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2024 Federal Budget Highlights & Commentary
On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 to the House of Commons. No changes were made to personal or corporate tax rates. However, the inclusion rate on taxable capital gains has been
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The Bare Facts on The New Bare Trust Reporting Requirements
NOVEMBER 2025 Update: As part of the 2025 Budget, the Federal Government announced that bare trusts are not required to file a T3 return or Schedule 15 for the 2025 taxation year. Stay tuned for 2026 – new legislation and additional guidance are expected. In August
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New Reporting Requirements For Trusts
Each tax season brings the enforcement of tax changes announced in the previous year. This year, while there were no changes to the income tax treatment of trusts, there are significant additional reporting requirements for trusts with a fiscal year ending on or after
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CRA Imposes Penalty for Cheques
If writing a cheque is your preferred method of paying CRA, you might want to rethink that approach if you owe the government $10,000 or more. In an effort to encourage more electronic payments, CRA will soon be imposing a penalty of $100 for all payments of $10,000 or
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Applications Open for the 2024 Fastest Growing Companies Awards
GGFL is thrilled to be partnering with the Ottawa Business Journal again this year to present the 2024 Fastest Growing Companies awards. This is your chance to be recognized for substantial, sustainable and profitable growth. Eligible companies must be headquartered in
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Changes Coming to Underused Housing Tax – List of Exemptions
UPDATES: Budget 2025 Eliminated the UHT As part of its Fall Economic Update, the federal government introduced several important changes to the still new Underused Housing Tax (UHT). When the draft amendments are passed, it will have a significant impact on who is
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