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Capital Gains Inclusion Rate Change: Draft Legislation Released

Friday June 14, 2024

Earlier this week on June 11th, a ‘ways and means motion’ outlining draft legislation on the capital gains inclusion rate cleared the House of Commons. First introduced in the April budget and expected to be enacted this fall, this change to Canada's tax [...]

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How will changes to the Alternative Minimum Tax (AMT) affect my family trust?

Thursday June 13, 2024

QUESTION: How will the recently announced changes to the Alternative Minimum Tax (AMT) affect my family trust? ANSWER: A number of our clients have made prescribed rate loans to a family trust and are wondering if and how the changes to the AMT [...]

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New Trust Reporting Rules

Wednesday January 17, 2024

New trust reporting rules that were initially proposed in the 2018 federal budget are now being implemented for all trusts with taxation years ending after December 30, 2023. These new trust reporting rules are quite complicated. This Insight provides an overview of the [...]

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Business Valuation: Tips for Business Owners

Tuesday August 29, 2023

As a business owner, there are several reasons why you may want or need to know the value of your business. You may be selling your company or seeking investors, working on a merger, an acquisition or a tax-free reorganization, buying out a [...]

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How do you establish FMV on an inherited cottage?

Wednesday July 26, 2023

QUESTION: How do I establish FMV on an inherited cottage? ANSWER: A client recently approached us about a cottage they had just inherited. They hoped to keep the property in the family, but were unsure of the associated tax burden and wondered how [...]

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Tax Planning Considerations: You’ve filed your taxes, now what?

Thursday May 18, 2023

With tax season over for the majority of Canadians (self-employed Canadians and their spouses still have until June 15th to file their returns), now is the perfect time to embark on a financial tune-up and do some proactive planning. Here are some key [...]

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What happens to a TFSA when a spouse dies?

Tuesday November 29, 2022

QUESTION: What happens to a TFSA when a spouse dies? ANSWER: In most provinces, including Ontario, there are two options if you want your spouse (or common-law partner) to inherit your tax-free savings account (TFSA): they can be named the Successor Holder, or [...]

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Capital gains and cottage ownership – what you need to know

Wednesday September 28, 2022

Fall can be a busy season for cottage buying and selling. Many cottagers put their properties on the market after enjoying one last summer, and many purchasers delay their search until the fall in hopes of getting a better deal. Whether you are [...]

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Lock in family income-splitting loans before prescribed interest rate increase

Tuesday May 24, 2022

There is a window closing June 30th on prescribed rate loan planning. On July 1, 2022, the CRA’s prescribed rate of 1% for family income-splitting loans will rise to 2%, and may continue to rise in the quarters and years ahead. But if [...]

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