The recent federal election campaign featured the usual policy one-upmanship among party leaders who made competing pledges covering everything from social program spending to tax cuts. One of Prime Minister Mark Carney’s signature platform planks was a middle class tax cut. Last week his Liberal government tabled a Notice of Ways and Means motion in Parliament […]
The Canada Revenue Agency has announced the prescribed rate for the third quarter of 2025, with welcome news for affected taxpayers. The rate on loans to family members—which is in effect from July 1st, 2025 to September 30th, 2025—will decrease to 3 per cent from 4 per cent, its lowest level since the fourth quarter […]
The Canada Revenue Agency recently announced the prescribed rate for the second quarter of 2025—the period from April 1st, 2025 to June 30, 2025. The rate, which is based on the three-month average of Government of Canada Treasury bill yields, will remain unchanged at 4 per cent for the second straight quarter. As outlined in […]
With U.S. tariffs now in effect across multiple sectors including the auto industry, and the reality of the new geopolitical trade landscape becoming clearer—yes, U.S. President Donald Trump and his administration are serious about imposing sweeping tariffs against traditional allies and trading partners—Ottawa has begun rolling out measures designed to help businesses weather the trade […]
The decision by the Department of Finance to defer implementation of the proposed capital gains inclusion rate increase to January 1st, 2026, was welcomed by impacted taxpayers, notwithstanding all of the damage the proposals had already caused. They received more good news with the announcement that Ottawa is providing interest rate and penalty relief until […]
In a major policy shift, the federal government has announced that it will defer implementation of the proposed capital gains inclusion rate increase to January 1st, 2026. The proposal was to take effect on June 25th, 2024, though the legislation to implement the increase had yet to receive royal assent. The measure would increase the capital […]
The Canada Revenue Agency has confirmed that it will implement the federal government’s proposed increase to the capital gains inclusion rate. The news comes days after Prime Minister Justin Trudeau announced his resignation, sparking a Liberal leadership race, while also informing of the prorogation of Parliament until March 24th, 2025. The proposed changes increase […]
Canadians were gifted far more excitement than anticipated yesterday as they awaited the tabling of the pre-holiday 2024 Fall Economic Statement. While they may have expected a grossly inflated deficit (correct) and a raft of new measures designed to save the Trudeau Liberals’ sinking fortunes (correct once again), few would have predicted the abrupt resignation […]
The Canada Revenue Agency prescribed rate will decrease to 4 per cent for the first quarter of 2025—the period from January 1st to March 31st , 2025—down from 5 per cent in Q4 2024. The rate held steady for two straight quarters this year after climbing steadily in the wake of the COVID-19 pandemic as […]
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 […]
Copyright KRP LLP 2020
KRP LLP is a proud member of Russell Bedford International – a global network of independent professional services firms