DEADLINE PENDING! MUST YOU FILE A TRUST RETURN? We have written before about the new trust reporting rules that were enacted by Parliament in December 2022, and which first apply for the 2023 tax year. The first reporting under these rules is required by April 2, 2024. (The deadline is 90 days after year-end. Because this year is […]
THE BENEFITS OF ESTABLISHING A FAMILY TRUST Estate planning is an important consideration for all individuals, irrespective of their level of wealth. Poor planning, or no planning, can result in an excessive proportion of your estate being lost when you die, in the form of either probate fees or taxes, or both. Luckily, there is […]
If 2023 was the year to celebrate our 50th anniversary as a firm here at KRP LLP, 2024 is about looking to new growth and development as we continue to deliver industry-leading service to our clients. It starts by celebrating two very significant promotions. We’re very proud to welcome long-time manager Vincy Vuong to the KRP […]
CLAIMING YOUR CAPITAL GAINS EXEMPTION ON THE SALE OF SHARES The Lifetime Capital Gains Exemption (LCGE) is an incredibly valuable tax exemption. Every individual is entitled to this exemption and it can currently (for 2024) exempt a gain of up to $1,016,836 (the amount is indexed to inflation each year). In Ontario for example, the […]
OTTAWA TAKES STEPS TO SIMPLIFY UNDERUSED HOUSING TAX COMPLIANCE As discussed in our April 2023 Tax Newsletter, the Underused Housing Tax (UHT) regime was introduced last year to try to combat the underuse of residential property, particularly property owned by non-residents. The regime imposes an annual tax of 1 per cent of the relevant property’s […]
The Canada Revenue Agency has introduced significant changes to trust reporting rules. The new rules apply to trusts with taxation years ending after December 30th, 2023. Specifically, all trusts—except where specific conditions are met—must now file an annual T3 return, along with additional beneficial ownership information (completed in Schedule 15 of the annual T3 return). […]
END-OF-YEAR TAX CONSIDERATIONS With the end of the year fast approaching, the window for taking steps to claim certain deductions, and for planning to minimize your 2023 tax liability, is closing. There are several things that can be done before January 1 to help control your ultimate tax payment, or maximize your tax refund, in April 2024. […]
MOVING EXPENSES—AN OVERLOOKED TAX EXPENSE? Moving expenses can generate a vast array of deductible items that one can use to offset against new employment location income. People often will neglect a portion of moving expense claims, simply because they are unaware of the long list that constitutes possible moving expenses. This is a very useful […]
YOU CAN BE LIABLE FOR A FAMILY MEMBER’S TAX DEBTS! There Beware of getting money, gifts or transfers of property from a family member, including your spouse, if that person owes (or might possibly owe) any money to the Canada Revenue Agency (CRA), for either income tax or GST/HST. The CRA has the ability to […]
SHAREHOLDER REMUNERATION: AN OVERVIEW There are many ways a corporation can get corporate funds into a shareholder’s hands. The inevitable question is what is the most tax-efficient way of achieving this? The answer to this question will differ from corporation to corporation, depending on the source of the corporate funds, the relationship of the shareholder […]
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