Client Update | Increase to Capital Gains Inclusion Rate

By wilkinson | May 15, 2024

May 15th, 2024

Federal Budget Commentary 2024

By wilkinson | May 8, 2024

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 – Fairness for Every Generation, to the House of Commons. Read the full article below.

Highlights of the 2024 Federal Budget

By wilkinson | April 18, 2024

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…

Mandatory Electronic Payments to CRA

By wilkinson | January 25, 2024

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…

Client Update – CRA Strikes During Tax Season!

By wilkinson | April 20, 2023

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…

Client Update – CRA Flipping Out on Quick Home Sales!

By wilkinson | February 16, 2023

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…

CLIENT UPDATE – Regional Opportunities Investment Tax Credit

By wilkinson | January 4, 2023

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…

CLIENT UPDATE Luxury Tax – Effective September 1, 2022

By wilkinson | August 27, 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…

CLIENT UPDATE – Federal Budget 2022

By wilkinson | April 8, 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.…

Things You Should Know for the Upcoming Tax Season

By wilkinson | January 12, 2022

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…


March 20, 2019

Finance Minister Bill Morneau delivered the Liberal Government’s fourth budget on March 19, 2019 (Budget Day) titled Investing in the Middle Class. The Budget anticipates a deficit of $14.9 billion for 2018-2019 and projects a deficit of $19.8 billion in 2019-2020. There is currently no plan to balance the budget.

The major spending announcements in the budget include amounts for indigenous services for water quality, child welfare, education and other support programs. Also included is a program in which the Canada Mortgage and Housing Corporation will co-own up to 10% of a residence acquired by a first time home buyer. Tax credits of up to $5,000 are also available for the purchase of a zero emission vehicle.

Other measures include increased funding for the Canada Revenue Agency to identify tax avoidance and evasion transactions and making Canadian corporate ownership more transparent.

Budget 2019 also discusses reviewing the tax implications of transferring Canadian businesses to other family members. Currently, it is often more beneficial for a family owned business to sell to an unrelated purchaser than to a family member. Hopefully this inequality is addressed.

The tax changes announced in Budget 2019 include an increase in the amount of money that can be withdrawn from an RRSP under the Home Buyers’ Plan, limiting the stock option deduction for certain employers, fast write-offs for zero emission vehicles and increasing access to the Scientific Research and Experimental Development tax credits.

See all details of the key tax highlights of the budget in the document below.


March 6, 2018

It seems like everyone is against the Canadian business owner these days.  First, the Canadian government imposes the new private company income splitting and passive income rules and then the US government imposes new taxes in that country on foreign corporations.  As the US taxes its citizens and permanent residents on their worldwide income, Canadian resident US persons that own shares in Canadian corporations may be caught by these new US tax measures.

As part of its Tax Reform, the US government has imposed two new taxes, a “transition tax” and a tax on income earned in a foreign corporation with little tangible assets.  The transition tax is the most pressing matter as it potentially imposes a large tax bill due in April 2018.  The latter tax is called “GILTI” and we understand it is not effective until the 2018 taxation year.

While the provisions appear to be aimed at multinational corporations, they also affect non-resident US citizens and green card holders.

We are not US tax experts and this Bulletin is only intended to provide awareness of these issues and highlight the possible implications to our clients.  It is not intended to be a detailed examination of these provisions nor should it be considered professional advice.  We strongly recommend that you discuss these changes with a cross-border expert.  We have relationships with cross-border specialists that we will work with to guide you through these new provisions.

Learn more in the document below.


February 27, 2018

Finance Minister Bill Morneau delivered the Liberal Government’s third budget on February 27, 2018 (“Budget Day”) titled Equity and Growth.  The Budget anticipates a deficit of $19.4 billion for 2018-2019 and projects that by 2023 the deficit will drop to $12.3 billion.

The major spending announcements in the budget include amounts for gender equality provisions, indigenous communities and investments in science and innovations.

The tax changes again did not include an increase in the capital gains inclusions rate or the taxation of stock option benefits.  Clarifications on plans for the taxation of corporate passive income which are to be effective for taxation years after 2018 were provided. The budget does not include any previously unannounced changes to personal or corporation tax rates or changes enhancing asset tax write-off rates in reaction to recent US tax reform announcements.

Learn more in the document below.


August 10, 2017

When Finance Minister Bill Morneau delivered the Liberal Government’s second budget on March 22, 2017 it included an announcement that the Department of Finance intended to review various tax planning strategies commonly utilized by private corporations.


March 23, 2017

Finance Minister Bill Morneau delivered the Liberal Government’s second budget on March 22, 2017 (“Budget Day”).


March 22, 2016

Finance Minister Bill Morneau delivered the new Liberal Government’s first budget on March 22, 2016.


February 25, 2016

On February 25, 2016, Ontario’s Finance Minister Charles Sousa delivered this year’s provincial budget. Among some of the significant changes proposed are new grants to cover the tuition costs of post-secondary education for low-income households, new taxes on cigarettes and alcohol and a carbon “cap-and-trade” system as a push towards green initiatives, which is anticipated to increase the cost of gas and heating fuel.