J Wang CPA

09/19/2026

Premier David Eby’s government has paused the planned Oct. 1 expansion of the Provincial Sales Tax to certain professional services, including accounting, engineering, architecture, real estate and security services.

The province says the decision comes amid ongoing international trade disruptions and economic uncertainty. The pause is expected to save people, businesses and local governments about $260 million in 2026–27, according to the government.

The PST expansion had been scheduled to take effect just days from now, meaning businesses that had been preparing to collect the tax will continue under the existing exemption for the time being.

The government says the change will remain paused until conditions around the trade dispute improve.

02/25/2026

Starting October 1, 2026, the following businesses in British Columbia will be required to charge 7% PST, including accounting services.

01/27/2026

The Government of Canada has proposed to increase the Canada Groceries and Essentials Benefit (formerly the GST Credit) by 25% for five years starting in July 2026. In addition, a one-time top-up payment equal to 50% of the 2025-26 value has also been proposed.

07/19/2025

Is income tax going down in 2025?
Once legislated, the lowest marginal personal income tax rate will be reduced from 15 per cent to 14 per cent, effective July 1, 2025. This tax cut will help hard-working Canadians keep more of their paycheques to spend where it matters most.

07/19/2025

As of April 2 until June 30, 2025, the CRA is deferring corporate income tax payments and GST/HST remittances. Interest will also be waived on new and existing GST/HST and T2 instalment and arrears payments due between April 2 and June 30, 2025. Interest will resume on July 1, 2025.

02/20/2025

Employees must be paid at least minimum wage

The minimum wage in B.C. is currently $17.40 per hour (as of June 1, 2024). Starting June 1, 2025 it will increase to $17.85 per hour.

This hourly minimum wage applies to most employees regardless of how they're paid – hourly, salary, commission or on an incentive basis. If an employee's wage is below minimum wage for the hours they worked, the employer must top up their payment so that it's equal to minimum wage.

01/31/2025

Good news. Toronto, January 31, 2025 – The Canadian Federation of Independent Business (CFIB) is pleased that the federal government has deferred the increase in the capital gains inclusion rate to 66.7% until 2026 – after the next federal election

01/08/2025

The BC home flipping tax applies to the profit you earn from selling a property in British Columbia (including presale contracts) if you owned the property for less than 730 days.

The tax is imposed under the Residential Property (Short-Term Holding) Profit Tax Act, which takes effect starting January 1, 2025.

Property purchased before the tax’s effective date may be subject to the tax if sold on or after January 1, 2025 and owned for less than 730 days, unless an exemption applies.

12/29/2024

Bench Accounting has closed it’s doors. If you need help wrapping up your year end and need a new accountant we can take you on as our client. Here is the website:

J. Wang Chartered Professional Accountant 2100 – 1055 West Georgia Street, PO Box 11110Vancouver, BC V6E 3P3 Tel: 604-638-0990Cel: 604-314-3631Fax: 604-638-0989Email: [email protected]

12/14/2024

FOR CANADIANS: Starting December 14, 2024, a tax break to all Canadians. With a GST/HST exemption across the country, Canadians will be able to buy essentials like groceries, snacks, and kids clothing – all tax-free.

This new tax break will apply to:

• Prepared foods, including vegetable trays, pre-made meals and salads, and sandwiches.

• Restaurant meals, whether dine-in, takeout, or delivery.

• Snacks, including chips, candy, and granola bars.

• B**r, w**e, c***r, and pre-mixed alcoholic beverages below 7 per cent ABV.

• Children’s clothing and footwear, car seats, and diapers.

• Children’s toys, such as board games, dolls, and video game consoles.

• Books, print newspapers, and puzzles for all ages.

• Christmas trees.

This tax break is projected to last until February 15, 2025. By making essentially all food GST/HST free, this will deliver meaningful savings for Canadians, with real relief at the cash register.