The federal government last week announced plans to defer implementation of the proposed capital gains inclusion rate increase to January 1st, 2026, from the original proposed date of June 25th, 2024. The proposed measure would see the capital gains inclusion rate increase to two-thirds from one-half on annual capital gains realized by corporations and most …
Capital gains inclusion rate hike deferred until Jan. 1, 2026 Read More »
The tabling last year of proposed capital gains inclusion rate changes was controversial. The measure’s continued implementation is proving even more contentious. Last week the Canada Revenue Agency confirmed that it would, indeed, continue implementing the increase to the capital gains inclusion rate—to two-thirds from one half on all capital gains earned by corporations and …
Capital gains uncertainty—and some of the business tax measures taking effect in 2025 Read More »
The federal government’s 2024 Fall Economic Statement is proposing significant changes to reporting requirements for non-profit organizations (NPO) in Canada. Currently, a non-profit organization must file an annual information return with the Canada Revenue Agency if any one of the following three conditions are met: Total passive income (interest, dividends, rents, royalties) exceeds $10,000 in …
New NPO reporting requirements announced in 2024 Fall Economic Statement Read More »
With the hectic holiday season upon them, businesses across Canada have a new administrative task to manage in the coming days: accounting for the federal government’s HST holiday (see the government announcement for the full details and implementation guidelines). The measure—which has now received royal assent and will be in effect between December 14th, 2024 …
Potential HST holiday compliance pitfalls for small businesses Read More »
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 »
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 »
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