Mercado & De La Cruz CPAs Inc.

Speculation and vacancy tax The speculation and vacancy tax, also known as "spec tax", is an annual tax payable by owners of residential property in designated taxable regions of B.C.

When we turn the clocks ahead on March 8, it will be the last time change ever for BC.

We're making Daylight Saving Time permanent, with a new time zone called Pacific Time (PT).

It aligns us with the Yukon, which stopped changing its clocks in 2020. PT will be aligned with Alberta and other regions on Mountain Standard Time in the winter, and with California, Washington, Oregon and other Pacific Standard Time regions the rest of the year.

This change is better for our health, our routines, and gives us an extra hour of daylight during those dark winter months. It also simplifies life for businesses and service providers—and for everyone who’s said they’re ready for a permanent change.

Learn more: News.gov.bc.ca/33415

RRSP Contribution Deadline today if you want to be included as Tax Deductions for your 2025 Income Tax.

B.C.’s minimum wage is increasing from $17.85 to $18.25 per hour starting June 1, 2026.

The province says the raise keeps pace with inflation, which averaged just over 2% last year. App-based delivery and ride-hailing workers will see their engaged-time rate rise to $21.89 per hour.

Supporters say predictable annual increases help workers keep up with rising costs.
Others argue it still doesn’t match the reality of rent, groceries and fuel prices in Metro Vancouver.

So let’s talk honestly 👇
Is $18.25/hour enough to live in Surrey today?

Let's get Ready...Tax Season is here. Contact us for more info.

Online tax filing begins on February 23rd, 2026, and now’s the perfect time to make sure your CRA account is ready.

You‘ll be prompted to add a backup multi-factor authentication (MFA) option to your account next time you sign in.

This added security helps if your existing MFA option is not available or if it is lost or forgotten.

You can choose your backup option between a:

✔️ Third-party authenticator app
✔️ Passcode grid

Save time at tax season by signing into your CRA account today and adding yours: https://ow.ly/vLqH50Yf7tX

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💡 Fun fact: The Progress tracker in your CRA account gives you real-time updates on your disability tax credit application!

✔️ View your application status
✔️ Review a full history with dates
✔️ Get updates with timestamps

Stay up-to-date with ease—access your CRA account today ➡️ https://ow.ly/lYcz50Y6wf0

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Your data privacy and security starts with knowing what to expect from us.

Remember, we won’t:

❌Email or text you a link asking you to fill in an online form
❌Ask for your personal or financial info by email
❌Send you an email or a text with a link to get a payment

Learn what to expect when we contact you ➡️ https://ow.ly/SO4h50Y62NE

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Vehicle Expenses

If you use your vehicle for business or employment, make sure you're tracking your mileage! The CRA requires a log to support your deduction — date, destination, purpose, and kilometres. A simple app or a notebook in your glovebox works. Small habit, big tax savings.

Mark down your starting mileage in January and track the kilometers driven for work. You can claim the total KM used for work / total KM used as a % of your fuel, insurance, maintenance, loan interest, lease, etc.

Remember that driving to and from your regular place of work is not a business drive

https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/business-income-tax-reporting/business-expenses/motor-vehicle-expenses.html

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/salaried-employees/allowable-motor-vehicle-expenses.html

Line 22900 – Other employment expenses - Canada.ca How to deduct certain expenses you paid to earn employment income if you were a salaried and/or commissioned employee.