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December 31, 2024 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. 1) NEW! As of June 25, 2024, 2/3s…

Tax Tidbits Some quick points to consider… All GST/HST returns (except for those of charities and selected financial institutions) must now be filed electronically using methods such as NETFILE, internet file transfer through a third-party accounting software, CRA’s My Business…

Some quick points to consider… All eligible Canadian resident seniors (over age 65), children under 18 and individuals eligible for the disability tax credit can now apply for the Canadian Dental Care Plan. Other eligible individuals will be invited to…

The 2024 Federal Budget proposed to increase the capital gains inclusion rate from 50% to 2/3 of the actual gain, effective for capital gains realized on or after June 25, 2024, for all taxpayers (including corporations and trusts) other than…

A. Personal Measures Capital Gains Inclusion Rate Currently, one half of capital gains are included in a taxpayer’s income. Budget 2024 proposed to increase this inclusion rate to two thirds of the actual gain, effective for capital gains realized on…

A. Information – All Clients Must Provide Please check all boxes that apply and provide supporting information. All information slips, such as: T3, T4, T4A, T4A(OAS), T4A(P), T4E, T4PS, T4RIF, T4RSP, T5, T10, T2200, T2202, T101, T1163, T1164, TL11A, B,…

New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch many individuals and businesses that may not be aware of their trust-like relationships, exposing…

Tax Tidbits Some quick points to consider… The 2024 RRSP contribution limit is $31,560, requiring earned income in 2023 of at least $175,333. The 2025 limit will be $32,490 (requiring earned income in 2024 of at least $180,500). The annual TFSA contribution limit…

December 31, 2023 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. SOME 2023 YEAR-END TAX PLANNING TIPS INCLUDE: Certain…

Some quick points to consider… CRA has produced various basic tax education and literacy tools, such as seven learning modules with videos and quizzes. As of January 1, 2024, where more than five information returns of a particular type (such…

In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1 occurred from 2019-2023; phase 2 will occur from 2024-2025. Overall, the changes will require larger contributions…

The new Underused Housing Tax (UHT) imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. The government indicated that the tax would…

A. Information – All Clients Must Provide Please check all boxes that apply and provide supporting information. COVID-19 related information – All income, support and benefits received under COVID-19 relief programs. Some of these benefits are taxable, while others are…

Some quick points to consider… · For 2023, the maximum amount that may be deducted for non-taxable allowances paid to an employee using a personal vehicle for business purposes has increased by 7₵ to 68₵/km for the first 5,000 kms driven and to 62₵ for each additional…

December 31, 2022 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. SOME 2022 YEAR-END TAX PLANNING TIPS INCLUDE: 1)…

The interest rate on overdue taxes for the fourth quarter of 2022 (October 1 – December 31, 2022) has increased by 1% to 7%. Make sure to get those payments in to CRA on time! No input tax credit (ITC)…

Some quick points to consider… On June 19, 2022, individuals suffering from Type 1 diabetes became automatically entitled to the disability tax credit. This change is retroactive to 2021. The Tax Gap, which measures the difference between what is actually…

Tax Tidbits Some quick points to consider… The luxury tax affecting new vehicles and aircraft retailing for more than $100,000 and new boats over $250,000 has been rescheduled to commence on September 1, 2022. The Office of the Auditor General…

SECTIONS: A. Information – All Clients Must Provide B. Questions To Answer C. Additional Information – New Clients Must Provide D. Other 2021 saw the continuation of the COVID-19 pandemic, along with the related government supports and tax issues. For…

SECTIONS: A. Information – All Clients Must Provide B. Questions to Answer C. Additional Information – New Clients Must Provide D. Other 2021 saw the continuation of the COVID-19 pandemic, along with the related government supports and tax issues. For…