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Tax
Update Early Spring 2005
February 2, 2026
After attending two different tax updates in one
week, I
thought I'd better list some of the major
changes I heard
about from two top tax lawyers here
in Vancouver.
You might want to check if any of
these apply to you. In
addition, check out the
January 2005 ProConnection
Newsletter posted on my
website. This article has lots of
relevant tax
information for 2004 filing year.
1)
Disability supports, formerly Attendant Care Expense
is
for those who work or attend school and is
restricted to
the person making the claim and they
must have earned
income
2) The Medical
Notch provision is completely revised.
a)Under 18
years at end of the year, combine with
parents, no
limit
b)18 years or older, limit to $5,000,
threshold based
on dependent's net income, not
supporting person
3) Fairness is limited to
10 years effective January 1,
2005
4)
Reasonable expectation of profit effective January
1,
2005
5) Small business threshold now
$300,000
6) Loss carry forwards for
non-capital losses increased to
10 years from 7
years
7) Fines and penalties no longer
deductible
8) Beneficiary of trust now
included in affiliated persons
rules for stop
loss
9) Major changes to Taxation for
Charities
10) Debt collect on taxes 10 year
maximum from March 4,
2004
11) Oh yes,
in October 2002, the CRA changed it's position
and
you can claim legal costs for obtaining, enforcing
or
increasing spousal or child support. See Dear
Tax
Detective Q&A for more information
12) New asset classes for computers - Class 45 -
45%
and Class 46 30% for Data networking
Provincial changes:
1) PST applies to gifts
from out of province (same for
imported goods or
downloaded software)
2) BC Corporations Act
is law as of March 29, 2026 and you
have two years
to transition.
3) PST now included in
Director's liabilities
Disclaimer:
Eileen Reppenhagen CGA does
not research or endorse any
product or service appearing in ads
posted on this site.
Please
do NOT rely on or use the
information on this website as a
basis for a course of action without
obtaining appropriate professional
advice
.
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