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…

Tax Tips – May 2023: This edition of tax tips covers information regarding: Budget 2023: Top Five Items for Owner-Managers Underused Housing Tax (UHT):  Increased Disclosures and Tax TFSA: Carrying on a Business Within It Small Business Succession Planning Employee Time Theft Challenges And More….. Please contact our office if you have any questions regarding the information provided, or your individual tax planning at 905 891 5339.

HVGP Commentary On The Federal Budget March 2023 On March 28, 2023, the Federal Government tabled Budget 2023, which proposed a broad array of provisions impacting many individuals and businesses. The Budget did not include any changes to the personal or corporate tax rates or the inclusion rate on taxable capital gains. Some of the items of interest include the following: Intergenerational Business Transfers – Amendments were introduced to ensure…

2022 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 2022 Personal Income Tax Return: 2022 Personal Tax Checklist 2022 Personal Tax Changes and Reminders Canada federal income tax rates for 2022 Tax year December year end tax planning tips Also a reminder of important dates: The 2022 RRSP contribution deadline for it to…