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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
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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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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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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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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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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