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 […]
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 FAMILY BUSINESS AND THE CAPITAL GAINS EXEMPTION People wishing to pass on a family business to the next generation have, up until recently, been met with a tax problem – the availability (or more accurately non-availability) of the lifetime capital gains exemption. The lifetime capital gains exemption currently allows for up to $971,190 per […]
SHAREHOLDER AGREEMENTS Whenever a private corporation has shareholders from more than one family (and sometimes even within the same family), shareholder agreements should be considered. A typical situation is where two or three individuals go into business together, and incorporate their business, with each one owning an equal or unequal number of shares of […]
This is the most wonderful time of the year—not to mention the season of giving. That’s why many organizations and individuals are taking the opportunity to give back to their community or their favourite charities over the festive season. Recently, the trend is for organizations to involve their employees and create team events where everyone […]
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