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
Read More
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
Read More
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
Read More
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
Read More
New CRA Administrative Policy for Employees in Remote Work Arrangements Effective Jan 2024
In Sept 2023, the Canada Revenue Agency (CRA) has introduced a new administrative policy for determining a remote employee’s province of employment for payroll purposes (the New Policy). The new policy is effective January 1, 2024 and may require changes to the payroll tables applied to fully remote workers in 2024 and beyond. Current CRA Guidance Under the existing
Read More
Canada Revenue Agency Expected to Pilot a New Automatic System for Tax Year 2024
The Canada Revenue Agency (CRA) is set to pilot a new automatic tax filing system in 2024. This new pilot program was announced in the federal government’s 2023 to 2024 fiscal budget on March 28, 2023, as part of its goal to “Making Life More Affordable” for Canadians. Automatic tax filing is already a reality
Read More
Important 2024 Canada Tax Deadlines to Keep in Mind
It’s almost that time of year again: tax season. Many of us put off filing our income tax and benefit returns until the last minute. In this article, we will review all the important tax deadlines. February 19, 2024 – That’s when you can start filing your 2023 tax return That’s the date you can
Read More
Government of Canada Extends Deadline for Homeowners to File their Underused Housing Tax Return
The Federal Government of Canada has extended the deadline for homeowners to file their Underused Housing Tax (UHT) return until April 30, 2024. Homeowners affected by the Underused Housing Tax (UHT) will have until April 30, 2024 to file their returns for the 2022 calendar year without being charged penalties or interest. Penalties and interest were previously
Read More
All You Need to Know About Navigating the CEBA Loan Repayment Extension
Program Overview The federal government introduced the Canada Emergency Business Account (CEBA) in April 2020 as part of its COVID-19 pandemic relief initiatives. CEBA program initially offered interest-free loans of up to $40,000, to eligible small businesses or not-for-profit organizations. Eligible CEBA loan holders were later offered an expansion of up to $20,000 (i.e., for a
Read More
What to Know About the Free Canadian Dental Care Plan Proposed in 2023 Budget
What to Know About the Free Canadian Dental Care Plan Proposed in 2023 Budget More Canadians will soon have access to dental care coverage, thanks to the new Canadian Dental Care Plan announced in the 2023 federal budget. The government wants to widen access to dental care with the Canadian Dental Care Plan. It aims
Read More