2024 PERSONAL INCOME TAX RETURN INFORMATION We have compiled a number of resources for you to review as you begin to prepare your documents for your 2024 Personal Income Tax Return:  IMPORTANT PERSONAL TAX DEADLINES: The 2024 RRSP contribution deadline for it to be deductible for the 2024 tax year is Monday, March 3, 2025.The 2024 personal income tax filing deadline is Wednesday, April 30, 2025. If you or your spouse are self-employed, your filing deadline is Monday, June 16,…

As we embrace this festive season, we want to extend our sincerest gratitude to our clients and partners for your continued trust in us. And a special thank you to our dedicated HVGP team for their hard work and commitment throughout 2024. It’s been a pleasure supporting your accounting and consulting needs, and we look forward to another year of collaboration. Before you dive into your holiday festivities, we’d like…

Tax Tips and Reminders – October 2024 Please find here our latest tax tips newsletter LINK. Following up from our previous newsletter regarding the changes to the capital gain inclusion rate, we are currently waiting for the new corporation tax forms to be released to properly reflect the new inclusion rate. Please note that if your corporation has a year-end date after June 24, 2024, the filing of your return…

Tax Tips and Reminders – September 2024 Following up from our last newsletter on June 12 regarding changes to the capital gains inclusion rate, the Department of Finance has updated their website to provide clarifications for the transition period. It is now clarified that trusts will be required to disclose to their beneficiaries in prescribed form which period the capital gains relate to (i.e. before or after the June 25…

Government Introduces Notice of Ways and Means in Canadian Parliament to increase the Capital Gains Inclusion Rate On Monday June 10, the Government tabled a Notice of Ways and Means Motion to introduce legislation proposed in Budget 2024.  Federal budget announced on April 16, 2024, proposed changes to the capital gains inclusion rate that can have significant implications for taxpayers with accrued and unrealized capital gains. The Government has released a…

Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland delivered the 2024 Federal Budget in the House of Commons on April 16, 2024. The budget proposed a wide array of changes impacting a variety of individuals, businesses, and other organizations. You can find our full summary here. 1.     Capital Gains Inclusion Rate – The inclusion rate will be increased from 50% to 2/3 effective for dispositions on and after June…

New Trust Reporting Requirements New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch many individuals and businesses that may not be aware of their trust-like relationships, exposing them to potential penalties and other consequences for non-compliance. The rules become effective in 2023, with a filing deadline of April 2, 2024. Updated March 28,…

We have compiled a number of resources for you to review as you begin to prepare your documents for your 2023 Personal Income Tax Return: Also a reminder of important dates: The information provided in our 2023 Personal Tax Checklist will help you to assemble and organize your 2023 personal tax records and information slips.   Once you have compiled your information, you can load them directly into the client portal,…

Year End Tax Planning Tips and Reminders 2023 As we approach the end of the year, now is a good time to start thinking about tax planning to make the most of opportunities available to you, as well as be prepared for approaching deadlines are.Over the next few weeks please take an opportunity to read our Year End Tax Planning Tips and our Quarterly Tips for December. Reminder that you have until Thursday,…

Tax Tips and Reminders – September 2023 As a follow up to our newsletter from May, certain owners of residential properties may need to file an additional return to the government, with taxes potentially owing depending on whether you meet the exemptions. The filing and tax amount are due October 31st, 2023, there could be significant penalties. Please see more information in our newsletter here . Owners of Ontario corporations…