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Personal Measures

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…

2023 Personal Income Tax Return Checklist

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 AND EXPANDED TRUST REPORTING: It’s Here!

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…

New Trust Reporting: Unexpected Exposure

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…

YEAR-END TAX PLANNING

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…

CEBA Repayment Deadline Extended: Some Issues

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…

CPP Enhancements: Higher Contributions and Higher Benefits

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…

Underused Housing Tax

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…

2022 Personal Income Tax Return Checklist

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…

Tax Tidbits

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…

YEAR-END TAX PLANNING

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)…

Tax Tidbits

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)…

Tax Tidbits

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 Tips and Traps

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…

Personal Income Tax Checklist – 2021 Returns

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…

2021 Personal Income Tax Return Checklist

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…

Tax Tidbits

Some quick points to consider… The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception in 2009, up to $81,500 can be contributed. Employees working…

Ontario Providing Supports for Small Businesses, Workers and Families

Province’s plan includes $10,000 grant for eligible small businesses and additional electricity-rate relief The Ontario government is providing targeted relief for businesses and people impacted by the current public health measures aimed at blunting the spread of the Omicron variant….

TAX TICKLERS… some quick points to consider…

CRA recently sent out processing review letters in error to some taxpayers rather than their authorized representative. If you received a letter from CRA that appears unusual, please contact us. A Court recently denied an individual’s travel expenses as no…

TAX TICKLERS… some quick points to consider

Access to the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS) and Canada Recovery Benefits has been extended to October 23, 2021. A recent poll of millennials (aged 25 to 40) found that the top reasons for creating…