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CRA Prescribed Interest Rate Drops to 3% on July 1: What This Means for Tax Planning
The Canada Revenue Agency (CRA) has announced that the prescribed interest rate will drop from 4% to 3% effective July 1, 2025. This marks another decrease in the prescribed rate since the large run-up from 2022—and it opens the door to new tax-saving opportunities
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Protect Yourself from Tax Filing Scams
Among the most damaging schemes are those involving false tax filings to claim fraudulent refunds.
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Fall Economic Statement Focuses on Business Investment
Monday was a day of political drama on Parliament Hill. Despite the turmoil, the Fall Economic Statement was eventually released, bringing with it a series of tax incentives aimed at driving business investment. The Statement projects a budget deficit of $61.9 billion
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Ten Year-End Tax & Finance Tips for Individuals and Business Owners
As the end of the year approaches, it’s a great time to think about the year that was and some tax strategies to implement to finish the year with a bang. Of particular interest this year is the significant proposed change to the capital gains inclusion rate, taking
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Tuition Savings Strategies for Business Owners
No matter how you slice it, paying for college or university tuition is costly. According to Statistics Canada, the average undergraduate paid $7,076 in tuition for the 2023-2024 school year. A BMO Wealth Institute study estimates that the cost of a four-year degree
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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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