Duffin Martin – Duffin Martin Tax & Accounting

Federal Budget 2024: Canada Hikes Capital Gains Tax to 66.6% for High Earners, Starting June 25

The federal government is raising the inclusion rate to two-thirds from one-half on capital gains above $250,000 realized annually by individuals and on all capital gains realized by corporations and trusts. The proposed higher new rate kicks in June 25, 2024, the government announced in Budget 2024. Right now, only 50 percent of capital gains

Is Your Car Lease Payment a Tax Write-Off?

Individuals who lease a passenger vehicle for work-related purposes can deduct part of their leasing costs on their tax return. That being said, there is a limit on the amount you can claim. This limit is based on a calculation involving your lease payments and the value of your car. How to calculate your car

Update on New bare trust reporting requirements for T3 returns

On December 15, 2022, the government passed Bill C-32 bringing into effect new trust reporting rules that apply to trusts with tax years ending December 31, 2023. Included in these new rules are the reporting requirements for Bare Trusts. The new disclosure rules apply to trust-like relationships whereby a person holding legal title to an

How to Protect Yourself from Identity Theft

Identity theft is a crime in which an imposter obtains key pieces of personal information, such as a Social Security or driver’s license number, to impersonate someone else. The information can be used to obtain credit, merchandise, and services in the name of the victim, or to provide the thief with false credentials. Identity thieves

Most Common Mistakes Canadians Make on Tax Return Filing

Filing income tax returns can be a complicated task, hence it’s common for taxpayers to make errors on their returns. These errors might result in overpaying taxes or necessitate returning previously obtained benefits, possibly incurring penalties or additional fees. To help in ensuring accuracy from the outset, we’ve compiled a list of prevalent mistakes made

The Canadian Federal Carbon Tax is Set to Rise on April 1st. How Will That Affect Inflation?

Rising prices for housing, groceries, utilities, and other essentials have put a significant strain on families in Canada. As we move into Spring 2024, people might be hoping for a relief but starting April 1, 2024, BC’s carbon tax is set to rise yet again from $65 a tonne to $80 a tonne. According to

Things You Need to Know About High-Interest Car Loans in Canada

Whether you’re buying a new or used car, odds are you’re going to be taking out a car loan. But if this is your first time buying a car or making a purchase of any kind this substantial, you might not be aware of how large loans work in Canada. So, we’re going to explain how

Bare Trust Tax Reporting Requirements for Calendar 2023

On December 15, 2022, the government passed Bill C-32 bringing into effect new trust reporting rules that apply to trusts with tax years ending December 31, 2023. Included in these new rules are the reporting requirements for Bare Trusts. What is a Bare Trust? A bare trust, also known as a simple trust or nominee

Financial Goals: How to Set Them and Avoid Debt

Balancing your financial goals amidst existing debts can be tough. Whether it’s student loans, credit cards, or other debt, a significant portion of your income might be allocated toward repayment, leaving minimal funds for savings. Reaching your financial goals takes planning and setting financial goals is a key component to attain financial freedom. Each individual’s

Getting a Second Mortgage to Pay Off Debt: Is It a Good Idea?

If you are struggling with substantial debt, whether from credit cards, payday loans, or lines of credit, you may have considered taking out a second mortgage to pay off your debt. Consolidating debt through a secondary mortgage can prove advantageous for certain individuals, particularly given that mortgage loans typically offer lower interest rates compared to

Posts by: Duffin Martin