THE BENEFITS OF ESTABLISHING A FAMILY TRUST Estate planning is an important consideration for all individuals, irrespective of their level of wealth. Poor planning, or no planning, can result in an excessive proportion of your estate being lost when you die, in the form of either probate fees or taxes, or both. Luckily, there is […]
The Canada Emergency Business Account (CEBA) loan repayment and forgiveness deadline is tomorrow: Thursday, January 18th, 2024. Barring a further extension by the federal government—which is highly unlikely—borrowers who were eligible for the previous CEBA repayment extension must repay their outstanding balances to qualify for partial loan forgiveness of as much as 33 per cent. Loan […]
CLAIMING YOUR CAPITAL GAINS EXEMPTION ON THE SALE OF SHARES The Lifetime Capital Gains Exemption (LCGE) is an incredibly valuable tax exemption. Every individual is entitled to this exemption and it can currently (for 2024) exempt a gain of up to $1,016,836 (the amount is indexed to inflation each year). In Ontario for example, the […]
OTTAWA TAKES STEPS TO SIMPLIFY UNDERUSED HOUSING TAX COMPLIANCE As discussed in our April 2023 Tax Newsletter, the Underused Housing Tax (UHT) regime was introduced last year to try to combat the underuse of residential property, particularly property owned by non-residents. The regime imposes an annual tax of 1 per cent of the relevant property’s […]
The Canada Revenue Agency has introduced significant changes to trust reporting rules. The new rules apply to trusts with taxation years ending after December 30th, 2023. Specifically, all trusts—except where specific conditions are met—must now file an annual T3 return, along with additional beneficial ownership information (completed in Schedule 15 of the annual T3 return). […]
END-OF-YEAR TAX CONSIDERATIONS With the end of the year fast approaching, the window for taking steps to claim certain deductions, and for planning to minimize your 2023 tax liability, is closing. There are several things that can be done before January 1 to help control your ultimate tax payment, or maximize your tax refund, in April 2024. […]
Most Torontonians were planning to ring in 2024 with champagne and resolutions. Accounting for a spate of tax increases on some properties were not on their New Year’s agenda—although that is the costly reality. The City of Toronto is introducing new Municipal Land Transfer Tax rate thresholds for higher value residential properties. The new rates […]
MOVING EXPENSES—AN OVERLOOKED TAX EXPENSE? Moving expenses can generate a vast array of deductible items that one can use to offset against new employment location income. People often will neglect a portion of moving expense claims, simply because they are unaware of the long list that constitutes possible moving expenses. This is a very useful […]
YOU CAN BE LIABLE FOR A FAMILY MEMBER’S TAX DEBTS! There Beware of getting money, gifts or transfers of property from a family member, including your spouse, if that person owes (or might possibly owe) any money to the Canada Revenue Agency (CRA), for either income tax or GST/HST. The CRA has the ability to […]
The Canada Revenue Agency prescribed rate will remain unchanged at 5 per cent for the fourth quarter of 2023 (for the period from October 1st through December 31st). After increasing steadily in the wake of the COVID-19 pandemic, the rate has remained static for several consecutive quarters. The prescribed rate is based on the three-month […]
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