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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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The Bare Facts on The New Bare Trust Reporting Requirements
March 2025 UPDATE: For the 2024 tax year, bare trusts are not required to file a T3 return and Schedule 15 unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare
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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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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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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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