2024 Fall Economic statement

Workers in an office discussing the 2024 Fall Economic Statement

2024 Fall Economic Statement highlights for SMEs: Restoration of Accelerated Investment Incentive, SR&ED enhancements

The federal government’s 2024 Fall Economic Statement was delivered this week amid the chaos of Finance Minister Chrystia Freeland’s resignation, her replacement in that portfolio by Public Safety Minister Dominic LeBlanc, and ongoing threats of a trade war from South of the Border. Within that context, Ottawa announced a higher-than-expected deficit of $61.9 billion for …

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Food Bank and new NPO reporting requirements

New NPO reporting requirements announced in 2024 Fall Economic Statement

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 …

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