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A cartoon scene depicting an older looking bear sitting at a wooden desk filling out a tax return form
February 7, 2024 Article

The Bare Facts on The New Bare Trust Reporting Requirements

The government has introduced new reporting requirements for bare trusts that are expected to have a significant impact on a large number of trusts that have not had to file in the past. How do you know if you are part of a bare trust arrangement?  Here a few
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February 7, 2024 Article

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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Close up of pen filing in dollar amount on cheque
January 19, 2024 Article

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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House model, money and wooden blocks with text
December 11, 2023 Article

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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November 13, 2023 Article

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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Calculator and pen on financial report
November 7, 2023 Article

Planning for Death and Taxes – Incorporating Your Investments

As personal and corporate tax rates have fluctuated in recent years, incorporating investments has become an attractive option for Ontario residents holding sizeable portfolios. There are a number of potential advantages to holding investments in a company rather than
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