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Authorizing a Representative on your CRA My Account

Monday June 16, 2025

The Canada Revenue Agency (CRA) is continuing to implement new online security measures, and as of July 15, 2025, representatives will no longer be able to gain access to a client’s CRA My Account by signing and e-filing of the authorization form. Now, [...]

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Trump’s “One Big Beautiful Bill” and Its Impact on Canadians

Monday June 2, 2025

On Wednesday, May 21, 2025, U.S. President Donald Trump’s Republican Party passed the "One Big Beautiful Bill" Act with a vote of 215 to 214. The legislation contains extensive tax provisions to implement Trump’s taxation and spending priorities. Now in the Senate, the [...]

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2025 Ontario Budget Announced

Friday May 16, 2025

This past Thursday, May 15, Ontario’s Minister of Finance, Peter Bethlenfalvy, announced the 2025 Provincial Budget with a plan to protect Ontario workers, businesses and jobs. Personal and Corporate Income Tax Changes Currently, the Ontario Provincial Budget does not outline any changes to [...]

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The Alternative Minimum Tax: Understanding the CRA’s Key Changes

Wednesday May 14, 2025

The Canada Revenue Agency has announced key changes to the Alternative Minimum Tax (AMT) as a part of the 2024 Federal Budget. What is Alternative Minimum Tax (AMT)? The Alternative Minimum Tax (AMT) is an alternative method of tax calculation that ensures high-income [...]

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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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