Local guide
Tax notes for Surrey businesses and families.
Surrey is one of BC's fastest-growing cities, with a large base of contractors, family businesses and households with rental suites. These are the topics that come up most.
Contractors and trades
Construction is a big part of our Surrey work: job costing, GST, T5018 slips and the subcontractor-or-employee question. Clean monthly books make all of it easier and show which jobs actually make money.
Truck drivers and owner-operators
Trucking is a big part of the Surrey economy, from independent owner-operators to fleets. Clean records make tax time simple and protect your deductions if the CRA asks.
- Trucks and trailers are depreciated through capital cost allowance, and heavy trucks generally qualify for a higher rate
- Eligible long-haul truck drivers can deduct 80% of meal costs on qualifying trips, instead of the usual 50%
- GST is charged on most hauling, and input tax credits can be claimed on fuel, repairs and truck costs
- Interprovincial carriers may also have fuel tax reporting under the International Fuel Tax Agreement
- Incorporating often makes sense once profit exceeds what you need to live on
Basement suites and coach houses
Many Surrey families rent out a suite. Rent is reported on your return, and you deduct the share of expenses that relates to the rental, such as a portion of utilities, insurance, property tax and mortgage interest. Claiming depreciation on part of your home can affect your principal residence exemption, so it's usually avoided.
Surrey is inside the area covered by BC's Speculation and Vacancy Tax. Owners of residential property must file a declaration every year, even when they're exempt.
Family businesses
For family-run companies, how profit is shared among family members is limited by the tax on split income rules. Paying family members a reasonable salary for work they actually do is still allowed, and we review dividends before they're paid.
Meeting with us
Our office is downtown on the Expo Line, but most Surrey clients work with us by phone, video and secure portal, and we're happy to come to you, wherever suits you.
Have a question about your situation?
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