Tax Bulletins
Highlights of the 2024 Federal Budget
The 2024 Federal Budget (“Budget 2024”) was presented on April 16, 2024 (“Budget Day”) and introduced a number of tax and non-tax measures to address the rising cost of living in Canada. Non-tax measures include the introduction of a National Pharmacare Plan, a new Canada Disability Benefit, limitations and restrictions on bank fees and measures…
Read MoreMandatory Electronic Payments to CRA
Effective January 1, 2024 the Canada Revenue Agency implemented a mandatory requirement that any payments over $10,000 must now be made electronically. This includes any payment made related to balances due for personal, corporate and Trust income tax, instalments, HST remittances, payroll remittances and any other payments made to the Receiver General of Canada. Electronic…
Read MoreClient Update – CRA Strikes During Tax Season!
Effective April 19th employees of the Canada Revenue Agency (CRA) have taken strike action, less than two weeks before the personal tax filing deadline for most Canadians. Please be aware that the CRA has indicated that they do not intend to extend the filing or payment deadlines for tax returns beyond the current May 1st deadline, or the June…
Read MoreClient Update – CRA Flipping Out on Quick Home Sales!
February 17, 2023 New legislation was introduced in 2022, which is effective on residential property dispositions starting January 1, 2023. A new residential property flipping rule was introduced to focus on those individuals that would purchase a house and then turn around and sell or “flip” the property shortly thereafter for a profit. When a…
Read MoreCLIENT UPDATE – Regional Opportunities Investment Tax Credit
The 2020 Ontario budget introduced a 10% tax credit for capital investments towards most buildings, made by a qualifying corporation on or after March 25, 2020. The 2021 Ontario Budget enhanced this credit to 20% for eligible expenditures after March 24, 2021 and before January 1, 2023. Most recently (September 8, 2022) the end…
Read MoreCLIENT UPDATE Luxury Tax – Effective September 1, 2022
The 2021 budget introduced the Luxury Tax and the new tax received Royal Assent on June 23, 2022. The Luxury Tax will apply to new cars and aircraft with a retail sales price over $100,000 and to vessels over $250,000. The tax is the lesser of 20% of the value above the threshold and 10% of the…
Read MoreCLIENT UPDATE – Federal Budget 2022
April 8, 2022 On April 7, 2022 (Budget Day) Finance Minister Chrystia Freeland announced the budget, “A Plan to Grow Our Economy and Make Life More Affordable” (Budget 2022). Budget 2022 projects a deficit for the 2022-2023 year of $52.8 billion. The deficit is projected to decline to less than $10 billion over five years.…
Read MoreThings You Should Know for the Upcoming Tax Season
Registered Retirement Savings Plan (RRSP): Contribution deadline: March 1, 2022 Note: contributions made by this date can be deducted form your 2021 taxable income. Maximum Contribution Limit: $27,830 Your RRSP deduction limit for 2021 can be found on your 2020 Notice of Assessment. 2021 Combined Marginal Tax Rates – Federal and Provincial (approximates per https://www.taxtips.ca/taxrates/on.htm):…
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