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While aspiring entrepreneurs continue to open their own wineries, there’s more to opening a new business than deciding whether to grow organically. Besides figuring out your licensing requirements, you need to know which taxes and duties to pay - and what recording and reporting you are responsible for.
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A quick check of the number of new winery licences issued in B.C. over the last couple of years tells us there are many new or fledging winery operations.
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When you are an accountant dealing with tax issues on a daily basis, you need to get comfortable with the fact that there are few “black and white” answers when it comes to Canadian tax law.
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The astonishing growth in the BC wine industry has been well documented. In 1984, the province had 13 licensed wineries. Today, we have 136, with another 14 licences pending.
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