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 …
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 »
For many Canadian CEOs, success in their domestic market is only the first step in a longer journey of business expansion. The more lucrative target can be international markets—often beginning with the U.S. (most Canadian companies’ natural next step for global growth) before looking further abroad. When they make that cross-border leap, however, business leaders …
Pay attention to these 7 international tax compliance points when going global 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 »
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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