In an effort to reduce Canadians’ tax burden during the holiday season, the Federal government announced on Thursday that the majority of expenses will be temporarily free from GST/HST from ...
Reducing your Tax Burden: A Guide to Interest Expense Deductions
If you’re borrowing funds to support business growth and or investment growth, you may be eligible to deduct interest on your business or property income under the Income Tax Act. ...
What does the Capital Gains Inclusion Rate Increase Look Like for You?
This year’s Federal budget marked the first increase to the Capital Gains inclusion rate since 2000, an announcement that many criticized as having significant consequences on both high income and ...
Ontario’s Fall Economic Statement Offers a Promising Financial Outlook Along with Tax Cuts and AMT Rate Decreases
Ontario’s latest Fall Economic Statement showed signs of significant financial growth, mainly due to falling interest rates and higher tax revenues. While residents are still feeling the effects of a ...
Understanding the CRA’s 2024 Trust and Reporting Updates: Implications and Context
Earlier this year, the Canada Revenue Agency (CRA) announced significant changes to trust reporting rules that introduced new filing obligations for many express trusts, including bare trusts. These new requirements ...
Navigating the Evolving Tax Landscape: Key Changes and Challenges for Businesses
This year has seen significant shifts in tax regulations, making it a particularly volatile period for businesses. Three major tax changes have surfaced in recent years: The Canada Revenue Agency ...
Unlock Your Path to Homeownership: The Power of Tax-Free First Home Savings Accounts!
Are you dreaming of owning your first home but worried about saving up for it? Enter the First Home Savings Account (FHSA), a brilliant solution tailored for first-time homebuyers in ...
How will Canada’s Capital Gains Increase Affects those with Investments?
The Canadian government’s plan to increase Canada’s capital gains inclusion rate, introduced in the 2024 Federal Budget, has caused growing concern from taxpayers as many consider selling cottages and investments ...
2024 Budget Balances Capital Gains Rate Hike with a Number of Tax Credits and Exemptions
The 2024 Federal Budget, presented by Finance Minister Chrystia Freeland on April 16, introduced $52.9 billion in new spending, which the government plans to offset, in part, by increasing taxes ...