Canadian tax Archives - Adams + Miles

Tax Alert: Capital dividend account and the new two-thirds inclusion rate

Leave a Comment / Canadian tax / By Glen MacMillan

A corporation may add the non-taxable portion of realized capital gains to its capital dividend account and distribute those amounts tax-free to its Canadian resident shareholders. Based on the government’s budget announcement in April, it seemed to be widely accepted that 50 per cent of capital gains realized before June 25 should be added to …

Tax Alert: Capital dividend account and the new two-thirds inclusion rate Read More »

The Parliament of Canada, where the 2024 Federal Budget was presented

The 2024 Federal Budget—Key highlights and analysis

Leave a Comment / Canadian tax / By Glen MacMillan

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 »

house for sale sign illustrating new CRA trusts and flipped property rules

Beneficiaries of trusts and new flipped property rules

Leave a Comment / Canadian tax / By Glen MacMillan

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 »

Dentist and patient discussing Canadian Dental Care Plan

Employers have new T4/T4A reporting requirements for the Canadian Dental Care Plan

Leave a Comment / Canadian tax / By Glen MacMillan

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 »

Accountant doing trust reporting to Canada Revenue Agency

New trust reporting rules apply to trusts wound up in 2023

Leave a Comment / Canadian tax / By Glen MacMillan

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 »

Canada Revenue Agency tax form with amount owing of more than $10,000

Changes coming to tax payments to Canada Revenue Agency of more than $10,000

Leave a Comment / Canadian tax / By Glen MacMillan

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 »

Apartment under construction illustrating waiving of GST on new purpose-built rental construction

Ottawa waives GST on purpose-built rental housing, extends CEBA repayment deadline

Leave a Comment / Canadian tax / By Tony Sokic

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 »

First home purchased using a First Home Savings Account

Everything you need to know about the First Home Savings Account

Leave a Comment / Canadian tax / By Glen MacMillan

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 »

Understanding the new 1 per cent Underused Housing Tax

Leave a Comment / Canadian tax / By Glen MacMillan

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 »

Services

Latest News

Strategic (and actionable) business lessons from the 2024 Games

Tax Alert: Capital dividend account and the new two-thirds inclusion rate

The 2024 Federal Budget—Key highlights and analysis

Sectors

Latest News

Strategic (and actionable) business lessons from the 2024 Games

Tax Alert: Capital dividend account and the new two-thirds inclusion rate

The 2024 Federal Budget—Key highlights and analysis

Services

Latest News

Strategic (and actionable) business lessons from the 2024 Games

Tax Alert: Capital dividend account and the new two-thirds inclusion rate

The 2024 Federal Budget—Key highlights and analysis

Canadian tax

Tax Alert: Capital dividend account and the new two-thirds inclusion rate

The 2024 Federal Budget—Key highlights and analysis

Beneficiaries of trusts and new flipped property rules

New trust reporting rules apply to trusts wound up in 2023

Changes coming to tax payments to Canada Revenue Agency of more than $10,000

Ottawa waives GST on purpose-built rental housing, extends CEBA repayment deadline

Everything you need to know about the First Home Savings Account

Understanding the new 1 per cent Underused Housing Tax

A+M Newsletter