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 […]
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 […]
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 […]
THE FEDERAL GOVERNMENT’S HOUSING PLAN The Liberal government’s Budget of April 16, 2024 (budget.canada.ca) has committed billions of dollars to support building new housing, recognizing that the shortage of housing in Canada has become a serious crisis, and hoping to get almost 4 million new homes built over the next 7 years. Some of the measures proposed […]
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 […]
TAX CONSIDERATIONS FOR EXECUTORS Being asked to be the Executor of someone’s estate is a significant responsibility, often coming at a very sad time if that person is a family member. The responsibility is not something which should be taken on lightly. The estate administration process can sometimes take years to complete. There are […]
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. […]
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 […]
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