Canadians were gifted far more excitement than anticipated yesterday as they awaited the tabling of the pre-holiday 2024 Fall Economic Statement. While they may have expected a grossly inflated deficit (correct) and a raft of new measures designed to save the Trudeau Liberals’ sinking fortunes (correct once again), few would have predicted the abrupt resignation […]
The Canada Revenue Agency prescribed rate will decrease to 4 per cent for the first quarter of 2025—the period from January 1st to March 31st , 2025—down from 5 per cent in Q4 2024. The rate held steady for two straight quarters this year after climbing steadily in the wake of the COVID-19 pandemic as […]
The federal legislation implementing the GST/HST holiday on select items, which will be in place between December 14th 2024 to February 15th, 2025, has passed in the House of Commons and—barring any surprises in the Senate—will soon become law. The legislation does not include the proposed Working Canadians Rebate for qualifying taxpayers, which (as outlined […]
In the wake of the Ford government’s decision to issue $200 tax rebates to most Ontarians in early 2025, Ottawa has decided to take a similar policy approach to assuage Canadians’ cost-of-living anxieties. The Trudeau government yesterday announced plans for a two-month GST/HST holiday on a wide range of consumer goods, along with a new […]
As the Notice of Ways and Means Motion that will implement the federal government’s increase to the capital gains inclusion rate lingers in a House of Commons brought to a virtual standstill by recent privilege debates, the Canada Revenue Agency has officially announced that it is administering the tax change, which was first tabled in […]
The Ontario government yesterday tabled the 2024 Fall Economic Statement, notable for a sunnier fiscal outlook than expected and a promise to line the pockets of Ontarians in advance of a potential early election in 2025. On the fiscal front, the Ford government was eager to share news that the provincial deficit for the 2024-25 […]
Ottawa has upheld its long-delayed carbon tax commitment to refund a portion of federal fuel charge proceeds to small to medium-sized businesses in provinces where the charge applies. The recently announced Canada Carbon Rebate for Small Businesses promises to return fuel charge proceeds from 2019-20 through 2023-24 to approximately 600,000 Canadian-controlled private corporations with between […]
The rules around bare trust reporting are shifting again. The Canada Revenue Agency yesterday announced that bare trusts will be exempted from filing a T3 Income Tax and Information Return, including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year. The exception will be in cases where the CRA directly instructs […]
The federal government’s decision earlier this year to increase the capital gains inclusion rate caused considerable consternation among entrepreneurs, professionals and other affected taxpayers. Many stakeholders—including business and industry advocacy groups—called for a rethink, reversal or at the very least a delay of the policy change to allow individuals and business owners to plan. But as […]
The Canada Revenue Agency prescribed rate will remain at 5 per cent for the fourth quarter of 2024—the period from October 1st to December 31st. It is the second straight quarter the rate has remind unchanged. The prescribed rate reached record highs following the peak of the pandemic in 2022, surging to 6 per cent […]
Copyright KRP LLP 2020
KRP LLP is a proud member of Russell Bedford International – a global network of independent professional services firms