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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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What to Plan for When Selling Your Business in 2025
The tax treatment of the sale of a company has been quite favourable to Canadian business owners for many years now. Beginning January 1, 2017 vendors won’t be so fortunate when it comes to an asset
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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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