This blog outlines tax measures announced in the 2024 Federal Budget that A+M considers most relevant to our clients: Change in the capital gain inclusion rate The inclusion rate is increasing from 50 per cent to 66.67 per cent for capital gains realized on or after June 25, 2024. For individuals only, the 50 per …
The 2024 Federal Budget—Key highlights and analysis Read More »
Most estates and trusts are not allowed to claim the principal residence exemption (“PRE”). As the Canada Revenue Agency notes in explaining how the PRE functions, “When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because …
Beneficiaries of trusts and new flipped property rules Read More »
The new Canadian Dental Care Plan is designed to provide dental coverage for individuals who have family income of less than $90,000 and do not have access to coverage from other sources, such as a workplace dental plan. To help identify individuals who do not have workplace coverage, employers and other issuers of T4/T4A slips …
Employers have new T4/T4A reporting requirements for the Canadian Dental Care Plan Read More »
The federal government’s new trust reporting rules and failure to comply penalties apply to most inter-vivos trusts for taxation years ending on or after December 31, 2023. In the case of trusts that no longer serve a useful purpose, some trustees may believe they can avoid these new rules by distributing all assets to beneficiaries …
New trust reporting rules apply to trusts wound up in 2023 Read More »
Starting January 1, 2024, taxpayers will be required to remit tax payments over $10,000 to the Canada Revenue Agency electronically or be assessed a penalty of $100 per payment. There are several electronic options available. Most Canadian banks provide a full range of electronic payment options to CRA, including personal tax, corporate tax, payroll, GST/HST, …
Changes coming to tax payments to Canada Revenue Agency of more than $10,000 Read More »
Last week the federal government announced two program changes that could affect a significant number of small to medium-sized businesses across Canada. The new measures include an enhancement of the GST Rental Rebate on new rental housing and an extension of the Canada Emergency Business Account (CEBA) repayment deadline. Here’s what you need to know: Enhanced …
Ottawa waives GST on purpose-built rental housing, extends CEBA repayment deadline Read More »
Eligible Canadians can now enjoy the benefits of the newly introduced First Home Savings Account (FHSA) to save for a home. FHSA’s are poised to become popular because these plans combine the benefits of tax-deductible contributions with tax-free qualified withdrawals. Income earned and gains realized in an FHSA are tax-free. To be eligible to open …
Everything you need to know about the First Home Savings Account Read More »
The Underused Housing Tax (“UHT”) imposes a mandatory tax return filing obligation and potential tax liability on most owners of Canadian residential properties. A residential property generally refers to a detached house, duplex, triplex, semi-detached house, rowhouse unit, residential condominium unit or other similar premises containing a private kitchen, bath and living area. An owner of …
Understanding the new 1 per cent Underused Housing Tax Read More »
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