Soon Kim Inc.
#308 - 4501 North Road V3N4R7 Burnaby, BC, Canada

Time to celebrate the end of extended tax season!!! Grabbing a great beef BBQ meal at Hwaro Korean Restaurant in Henderson Center, Coquitlam.

For those businesses suffering from the Civid-19, finally a real help to keep your employees and fight through the pandemic. This could help you to stay open during this severe down turn in your operations. The application process for 75% wage subsidy is going to be opened on April 27th. Basically, be ready with your My Business Account before next Monday. Keep safe everyone. https://www.canada.ca//services/subsidy/emergency-wage-sub

Due to Covid-19 pandemic, tax filing due date is extended to June 1st from April 30th. If you have additional personal taxes to pay resulting from your tax return, the amount is due on September 1st. This measure sure relieves a lot of pressure during this stressful time for millions of Canadians. ... Good move Canada!

Canada Emergency Response Benefit (CERB) is going alive today. I successfully logged in to My Account in CRA site this morning and saw the application button on the top of the main page. For those self employed who shut down their operations, this will help to you get the essentials. ($500/week). There are several other groups of people qualify under this program. Basically, you can't support yourself and your family, you should be qualified. ... Good luck everyone. Keep safe!

2019 and 2020 personal income tax rate chart courtesy of CPA Canada.

RRSP Home Buyers Plan (HBP) If you are planning to buy your home first time in last 4 years, you need to consider utilizing HBP. You could get extra downpayment by getting tax refunds from CRA. If you have a RRSP contribution room of up to $35,000, you should make the RRSP contribution and get about 40% (ie. $14,000) refunded from CRA under HBP. Contact us for any clarification on HBP.

It's already December. It's time to start compiling your personal income tax materials together. (donation receipts, medical receipts, tuition receipts, RRSP receipts etc.) Talking about RRSP, for those young adults, if you are planning to buy your first home, please maximize your RRSP contributions to utilized RRSP upto $35,000 as your down payment under Home Buyer's Plan. It's a great way to help you put down more 'before tax money'.

https://www.canada.ca//canada-employment-insurance-commiss

In Europe, some banks are starting to offer negative interest rate mortgages. So, technically the bank is paying the mortgage for you???? I want that negative interest rate mortgage!

This is one tax all home owners need to understand. https://www2.gov.bc.ca//proper/speculation-and-vacancy-tax

Another tax season done!

April 30th coming up quickly. If you are not quite ready to file, we recommend you to file your tax return on time by April 30th using your best estimate. You can always file an adjusted tax return later and avoid unnecessary penalties and interest.

It is another tax season. Can't avoid this painful exercise. Under the new CRA 2017 rules, there are very limited deductions for public transit(only upto June 2017, when they talk about encouraging public transit use.....), fitness (when they talk about getting kids more physically active....) and art credits(when they talk about encouraging kids exposed to the world...) I just don't get it but that's what it is. Also I had an unhappy mother of 2 year old girl who spent... $9,600 in child care and only up to $8,000/ year is deductible. She didn't even send her kid to those fancy high end child care places. I think the finance ministry should pay closer attention to what's really needed for the hard working middle income families.

2018 Federal Budget. It was a pleasant surprise that Liberal budget announced last week didn't contain any ridiculous rules for the private corporations and farmers. Congratulations to all those Canadians for speaking out during the public consultation process. Also, thank you the people in power for listening. This is a good example of our political system working.

It is already February. Those thinking of contributing to RRSP should start talking to their financial advisors. My recommendation is if you have the financial means, you should contribute in RRSP to your maximum amount. Depending on your 2017, you can delay deducting RRSP in 2017 and carry the balance forward. The deadline is March 1st.

The latest corporate income tax rates across the country for 2018.

Here is the latest maximum personal income tax rate for 2018 given all the changes made in the last several months.

It is already mid November. Like many small businesses, if your year end is December 31st, start reviewing your internal financial statements to come up with tax planning ideas.

Clear and crisp sunny autumn day in Vancouver. Let's start to think about the year end and tax planning ideas.

Bank of Canada increased its interest rate by 0.25% again this morning... This is second increase in two months. I think Canada is leading the G20 to go back to normal level of interest. Buckle up for more interest rate hike to come!

here is a proposed tax rule changes effecting small business owners. It is under a public consultation process. http://www.fin.gc.ca/activty/consult/tppc-pfsp-eng.pdf

Here is the 2017 Budget Briefing. https://www.osler.com//r/2017/federal-budget-briefing-2017

Soon Kim Burnaby Office door sign