Tax season is here, and there are a few important updates to keep in mind that could affect your 2024 return and business correspondence with the CRA. Whether you’re preparing your personal taxes, managing your business accounts, or recently moved to Alberta, staying informed can save you time—and money. Here are the key changes and…
In April 2024, the Government of Canada announced a proposed increase to the change in the capital gains “inclusion rate” from ½ to 2/3rds for dispositions on or after June 25, 2024. However, with no legislation on the table in Parliament, and with Parliament currently prorogued, there was uncertainty whether this change would become law,…
GST/HST “Holiday”: Temporary Tax Relief on Select Essentials On November 21, 2024, the Government of Canada announced a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) relief on select holiday essentials. This measure applies from December 14, 2024, to February 15, 2025, offering temporary support to Canadians by removing GST/HST on specific categories of goods…
On April 16, 2024, the Minister of Finance tabled the 2024 Federal Budget. While no changes were made to the federal personal or corporate tax rates, there are some key changes to be aware of: Effective June 25, 2024, the inclusion rate on any capital gains in a corporation or trust will increase from 1/2…
Recent amendments to the Income Tax Act have introduced significant changes for bare trusts, particularly in terms of reporting beneficial ownership information. Historically, bare trusts were exempt from filing a T3 Return. However, the landscape has shifted. Now, with few exceptions, bare trusts are mandated to submit a T3 Return annually. This is required even…
-The main difference between TFSAs and RRSPs is access: you can invest in and withdraw from a TFSA with near total freedom, while an RRSP is much more limited.
-TFSAs have a lower contribution limit than RRSPs, however both have very specific contribution limits.
-A TFSA are more of an investment account than a traditional savings account.
-You can only contribute cash savings to an RRSP.
Contributions to RRSPs are tax-deductible.
-A TFSA is a great option if you think you may need access to the funds before you retire.
-You cannot (in most circumstances) invest or withdraw your RRSP funds until age 55
-The main difference between TFSAs and RRSPs is access: you can invest in and withdraw from a TFSA with near total freedom, while an RRSP is much more limited.
-TFSAs have a lower contribution limit than RRSPs, however both have very specific contribution limits.
-A TFSA are more of an investment account than a traditional savings account.
-You can only contribute cash savings to an RRSP.
Contributions to RRSPs are tax-deductible.
-A TFSA is a great option if you think you may need access to the funds before you retire.
-You cannot (in most circumstances) invest or withdraw your RRSP funds until age 55
-The main difference between TFSAs and RRSPs is access: you can invest in and withdraw from a TFSA with near total freedom, while an RRSP is much more limited.
-TFSAs have a lower contribution limit than RRSPs, however both have very specific contribution limits.
-A TFSA are more of an investment account than a traditional savings account.
-You can only contribute cash savings to an RRSP.
Contributions to RRSPs are tax-deductible.
-A TFSA is a great option if you think you may need access to the funds before you retire.
-You cannot (in most circumstances) invest or withdraw your RRSP funds until age 55
With the 2021 Federal Election coming up soon, we wanted to share some of the major parties’ proposed tax policies. Below you’ll find a quick summary of the potential new taxes, tax deductions, and tax credits being proposed by each of the major parties. Liberal Party of Canada New Taxes Create a minimum tax rule…
The Government of Alberta has announced a Working Parent Benefit as a one time payment of $561 per child to support working parents who pay for child care. You may be eligible if: • you’re the parent or guardian of a child born on or after February 29, 2008; • you were required to pay…
