Expert Tax Accountants in North Vancouver

File a T1 return for the year, sending it electronically with CRA-certified software or mailing a paper return. Gather your slips and receipts first and check them against the ones listed in My Account. For the 2025 tax year the filing and payment deadline was 30 April 2026, or 15 June 2026 to file if you or your spouse were self-employed, with payment still due 30 April 2026. CRA online filing for 2025 returns closes 29 January 2027.

Sales tax in British Columbia totals 12% for 2026: the 5% federal GST plus 7% provincial sales tax. BC is not harmonised, so the two run separately, with GST registered and filed with the CRA and PST with the province. A $100 taxable sale carries $5 GST and $7 PST. PST has its own exemptions, including most food for human consumption, so some sales take the 5% GST only.

In British Columbia the 2026 rates are 5% GST and 7% PST, and each is calculated on the selling price rather than on the other tax. On a $100 sale that is $5 GST plus $7 PST, so $112 in total. The two taxes have separate registrations, returns and rules, so some goods and services are PST-exempt while still carrying GST. Only the GST paid on business inputs is recoverable as an input tax credit; PST generally is not.

Pay through your bank's online bill payment, CRA My Payment, pre-authorised debit set up in My Account, a credit card through a third-party provider, or at a Canadian financial institution with a remittance voucher. Interest runs daily on an unpaid balance from the due date, so pay what you can even if you cannot clear it all. If you cannot pay in full, call the CRA to arrange a payment plan; penalty and interest relief is requested on form RC4288.

Since 1 April 2024, a first-time buyer in British Columbia pays no property transfer tax on the first $500,000 of value, worth up to $8,000, provided the home's fair market value is $835,000 or less. Between $835,000 and $860,000 the exemption tapers off in a straight line, and above $860,000 none is available. You must also be a Canadian citizen or permanent resident, meet the province's residency test, and live in the home.

The annual statement or receipt from your municipality shows the total billed and paid for the year. A municipal online tax account normally lists payments by year and by instalment, and where property tax is collected with your mortgage, the lender's year-end statement reports what was remitted. Municipal property records are usually searchable by address or roll number. Keep that figure if you are claiming a rental, business or workspace share, or a provincial property tax credit.

Insurance premiums are an exempt financial service, so GST is not charged on the premium, and British Columbia's PST is not applied to insurance premiums either. Taxable items billed alongside follow their own rules: a vehicle purchase, repairs or certain administrative services can each carry tax. The invoice itemises anything taxable, and a registered business can claim an input tax credit only for GST or HST that actually appears on it.

British Columbia's property tax deferment programme is a low-interest loan from the province that pays the annual property tax on your principal residence. Eligibility is limited, broadly to older homeowners, surviving spouses, people with disabilities, and families supporting a child, and there are minimum equity and fire insurance requirements. The province registers a lien on the title and charges simple interest, and the balance falls due when the property is sold or transferred. You renew each year.

Not for owing money. A balance is collected civilly through interest, garnishment, liens and set-off against benefits. Imprisonment is only possible for criminal offences such as tax evasion or making false statements, and that takes an investigation, a prosecution and a conviction in court. Filing late or making mistakes is not evasion. Correcting the record yourself, by amending returns or using the voluntary disclosures route, is treated far better than waiting to be found.

Your municipality sets that, not the CRA. Most Canadian municipalities issue an interim bill and a final bill each year, each payable in one or more instalments, and many also offer a monthly pre-authorised plan spread across the year. If your mortgage lender pays the tax on your behalf, you contribute a portion with each mortgage payment instead. Your tax bill or your municipality's website lists the exact instalment dates for your property.

Yes. CRA My Account holds your notices of assessment and reassessment, lets you view returns for a number of prior years, and lists the slips the CRA received, such as T4, T4A and T5. Keep in mind these are the CRA's records of what was assessed, not the file your software produced, so figures can differ if the return was adjusted. Records supporting a return should be kept six years from the end of the last tax year they relate to.

Yes. On top of the general 1%, 2% and 3% bands, British Columbia charges a further 2% on the portion of a residential property's fair market value above $3,000,000, so that top slice is taxed at 5% in total for 2026. On a mixed-use property the extra 2% applies only to the residential part. It is separate from the additional tax on foreign buyers, which can apply as well.