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Canada Revenue Agency

CRA’s prescribed rate set to double on July 1, 2022

A key Canada Revenue Agency tax rate that impacts everything from the interest due on outstanding taxes to interest received on tax refunds, is about to double. The prescribed rate will increase to 2 per cent from the current 1 per cent, effective July 1st, 2022. The rate has remained at 1 per cent since […]

intergenerational business transfer

Bill C-208 improves tax treatment on intergenerational business transfers, but changes to come

Until recently, it was more financially beneficial to sell a business to a third party in Canada, rather than passing it along to children or grandchildren through an intergenerational business transfer. This had been a longstanding bone of contention among entrepreneurs. Bill C-208, An Act to amend the Income Tax Act (transfer of small business […]

Interest rates are rising. It’s time to shock-proof your balance sheet

It’s no surprise that debt-carrying entrepreneurs have been on edge of late. They’ve watched interest rates climb steadily over the past 18 months, pushing well past the historic lows that became normalized in the soft recovery that followed the Great Recession of 2008-09. Indeed, the Bank of Canada raised its benchmark rate several times over […]