It’s tax season again, and we’re offering you a checklist to make sure you compile all the information necessary to complete your personal tax return. In this 2023 Personal Tax Return Checklist, you will find a list of information…
Read more >Finance has provided updated figures for the 2024 calendar year related to employment income, automobile expenses, and contribution limits for registered accounts. This includes the introduction of second additional CPP contributions (CPP2), effective January 1, 2024 for individuals earning…
Read more >On November 21, 2023, Canada’s Finance Minister unveiled the 2023 Federal Fall Economic Statement (“FES”). The FES expects inflation rates to decrease and subdued economic growth over 2024. The fiscal update contained several announcements on housing including investing billions…
Read more >On November 21, 2023, Canada’s Finance Minister unveiled the 2023 Federal Fall Economic Statement. The statement expects inflation rates to decrease and subdued economic growth over 2024. For 2023–24, the government is projecting a deficit of $40.1 billion. Over…
Read more >Finance announced on October 31, 2023 that the deadline to file Underused Housing Tax returns for 2022 tax year without penalty or interest has been extended to April 30, 2024 from October 31, 2023. Penalties for non-filing range from…
Read more >The Underused Housing Tax Act (the “Act”) was implemented in 2022 and aims to target ownership of vacant or underused housing in Canada. The Act applies an annual underused housing tax (“UHT”) of 1% of the “taxable value” of…
Read more >Canadian Controlled Private Corporations (“CCPCs”) have until December 31, 2023 to acquire capital property eligible for immediate expensing. The temporary measure applies to eligible property acquired and available for use before January 1, 2024. Up to $1.5 million per taxation…
Read more >On September 14, 2023, the Prime Minister announced extended deadlines for Canada Emergency Business Account (CEBA) loan repayments. The repayment deadline for CEBA loans to qualify for partial loan forgiveness of up to 33% (either $10,000 loan forgiveness for…
Read more >On June 22, 2023, Bill C-47 Budget Implementation Act, 2023, No. 1 received royal assent. Bill C-47 includes legislation to implement the new mandatory disclosure rules originally proposed in the 2021 federal budget. The upgraded mandatory disclosure rules will…
Read more >The 2023 Ontario Budget proposed a new Ontario Made Manufacturing Investment Tax Credit (“MITC”) which provides a 10% refundable tax credit to qualifying corporations that make qualifying investments in manufacturing and processing (M&P) in Ontario. The credit is available…
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