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 […]
The continuing saga over on-again, off-again Beneficial Ownership Information (BOI) reporting rules in the U.S. seems to be settled, at least in the near term. The U.S. Financial Crimes Enforcement Network (FinCEN) has issued an interim final ruling removing the “… requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to […]
The back and forth over Beneficial Ownership Information (BOI) reporting rules in the U.S. continues. In the latest development, an appeals court has stayed a previously announced injunction, thereby reinstating the Corporate Transparency Act’s (CTA) requirement for Canadian companies with subsidiaries in the United States to disclose information about the individuals that own or control […]
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 […]
A significant compliance requirement for Canadian companies with subsidiaries in the United States is the obligation to disclose information about the individuals that own or control those companies through Beneficial Ownership Information (BOI) reporting rules. The U.S. Corporate Transparency Act (CTA) also mandates that, in certain cases, the beneficial owners of a foreign-owned company with […]
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 […]
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 […]
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 […]
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