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2024 Federal Budget Highlights that may affect your taxes: 
 

Capital Gains Changes - The inclusion rate will be increased from 50% to 2/3 effective for dispositions on and after June 25, 2024. For taxation years that straddle that date, the inclusion rate will depend on the date of disposition. Individuals  will retain the 50% inclusion rate on the first $250,000 of capital gains per year (or for the period from June 25 to December 31, 2024). Other taxpayers, including corporations and trusts, will be subject to the 2/3 inclusion rate on all capital gains. Similar measures will apply to stock option benefits and capital losses carried back or forward. Budget 2024 estimated that this change will impact only 0.13% of individual taxpayers and 12.6% of corporations.

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 Lifetime Capital Gains Exemption – The lifetime limit will be increased to $1,250,000 from its present level of $1,016,836, effective for dispositions on and after June 25, 2024. 

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Late Breaking - Bare Trust Reporting Exemption!

“To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.

 

In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

 

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.”

 

For more information, see CRA’s Tax Tip .

THE TIME HAS COME...

The federal government is requiring that all business owners in Canada have a MyBusiness Account to be able to perform many functions associated with their tax accounts. Trusted professional advisors used to be able to act on your behalf in almost all situations but this is no longer the case without your online consent. Do not delay, sign up today!

MyBusiness Account at the Canada Revenue Agency

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We can help with:

~ Business decisions   ~ Corporate income tax   

~ Compilation financial information  ~ Payroll  ~ GST/HST

~ Personal income tax   ~ QuickBooks desktop   ~ Xero  ~ Bookkeeping

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We talk to the Canada Revenue Agency so you don't have to and that gives you peace of mind. Call for an appointment today.

Offering audit insurance to our clients for professional fees related to Canada Revenue Agency audit and examination.

Offering in-person service

However you may also want to take advantage of:

  • Virtual meetings via phone or Teams if it is more convenient for you

  • Remote desktop support and assistance

What we ask of you:

  • Stay home if you are sick and call to re-book your appointment

                                          

 Are you a U.S. Citizen?  Make sure you file your U.S. tax returns by the deadline. 

We recommend an excellent local firm to assist with your US tax filings.

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