Expert Tax Accountants in Salmon Arm

Medical costs give a non-refundable credit rather than a deduction. Eligible items include prescription drugs, dental work, eyeglasses and contact lenses, fees paid to medical practitioners authorised to practise, private health plan premiums, attendant care and travel for treatment unavailable locally. Over-the-counter products and most cosmetic procedures do not qualify. Only the portion above an income-based threshold counts, the claim period may end at any point in the tax year rather than following the calendar year, and pooling the family claim on one spouse usually helps.

Your obligations are to report all income, file on time, pay what you owe, and keep records that support both. For an individual that means a T1 each year, due 30 April 2026 for the 2025 tax year. Business owners add GST/HST returns once registered, payroll remittances if they have staff, a T2 for a corporation, and instalments where required. Keep records six years from the end of the last tax year they relate to.

The slip reporting employment insurance benefits is issued in February following the year you received them, ahead of the filing deadline. Look for it in your My Service Canada Account and in CRA My Account; a paper copy is mailed if you have not chosen electronic delivery. EI benefits are taxable, and the tax withheld at source is often less than the tax finally due, so expect a balance owing if you had other income that year.

No. The GST, HST, PST or QST you charge is not your revenue. You collect it as an agent and remit it, so it belongs in a liability account and revenue is recorded net of tax. Including it overstates sales and distorts every margin you calculate. Input tax credits work the same way in reverse, against that liability rather than as an expense. Payment processors deposit tax-included amounts, which is why bank totals never equal revenue.

No. While your taxable revenue stays under the $30,000 small-supplier threshold for 2026, unchanged from 2025, you are not required to register for GST/HST or charge it. The threshold is tested over four consecutive calendar quarters or within a single quarter, and crossing it in one quarter ends small-supplier status on the sale that takes you over. You may still register voluntarily so you can claim input tax credits on your costs.

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.

Richmond has no municipal empty homes tax of its own, that levy is Vancouver's. Richmond property is instead inside British Columbia's provincial speculation and vacancy tax area, so owners there receive an annual declaration and pay if the home sits empty without an exemption. Rates and exemptions change, so confirm the current year on the province's speculation and vacancy tax pages before you rely on a figure.

The duty to declare does not depend on the letter arriving. If you own residential property in a designated area of British Columbia and no declaration package reached you, contact the provincial speculation and vacancy tax office, get your identification numbers and declare before the annual deadline. Missing the declaration has you assessed at the highest rate for your situation, which you then have to unwind. Update your mailing address and keep proof of the declaration.

If the amount is wrong because of something you reported, ask for an adjustment using a T1-ADJ or the change-my-return service in My Account. If you disagree with a CRA reassessment, file a formal objection within the deadline printed on the notice, setting out the facts and attaching support; an appeals officer reviews it independently. Interest keeps running while you object, so consider paying to stop it. Penalty and interest relief is requested on form RC4288.

Total income is measured before tax. On a T1 it is the sum of your income sources for the year, such as employment income from your T4, self-employment, investment, and pension amounts, added up before deductions and before any tax withheld. Tax withheld at source is a payment toward your final bill, not a reduction in income. Deductions take total income down to net income, and further deductions give taxable income, which the rates apply to.

British Columbia's provincial sales tax is 7% for 2026, on top of the 5% federal GST, for 12% combined. You must register and charge it separately on most tangible goods, software, telecommunications, legal services and services performed on goods. Food for human consumption and many other services are not taxable. Labour follows the item it relates to, so work on goods can be taxable while work on real property generally is not.

Marital status does not change your tax rates, but it changes what you claim and what you receive. Once you are married or living common-law, the CRA treats you as a couple for income-tested amounts, so the GST/HST credit, the Canada child benefit and similar payments are calculated on combined income. In return, couples may claim the spouse or common-law partner amount, transfer certain unused credits, split eligible pension income, and pool donations and medical expenses.