Posts

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 […]

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 […]

Federal government housing plan

June tax news: The federal housing plan, CRA information demands–and more

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 […]

person on escalator symbolizing capital gains inclusion rate increase

Capital gains inclusion rate changes align with those proposed in Budget 2024

When the federal government this week tabled a notice of ways and means motion providing technical details of planned changes to the capital gains inclusion rate, the news was more about what wouldn’t be included in future legislation than what would. Despite feedback from a diverse group ranging from economists to organizations representing Canada’s physicians—that […]

Person quitting a job

May tax news: The tax cost of leaving (or losing) your job, deducting interest–and more

THE TAX COST OF LEAVING (OR LOSING) YOUR JOB     What happens for tax purposes if you leave your job — voluntarily or by being terminated — and your employer pays you money? Typically, you might receive one or both of the following kinds of payments: An extension of your salary during a period while […]

Canada Revenue Agency prescribed rate

Canada Revenue Agency prescribed rate drops to 5 per cent for Q3 2024

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 […]