Tax Management

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

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

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

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

Important Tax Deductions & Credits Canadians Can Claim for Tax Year 2023

Over the past year, economic instability has been notable, attributed to the ongoing developments surrounding COVID-19 and heightened inflation and increased cost of living. In this article, we will share some of the tax credits and deductions that you may be able to claim on your income tax return this year to help you save

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

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