This blog outlines tax measures announced in the November 4, 2025, Federal Budget that the Adams + Miles team considers most relevant to our clients. Overall, the current government seems to be showing greater awareness of the impact legislation and compliance has on taxpayers than the previous government. On the other hand, there is nothing […]
2025 federal budget highlights Read More »
The CRA has revised several important aspects of its voluntary disclosures program (“VDP”), effective for disclosures filed on or after October 1, 2025. Unprompted filers Unprompted filers have received no communication (verbal or written) about an identified compliance issue related to their disclosure. A taxpayer can qualify as an Unprompted filer if the taxpayer has
Changes to the Canada Revenue Agency Voluntary Disclosures Program Read More »
As summer fades and families prepare to close the cottage for another season, it’s important to remember that these second homes aren’t merely a place to relax and make memories across generations. They can also be a very substantial—and highly emotionally charged—asset in a family’s financial portfolio, presenting a host of financial, tax and governance
The financial and governance challenges of managing the family cottage Read More »
In our last blog, we shared the cautionary tale of the uber-wealthy Vanderbilt family, whose fortune was squandered in several generations through a combination of over-spending, mismanagement, family expansion and lifestyle factors. If the descendants of one of America’s greatest industrial success stories can see their riches diminish in a few generations, then high net-worth
How high net-worth families can protect their wealth for generations Read More »
It’s one of the great cautionary tales in financial history. For accountants and wealth managers, it is equal parts baffling and unsurprising. How one of the United States’ greatest industrial families squandered an immense fortune estimated at around $140 billion in today’s dollars (but potentially much more) is difficult to fathom. But the Vanderbilt story
The barriers to making wealth multi-generational Read More »
When we first met Andrew McConnell, we knew he had some special qualities. He was a young and ambitious accountant-in-training. He possessed a unique drive, attention to detail and a dedication to excellence—attributes that have long been a hallmark of our firm. In those early days as a university co-op student, his potential was clear—and,
Long-time Adams + Miles manager Andrew McConnell admitted to partnership Read More »
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 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 »