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Changes Coming to Underused Housing Tax – List of Exemptions
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 required to file annual UHT returns.
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Surplus Accounts and Foreign Affiliate Tax Traps
Canadian corporations with subsidiaries in other countries (a “foreign affiliate”) could find themselves facing a nasty surprise tax bill from the Canada Revenue Agency (“CRA”) when they transfer funds back to Canada. Aside from being located outside of Canada,
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Changes to the Alternative Minimum Tax: What Should You Expect for 2024 and Onwards?
Please note that changes to the Alternative Minimum Tax are expected to become effective in the beginning of 2024, but have not been enacted as of the date of this GGFL tax news release. Drafts of legislative proposals were released on August 4, 2023, but have not
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Window Closing on Immediate Expensing Tax Incentive Program
The ‘Immediate Expensing’ tax incentive program offered by the Federal Government is coming to an end on December 31st. To help ensure that you’re making the most of this incentive, it is essential to understand the concept of immediate expensing and the
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Exploring Retirement Fund Options for Business Owners
As a business owner in Ontario looking ahead to retirement, it’s vital to understand the various avenues for accessing your hard-earned funds from your RRSP, RRIF and retained earnings of your private company during this new phase of life. Decisions you make will
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Maximizing Legacy: Combining Estate Planning with the Donation of Shares in a Private Corporation
For successful business owners, donating shares in their private corporation to a registered charity can provide the opportunity to fulfil significant philanthropic goals. The charity can be either a charitable organization or a public or private foundation. When
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