When the federal government this week tabled a notice of ways and means motion providing technical details of planned changes to the capital gains inclusion rate, the news was more about what wouldn’t be included in future legislation than what would. Despite feedback from a diverse group ranging from economists to organizations representing Canada’s physicians—that […]
For the first time in nearly two years, the Canada Revenue Agency prescribed rate will not rise, instead decreasing to 5 per cent from 6 per cent for the third quarter of 2024 (July 1st, 2024 to September 30th, 2024. The prescribed rate crested at 6 per cent earlier this year, after lingering at record […]
The raft of ambitious new federal spending commitments in the lead up to Budget 2024 were designed to position the Trudeau government as being a step ahead of challenges such as affordability, the national housing shortage and Canada’s woeful economic productivity. Many of these announcements were also drafted to woo critical Generation Z and Millennial voters […]
Some taxpayers who were required to file a trust return for 2023 may have been surprised to discover that they’d been assessed a late-filing penalty of $100 by the Canada Revenue Agency for the on-time filing of the Schedule 15 (Beneficial Ownership Information of a Trust) form that accompanied their 2023 T3 Income Tax and […]
In an abrupt change of policy, the Canada Revenue agency has announced that it will exempt bare trusts from filing a T3 Income Tax and Information Return, including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year. The CRA still reserves the right to request these filings directly in specific circumstances. […]
If last year’s budget was about restraint, the prevailing theme at Queen’s Park yesterday was that the $214 billion 2024 Ontario Budget was one designed with fiscal balance in mind. Specifically, Doug Ford’s Progressive Conservatives made it clear leading up to the budget announcement that while they weren’t prepared to make particularly ambitious new spending […]
The Canada Revenue Agency prescribed rate will remain at 6 per cent for the second quarter of 2024 (which extends from April 1st, 2024 to June 30th, 2024). The prescribed rate last reached 6 per cent in the second quarter of 2001; it hovered at only 1 per cent during the COVID-19 pandemic. The current […]
The Canada Emergency Business Account (CEBA) loan repayment and forgiveness deadline is tomorrow: Thursday, January 18th, 2024. Barring a further extension by the federal government—which is highly unlikely—borrowers who were eligible for the previous CEBA repayment extension must repay their outstanding balances to qualify for partial loan forgiveness of as much as 33 per cent. Loan […]
Most Torontonians were planning to ring in 2024 with champagne and resolutions. Accounting for a spate of tax increases on some properties were not on their New Year’s agenda—although that is the costly reality. The City of Toronto is introducing new Municipal Land Transfer Tax rate thresholds for higher value residential properties. The new rates […]
The period of relatively low Canada Revenue Agency interest rates on overdue taxes seems like a distant (and fond) memory. Those charges are now hitting an uncomfortably high level that creates potential new challenges for taxpayers. Beginning in January 2024, CRA prescribed interest rates on overdue or outstanding balances will climb to 10 per cent—from […]
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