THE FEDERAL GOVERNMENT’S HOUSING PLAN The Liberal government’s Budget of April 16, 2024 (budget.canada.ca) has committed billions of dollars to support building new housing, recognizing that the shortage of housing in Canada has become a serious crisis, and hoping to get almost 4 million new homes built over the next 7 years. Some of the measures proposed […]
For the first time in nearly two years, the Canada Revenue Agency prescribed rate will not rise, instead decreasing to 5 per cent from 6 per cent for the third quarter of 2024 (July 1st, 2024 to September 30th, 2024. The prescribed rate crested at 6 per cent earlier this year, after lingering at record […]
In an abrupt change of policy, the Canada Revenue agency has announced that it will exempt bare trusts from filing a T3 Income Tax and Information Return, including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year. The CRA still reserves the right to request these filings directly in specific circumstances. […]
DEADLINE PENDING! MUST YOU FILE A TRUST RETURN? We have written before about the new trust reporting rules that were enacted by Parliament in December 2022, and which first apply for the 2023 tax year. The first reporting under these rules is required by April 2, 2024. (The deadline is 90 days after year-end. Because this year is […]
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. […]
The period of relatively low Canada Revenue Agency interest rates on overdue taxes seems like a distant (and fond) memory. Those charges are now hitting an uncomfortably high level that creates potential new challenges for taxpayers. Beginning in January 2024, CRA prescribed interest rates on overdue or outstanding balances will climb to 10 per cent—from […]
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