Overview of the Capital Gains Inclusion Rate Increase Motion Brace yourself, taxpayers: the capital gains tax is about to change dramatically. On June 10, 2024, the federal government introduced a Notice of Ways and Means Motion to the House of…
Imagine receiving a letter stating you owe thousands in pandemic benefit repayments, only to find out months later it was a mistake. This is the reality for thousands of Canadians who initially were told they were ineligible for benefits like…
Small businesses are the backbone of our economy, yet they are being crushed under the weight of rising costs. Restaurants Canada, alongside other national business associations, is urging the federal government to act on a pivotal report titled "On the…
As Canada gears up for significant tax changes, understanding how these adjustments will impact your financial future is crucial. Starting June 25, 2024, the capital gains inclusion rate is set to increase, leading to higher taxes on your investments. Whether…
Imagine turning a life insurance policy into a powerful tax-saving tool for your family business. For family-owned enterprises, integrating tax accounting with life insurance can unlock significant financial benefits and provide a robust strategy for long-term success. This powerful combination…
Introduction: The Evolving Landscape of Income Splitting and Tax Planning in Canada Income splitting has been a cornerstone of tax planning for Canadian family-owned businesses for decades. By allocating income among family members, businesses could significantly reduce their overall tax…
Are you looking to optimize your family's tax planning strategies? Understanding the Tax on Split Income (TOSI) and how trusts can be used effectively is crucial for family-owned businesses in Canada. The Tax on Split Income (TOSI) rules were implemented…
Are you looking for a way to optimize your corporate tax strategy and secure long-term financial gains for your family business? Crystallizing gains within a corporation could be the key. This strategic approach can help you maximize tax benefits while…
Life insurance is often viewed as a simple protective measure for families, but its strategic use in corporate reorganization can transform it into a powerful financial tool. For family-owned businesses, integrating life insurance into corporate strategies not only offers substantial…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. June 15, 2024 - Personal Tax quarterly installment due. June 15, 2024 - The May payroll for monthly remittances is due. June…