Federal GST/HST relief at a shopping mall in Canada

Federal GST/HST relief legislation passes in House without planned tax rebate

The federal legislation implementing the GST/HST holiday on select items, which will be in place between December 14th 2024 to February 15th, 2025, has passed in the House of Commons and—barring any surprises in the Senate—will soon become law. The legislation does not include the proposed Working Canadians Rebate for qualifying taxpayers, which (as outlined […]

Federal GST/HST relief at a shopping mall in Canada

Ottawa proposes holiday season HST relief, along with tax rebate for early 2025

In the wake of the Ford government’s decision to issue $200 tax rebates to most Ontarians in early 2025, Ottawa has decided to take a similar policy approach to assuage Canadians’ cost-of-living anxieties. The Trudeau government yesterday announced plans for a two-month GST/HST holiday on a wide range of consumer goods, along with a new […]

Interior of Parliament in Ottawa, where the capital gains inclusion rate change awaits royal assent

Update: CRA offers relief as capital gains rule changes have yet to receive royal assent

As the Notice of Ways and Means Motion that will implement the federal government’s increase to the capital gains inclusion rate lingers in a House of Commons brought to a virtual standstill by recent privilege debates, the Canada Revenue Agency has officially announced that it is administering the tax change, which was first tabled in […]

Electric vehicle charging illustrating carbon tax rebate

What Ontario SMEs can expect from upcoming federal carbon tax payments

Ottawa has upheld its long-delayed carbon tax commitment to refund a portion of federal fuel charge proceeds to small to medium-sized businesses in provinces where the charge applies. The recently announced Canada Carbon Rebate for Small Businesses promises to return fuel charge proceeds from 2019-20 through 2023-24 to approximately 600,000 Canadian-controlled private corporations with between […]

Canada Revenue Agency sign that depicts bare trust exemptions

Bare trust filing exemption announced for 2024

The rules around bare trust reporting are shifting again. The Canada Revenue Agency yesterday announced that bare trusts will be exempted from filing a T3 Income Tax and Information Return, including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year. The exception will be in cases where the CRA directly instructs […]

Peace Tower at Parliament in Ottawa where capital gains inclusion rate changes have yet to receive royal assent

Implementation of new capital gains rules remains uncertain

The federal government’s decision earlier this year to increase the capital gains inclusion rate caused considerable consternation among entrepreneurs, professionals and other affected taxpayers. Many stakeholders—including business and industry advocacy groups—called for a rethink, reversal or at the very least a delay of the policy change to allow individuals and business owners to plan. But as […]

A social media influencer discussing the tax implications of her side hustle

September tax news: Tax implications of a side hustle, new GAAR rules in force–and more

THE TAX IMPLICATIONS OF YOUR SIDE HUSTLE Nowadays, a lot of people are using a side business or additional source of income to augment their primary income. The tax implications of these extra sources of income are frequently misunderstood or overlooked entirely. The side-hustle could involve earning money via the gig economy, selling goods online, […]

Canada revenue agency headquarters where the prescribed rate for Q4 2024 is set

Canada Revenue Agency prescribed rate holds steady for Q4 2024

The Canada Revenue Agency prescribed rate will remain at 5 per cent for the fourth quarter of 2024—the period from October 1st to December 31st. It is the second straight quarter the rate has remind unchanged. The prescribed rate reached record highs following the peak of the pandemic in 2022, surging to 6 per cent […]

Business people in Canada walking and discussing Capital Gains Inclusion rate changes

August tax news: The impact of new capital gains rules–and more

HOW DO THE NEW CAPITAL GAINS RULES AFFECT YOU? In April, as part of the Federal Budget, the finance minister announced a change to the capital gains inclusion rate from 50% to 66.67%, effective from June 25, 2024. No matter your level of wealth, this change likely WILL affect you at some point. So, what has […]

Person earning tax-free income

July Tax News: Earning tax-free income, GST-HST quirks–and more

WOULD YOU LIKE SOME TAX-FREE INCOME? There are several kinds of income and  benefits that are not subject to tax under the Income Tax Act. To the extent you can get any of these, you won’t need to pay tax on the income, or, in many cases, even report it. Here are some of the […]