As announced in our prior publication, Government Announces Deferral of Changes to Capital Gains Inclusion Rate, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring the date on which the capital gains…

On January 31, 2025, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains…

On January 23, 2025, the Department of Finance released draft legislation (and related explanatory notes) to amend the Income Tax Act to extend the deadline for making donations eligible for tax support in the 2024 tax year to February…

On January 6, 2025, Parliament was prorogued, and a new session will begin on March 24, 2025. All government bills that have not received royal assent prior to prorogation cease to exist. For government bills to be continued within…

Starting in Spring 2025 (March), CRA will transition to online mail as the default method for delivering business correspondence such as Notice of Assessments, Statements of account, Review letters, etc. This change applies to new businesses as well as existing businesses…

On November 21, 2024, the Department of Finance announced that it will introduce new legislation to provide for a $250 Working Canadians Rebate. This tax-free rebate, which is aimed at helping Canadians with the rising cost of living, will…

This holiday season, the Canadian government is proposing a two-month GST/HST tax break on groceries and holiday essentials. From December 14, 2024, to February 15, 2025, GST and HST will be temporarily removed on a wide range of qualifying…

On April 16, 2024, the Federal Government tabled Budget 2024, which proposed various provisions impacting individuals and businesses. One measure introduced in the budget was an increase to the capital gains inclusion rate. The inclusion rate for corporations, individuals and…

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 2024 tax year, unless the CRA makes…

On April 16, 2024, the Federal Government tabled Budget 2024, which proposed various provisions impacting individuals and businesses. One measure introduced in the budget was an increase to the capital gains inclusion rate. The inclusion rate for corporations, individuals and…