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Updates to the Taxation of Capital Gains

Thursday April 24, 2025

The Canada Revenue Agency (CRA) has announced several updates to the capital gain inclusion rates for this filing year. Capital Gain Inclusion Rate and Lifetime Capital Gains Exemption (LCGE) Updates On January 31, 2025, the Department of Finance announced that starting January [...]

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2024 Personal Income Tax Updates

Friday February 28, 2025

The 2024 personal income tax filing deadline is April 30, 2025. The filing deadline for self-employed individuals and their spouses (including HST returns) is June 16, 2025 (as June 15 is a Sunday). All outstanding income tax and HST payments are due on [...]

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Succession Planning: Understanding the new Employee Ownership Trust (EOT) legislation

Monday December 16, 2024

Canada’s new Employee Ownership Trust (EOT) legislation came in effect on January 1, 2024 and includes a temporary capital gains exemption on the first $10 million in proceeds from the sale of a company to an EOT under a “qualifying business transfer.” This [...]

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Transferring Real Estate to Your Adult Child

Tuesday October 22, 2024

QUESTION: What are the tax considerations of transferring real estate to my adult child and then renting it back from them? ANSWER: There are a number of reasons why a parent may consider transferring real estate to an adult child and then renting [...]

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Claiming Long-Term Care Expenses on Tax Return

Wednesday September 25, 2024

QUESTION: My mother is going into a private long-term care facility and I will be paying about two thirds of the total cost. Can I include my portion as a medical expense on my tax return? ANSWER: You may be able to claim [...]

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U.S. Estate Tax Considerations for Canadians

Saturday August 10, 2024

Almost every Canadian business has some connection to the U.S., whether through existing or potential customers or suppliers, or something as simple as U.S. investments held in a portfolio. One tax planning consideration that is often overlooked is the impact of U.S. estate [...]

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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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Is Your Canadian Corporation Subject to New U.S. Beneficial Ownership Information Reporting?

Sunday March 24, 2024

New beneficial ownership information reporting requirements came into effect on January 1, 2024 under the United States Corporate Transparency Act (CTA). The Act requires certain U.S. and foreign reporting companies to provide certain identification information on beneficial owners (BOI) to the Financial Crimes [...]

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