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…

On April 16, 2024, the Federal Government tabled Budget 2024, which proposed various provisions impacting individuals and businesses. Some of the items of interest include the following: Capital gain inclusion rate – The inclusion rate for corporations, individuals and trusts…

Toronto homeowners are required to declare the occupancy status of their property every year. The due date for the 2023 tax declarations is February 29, 2024. Declarations can be completed online via the City of Toronto’s online portal. Alternatively, owners…

Budget 2018 announced the government’s intention to introduce new trust reporting rules. The proposed changes were introduced through various releases of draft legislation from 2018 to 2022. The legislation received royal assent on December 15, 2022 and became law….

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…