Strategic Consulting

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

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

Getting CRA to Waive or Cancel Penalties & Interest

Canada Revenue Agency (CRA), under provisions of the Income Tax Act that are usually referred to as “Taxpayer Relief”, has the discretion to waive any or all amount of penalties and interest. The provisions can protect a taxpayer who is unable to meet their tax obligations due to circumstances beyond their control. However, this comes

Understanding Shareholder Loan Accounts

Understanding Shareholder Loan Accounts As interest rates continue to climb in 2023, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But before you plan to do that, it is important to understand the tax implications related to that. If you’re considering taking out a

All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023

All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023 TFSAs (tax-free savings accounts) and RRSPs (registered retirement savings plans) are two of the most popular registered accounts held by Canadians. A TFSA helps you save for any goal – from next summer’s vacation abroad to supplementing your retirement later on — with tax-free growth.

Boost your small business digital strategy with the Canada Digital Adoption Program (CDAP)

Boost your small business digital strategy with the Canada Digital Adoption Program (CDAP) In March of 2022, the Canada Digital Adoption Program (CDAP) was announced by the federal government. As part of Budget 2021, the $4 billion investment is dedicated to supporting small businesses through access to micro-grants, loans, and a network of professionals ready

How to recession-proof your business finances in 2023?

How to recession-proof your business finances in 2023? Small business owners are struggling to make sense of the current economic state in 2023, with reports on a looming recession floating around. Therefore, it is advisable to be ready to weather the upcoming storm. Just as evolution in animals dictates that only the fittest survive, in