The Province of British Columbia has officially released Budget 2026. While the focus remains on protecting healthcare and education, several tax adjustments have been introduced that will impact individuals and businesses across the province.Here are the most significant updates:1. Personal Income Tax AdjustmentsIncome Tax Rate Increase: The tax rate for the first income tax bracket will increase from 5.06% to 5.60%. For the average taxpayer, this represents an increase of approximately $76 for the 2026 tax year.Tax Bracket Indexing Paused: To help manage the provincial deficit, the government will pause the indexing of tax brackets from 2027 until 2030.BC Tax ...

Dear Valued Client,We hope this message finds you well. As your trusted CPA, we want to keep you informed about recent changes that may impact your business. Starting in 2024, the British Columbia government has adjusted the Employer Health Tax (EHT) threshold, affecting businesses across the province.What’s New?The EHT threshold has been increased from $500,000 to $1,000,000. This means that businesses with annual remuneration below $1 million are exempt from paying the EHT. If your business falls within this range, you will no longer be required to remit EHT payments.Action Steps:Review Your Payroll: Take a moment to review your payroll records ...

Virtual accounting is that business deals with all accounting work online in a cloud base environment. It has been there for a while, but it is getting popular, especially under current COVID-19 pandemic. The pandemic speeds accounting goes online for at least 3 years earlier. Why? For one reason is that people were farced to eliminate face to face communication. You used to collect a box of your receipts and bring it to see your accountant and meet with him/her for a face to face meeting. But nowadays, people will use different software and/or app to help organize documents and meet ...