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March 28, 2024 Article

The Bare Facts on The New Bare Trust Reporting Requirements

BREAKING: Relief for Taxpayers as CRA Cancels Bare Trust Filing Requirements for 2023. CRA announced on March 28, 2024, that Bare Trusts will not be required to file a return in in 2023. Their news release stated: The news release states “in recognition that the
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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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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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Runner on track ready to start the year 2024
November 17, 2023 Video

Ten Year End Tax & Finance Tips for Businesses and Business Owners

The economic landscape has undergone a major shakeup over the past few years. Financial and tax strategies that once made financial sense for many businesses and business owners may no longer be the best approach. At the same time, some new opportunities for year-end
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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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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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