, Newfoundland, New Brunswick, Nova Scotia and PEI charge an HST rate, Quebec charges a QST rate separately with the […]
Ontario Restricted Input Tax Credits Move to 50% Restriction
Tax Education, One of the Ingredients in our Success
Newfoundland HST, Transitional Rules for HST Increase Released
New Brunswick HST Rate Increase Transitional Rules
Indirect Tax Highlights from the Federal Budget 2016
It’s that time of year again. The federal budget 2016 has been announced. I watched it…I thought for sure that the Liberal government would actually want to increase government revenues to help pay for the all the things that they promised. And I thought, a GST rate increase was the way that they would do […]
Ontario Ministry of Finance – 2024 Interest Rates
Interest Rates The Ontario Ministry of Finance announced today the interest rates that will apply to any amounts owed to the ministry and to any amounts the ministry owes to individuals and corporations. By law, the interest rates are reset every three months. Interest rates for January 1, 2024 to March 31, 2024 10% on [...]
Canada’s Ambitious GST Rebate
Eliminating GST for Builder/Developers: On September 14, 2023, the Prime Minister announced that the government will introduce legislation to eliminate the GST for builders in order to incentivize construction of much-needed rental homes for Canadians. The removal of GST will apply to new purpose-built rental housing, such as apartment buildings, student housing, and senior residences [...]
The Future of Lithium-Ion Batteries in Electric Vehicles: Manufacturing, Components, Sustainability, and Safety
As the world shifts towards alternative transportation, electric vehicles (EVs) have gained significant traction. The backbone of these vehicles lies in their lithium-ion batteries, which offer high energy density, long lifespan, and quick charging capabilities. However, as the demand for EVs continues to increase, questions arise about the mass production of lithium-ion batteries, the components [...]
Canadian Indirect Taxes Out Of The Box
It is easy to be fooled into thinking that the Canadian tax system is much easier to understand and regulate than the United States’ sales and use tax. Canada may only have ten provinces and three territories, instead of the fifty states, several territories, and one district south of the border. However, Canada’s local taxes [...]
Finding Refunds, Paying Too Much Tax
Who doesn’t love a refund? When it comes to taxes, refunds are great because it means a tax consultant has found them for you. However, it also means unnecessary taxes are leaking into your profit margin, and they need to be addressed. B. Hoffmann & Associates (BHA) are tax accountants that help medium and large [...]
Why Your Supplier Just Charged Tax Again Even Though You Paid Tax at the Border
It is common knowledge that GST is payable on goods coming into Canada from outside the country. However, depending on the delivery terms of those goods, GST/HST could also be billed by the supplier when the goods are invoiced. This is dependant on the delivery terms, or Incoterms agreed. This means that depending on whoever [...]
How to Recognize if Your Tax Department is Operating With a Poverty Mindset
fMindset influences success. Most people in business know, intellectually, that your mindset plays a major role in everything you do. Mindset is a simple idea. According to Stanford University psychologist Carol Dweck, mindset is the view that you adopt for yourself that determines how you live your life, see the world, and make decisions. Mindset [...]
Minor Tax Errors Add Up Quickly
The indirect tax on goods and services provided in Canada can creep up, and if your company is making errors with your tax, even minor ones, they can end up costing you a significant amount of money. Hoffmann & Associates (BHA) are tax accountants that help medium and large corporations minimize the Canadian indirect tax [...]
Reliance On Auditors Can Have You Paying More Tax Than You Need To
If your company is looking to pay the least amount of tax possible, it takes a lot of hard work, systematic processes and a deliberate objective. Let’s face it, GST/HST are taxes that few want to deal with. Many people believe it is a flow-through tax, so it doesn’t require a lot of attention. Auditors [...]
Tax Implications & Updates During COVID-19
During these uncertain times of the COVID-19 pandemic, there are many new and unprecedented challenges we find ourselves facing and adapting to. Although the health and safety of everyone are of the utmost importance there are also significant financial issues and updates being discussed daily by both the Provincial and Federal governments. With new information [...]