When Mark Carney came to power in March 2025, the Liberal party’s continued minority status in Parliament necessitated compromise with the opposition parties to ensure passage of key legislation such as budget bills. But a funny thing happened about a year later: a series of MP floor crossings and three by-election wins delivered a majority […]
For the fourth consecutive quarter, the Canada Revenue Agency prescribed rate will hold steady at 3 per cent. The rate will be in effect for the second quarter of 2026, from January 1st to March 31st, 2026. The prescribed rate is “used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans.” Entrepreneurs […]
On the heels of his widely covered speech at the World Economic Forum in Davos last week, it appears that Prime Minister Mark Carney has been paying attention to poll numbers showing his Liberal party trailing the opposition Conservatives on the cost-of-living file. That would explain his government’s move yesterday to propose a new package […]
We’re pleased to announce that Jeff Manoff has been promoted to Director, Accounting and Assurance, effective January 1st, 2026. Since joining KRP LLP in 2013, Jeff has consistently demonstrated exceptional dedication, a strong work ethic and a commitment to quality. He has delivered trusted accounting, audit, and advisory services to clients across sectors including construction, […]
The Canada Revenue Agency prescribed rate for the first quarter of 2026 will remain at 3 per cent. The rate will be in effect from January 1st to March 31st, 2026. This will mark the third consecutive quarter that the prescribed rate has held steady. As noted in our ongoing updates, the prescribed rate is “used […]
Every young government seeks to impress with its debut tax and spending plan. Federal Budget 2025 was Prime Minister Mark Carney’s first opportunity to reset Canada’s fiscal direction. While it delivers new tax incentives designed to spur business investment, along with a smattering of personal and corporate tax measures, it is far from the transformative […]
Individual Canadian investors and Canadian businesses with U.S. assets are breathing at least a tentative sigh of relief today. At the Trump administration’s request, U.S. Senators appear to have agreed to remove the contentious Section 899 from the One Big, Beautiful Bill Act, the tax and spending legislation currently before Congress. While this is a […]
The recent federal election campaign featured the usual policy one-upmanship among party leaders who made competing pledges covering everything from social program spending to tax cuts. One of Prime Minister Mark Carney’s signature platform planks was a middle class tax cut. Last week his Liberal government tabled a Notice of Ways and Means motion in Parliament […]
The Canada Revenue Agency has announced the prescribed rate for the third quarter of 2025, with welcome news for affected taxpayers. The rate on loans to family members—which is in effect from July 1st, 2025 to September 30th, 2025—will decrease to 3 per cent from 4 per cent, its lowest level since the fourth quarter […]
The Canada Revenue Agency recently announced the prescribed rate for the second quarter of 2025—the period from April 1st, 2025 to June 30, 2025. The rate, which is based on the three-month average of Government of Canada Treasury bill yields, will remain unchanged at 4 per cent for the second straight quarter. As outlined in […]
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