Expert Tax Accountants in Duncan

Often yes. GST at 5% generally applies when vacant land is sold in the course of a business or an adventure in the nature of trade, including subdivided or development land. Bare land sold by an individual from personal use, or severed from a principal residence in limited circumstances, can be exempt. BC's 7% PST does not apply to real property. Get the status confirmed in writing before closing, since the seller usually bears the assessment.

Zero-rated means the supply is taxable but the rate is 0%: you charge no tax to the customer and still claim input tax credits on what you buy to make the sale. The main categories are basic groceries, prescription drugs, many medical devices, most agricultural and fishing products, and exports along with freight leaving Canada. Exempt is the weaker outcome, with no tax charged and no credits recoverable. Registering is worth it for a zero-rated business, because the credits refund.

A flat monthly car allowance is generally taxable, added to employment income on the T4 with source deductions taken. A per-kilometre reimbursement is different: if it is based on business kilometres actually driven at a reasonable rate, it is not taxable. For 2026 the CRA treats 73 cents per kilometre for the first 5,000 kilometres and 67 cents after as reasonable, with 4 cents more in the territories; the 2025 rates were 72 and 66 cents.

Employment, business and investment income of a status Indian is exempt where the income is situated on a reserve. The CRA applies connecting-factor tests: for employment, usually whether the duties were performed on reserve; for business income, where the activities take place; for interest, where the account and the debtor are located. Employment income earned off reserve is generally taxable. See the CRA's Indian Act Exemption for Employment Income Guidelines before deciding.

Insurance is treated as an exempt financial service, so the 5% GST (2025 and 2026) and HST are not charged on premiums. Some provinces apply their own retail sales tax to certain premiums, notably group benefits, and provinces also levy a premium tax on insurers that is built into pricing. Separately, employer-paid premiums can be a taxable benefit on your T4: group life generally is, while private health and dental coverage generally is not outside Quebec.

British Columbia charges property transfer tax when a transfer is registered at the Land Title Office, calculated on the fair market value of the property using graduated rates that rise with value, plus a further charge on the residential value above a high-value threshold. Foreign buyers in designated areas pay an additional amount. Exemptions exist for first-time buyers and certain newly built homes, subject to price limits. Run your own numbers through the province's calculator.

Land transfer tax is a one-off charge on buying real estate, set by the province and, in Toronto, by the city as well, and paid once when the transfer is registered. Property tax is an annual charge set by your municipality on the assessed value of property you already own, and it pays for local services. Different level of government, different trigger: one is a purchase tax, the other a recurring bill.

The First Home Savings Account allows $8,000 a year up to a $40,000 lifetime maximum, the same limits that have applied since the account launched in 2023 and still apply for 2026. Unused annual room carries forward, but only up to $8,000, so the most you can contribute in a single year is $16,000. Contributions are deductible, and qualifying withdrawals to buy a first home are tax-free.

E-books are taxable. GST at 5% applies, with HST or provincial sales tax added according to the buyer's province, and non-resident digital sellers must register and charge tax on sales to Canadian consumers. The point-of-sale rebate that removes the provincial part of the HST on printed books does not extend to digital editions, so an e-book can carry more tax than the paperback. Check the CRA's guidance on books and digital products before pricing.

For the 2025 tax year the payment deadline is 30 April 2026, and that date applies even to self-employed filers who have until 15 June 2026 to file the return itself. Pay by online banking, the CRA's payment service, pre-authorised debit or through a financial institution. Corporations run on their own fiscal year: the T2 is due six months after year end, with the balance due two months after year end, or three months for an eligible CCPC claiming the small business deduction.

British Columbia's property tax deferment programs let qualifying homeowners, including many seniors and families with children, have the province pay their annual property tax. The province charges simple interest on the deferred balance at a rate it sets and revises periodically, and it registers a lien against the title until the account is repaid. Check the current rate on the BC government's deferment page before applying, because the rate changes.

British Columbia PST is 7% (2025 and 2026) and applies to most goods, to software, and to a defined list of services including legal services, telecommunications, accommodation, and repairs or maintenance of taxable goods. Groceries, most services, children's clothing and residential rent fall outside it. Vehicles, boats and aircraft follow their own rules. PST is not a value-added tax, so there are no input credits to recover it; check the province's PST bulletins for your item.