Posts

U.S. Treasury Department where Beneficial Ownership Information rules now extend to foreign entities

U.S. Beneficial Ownership Information reporting rules now apply only to foreign entities

The continuing saga over on-again, off-again Beneficial Ownership Information (BOI) reporting rules in the U.S. seems to be settled, at least in the near term. The U.S. Financial Crimes Enforcement Network (FinCEN) has issued an interim final ruling removing the “… requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to […]

U.S. Treasury Department where Corporate Transparency Act is enforced

U.S. Corporate Transparency Act and Beneficial Ownership Information reporting rules reinstated (again)

The back and forth over Beneficial Ownership Information (BOI) reporting rules in the U.S. continues. In the latest development, an appeals court has stayed a previously announced injunction, thereby reinstating the Corporate Transparency Act’s (CTA) requirement for Canadian companies with subsidiaries in the United States to disclose information about the individuals that own or control […]

CRA announces T1 and T3 filing deadline extension for taxpayers with capital gains

Federal government extends filing deadline for taxpayers reporting capital gains or losses

The decision by the Department of Finance to defer implementation of the proposed capital gains inclusion rate increase to January 1st, 2026, was welcomed by impacted taxpayers, notwithstanding all of the damage the proposals had already caused. They received more good news with the announcement that Ottawa is providing interest rate and penalty relief until […]

Parliament Hill where the Capital Gains Inclusion Rate Deferral was announced

Ottawa announces deferral of proposed capital gains inclusion rate increase

In a major policy shift, the federal government has announced that it will defer implementation of the proposed capital gains inclusion rate increase to January 1st, 2026. The proposal was to take effect on June 25th, 2024, though the legislation to implement the increase had yet to receive royal assent. The measure would increase the capital […]

KRP LLP Partner Joe Romeo

Welcoming Joe Romeo to the KRP LLP Partnership Group

We’re pleased to announce the promotion of Joe Romeo from Senior Manager to Partner, effective January 1st, 2025. Joe has made steadfast contributions to our growth and success as a firm since joining KRP LLP in 2014, notably working to enhance our client service experience and to mentor our new employees. Joe has also supported […]

Canada Revenue Agency

Capital gains inclusion rate changes to be administered by CRA

  The Canada Revenue Agency has confirmed that it will implement the federal government’s proposed increase to the capital gains inclusion rate. The news comes days after Prime Minister Justin Trudeau announced his resignation, sparking a Liberal leadership race, while also informing of the prorogation of Parliament until March 24th, 2025. The proposed changes increase […]

Canada US flags and beneficial ownership rules

Update: U.S. judge lifts injunction suspending Corporate Transparency Act and beneficial ownership reporting rules

A significant compliance requirement for Canadian companies with subsidiaries in the United States is the obligation to disclose information about the individuals that own or control those companies through Beneficial Ownership Information (BOI) reporting rules. The U.S. Corporate Transparency Act (CTA) also mandates that, in certain cases, the beneficial owners of a foreign-owned company with […]

Federal GST/HST relief at a shopping mall in Canada

Federal GST/HST relief legislation passes in House without planned tax rebate

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 […]

Federal GST/HST relief at a shopping mall in Canada

Ottawa proposes holiday season HST relief, along with tax rebate for early 2025

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 […]

Interior of Parliament in Ottawa, where the capital gains inclusion rate change awaits royal assent

Update: CRA offers relief as capital gains rule changes have yet to receive royal assent

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 […]