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TaxTalk
2025 RECENT TAX UPDATES & REMINDERS
Proposed Capital Gains Inclusion Rate Increase Has Been Deferred On January 31, 2025, the Department of Finance announced that the federal government is deferring the date (from June 25, 2024 to January 1, 2026)...
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2024 YEAR-END TAX PLANNING
As the end of 2024 approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position........
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2024 YEAR-END TAX PLANNING FOR CANADIAN BUSINESSES AND INDIVIDUALS WITH OPERATIONS AND FILINGS IN THE U.S.
As the year-end approaches, it offers a strategic opportunity for businesses to review their tax planning strategies........
PENDING CHANGES TO THE CAPITAL GAINS TAX RATE
On April 18, 2024 we issued a TaxTalk which outlined the major proposals in the 2024 Federal Budget. The most critical component of the budget........
2024 FEDERAL BUDGET HIGHLIGHTS
On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024........
NEW TRUST REPORTING RULES FOR 2023
The Government of Canada has introduced new reporting requirements for trusts with taxation years ending after December 30, 2023........
2023 YEAR-END TAX PLANNING FOR CANADIAN BUSINESSES AND INDIVIDUALS WITH OPERATIONS AND FILINGS IN THE U.S.
As the year-end approaches, it offers a strategic opportunity for businesses to review their tax planning strategies.......
2023 YEAR-END TAX PLANNING
As the end of 2023 approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position......
CHANGES TO IMMEDIATE EXPENSING RULES
The immediate expensing rules were originally announced on April 19, 2021 to allow 100% write off in the year of purchase......
2023 FEDERAL BUDGET HIGHLIGHTS
On March 28, 2023, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented the 2023 Federal Budget......
UNDERUSED HOUSING TAX (UHT)
The UHT will apply to underused housing in Canada owned directly or indirectly by non-resident, non-Canadians, whether in whole or in part......
TAX CONSEQUENCES FOR NON-RESIDENTS IN CANADA
A non-resident of Canada is liable for Canadian income tax for a taxation year under the Income Tax Act (Canada) if the non-resident, at any time in that year......
2022 YEAR-END TAX PLANNING
As the end of 2022 approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position. Personal tax planning is important to the management of your financial affairs and should be considered throughout the year - not just late in the year. However, we issue this TaxTalk towards the end of every year to help remind you on the potential tax planning opportunities that exist......
2022 YEAR-END TAX PLANNING FOR CANADIAN BUSINESSES AND INDIVIDUALS WITH OPERATIONS AND FILINGS IN THE U.S.
Tax planning is probably the last thing on most business owner’s mind as they deal with supply chain issues due to COVID-19, high inflation and rapidly raising interest rate worries. These are not only business concerns, but also tax planning challenges. However, to take advantage of all available tax breaks, you need to be aware of tax changes in the recent U.S. Inflation Reduction Act and provisions of the Tax Cuts and Jobs Act (TCJA) that went into effect in 2018 but still impacts current tax planning......
RESIDENTIAL PROPERTY FLIPPING RULE
A residential property flipping rule was announced in the 2022 Federal budget. This rule will require anyone who sells a residential property that they have held for less than 12 months to be fully taxed on their profits as business income rather than taxed at 50% as a capital gain......
TAX-FREE FIRST HOME SAVINGS ACCOUNT (FHSA)
The draft legislation for a new registered plan for prospective first-time homebuyers was introduced on August 9, 2022. The plan will be known as the Tax-Free First Home Saving Account (FHSA) and it will provide first time home buyer an ability to save up to $40,000 on a taxfree basis towards the purchase of a first home in Canada......
UNDERUSED HOUSING TAX (UHT)
On June 9, 2022, the Underused Housing Tax (UHT) Act received Royal Assent and is now law and applies on a calendar basis beginning in 2022......
U.S. State Tax Considerations for Canadian Businesses
The U.S. market represents a huge opportunity for Canadian businesses to sell their products and/or to expand their business operations. Entering the U.S. market brings with it many U.S. federal and state tax issues, filings and tax obligations. U.S. State tax rules are complex and hard to keep on top of because each state has its own rules and operates differently for each type of tax......
COMMENTARY ON THE FEDERAL BUDGET 2022
On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons......
NEW GST/HST RULES FOR E-COMMERCE SALES
Foreign companies that sell goods and services online in Canada should have registered for the simplified GST/HST e-commerce registration effective July 1, 2021......
2021 YEAR END TAX PLANNING FOR CANADIAN BUSINESSES AND INDIVIDUALS WITH OPERATIONS AND FILINGS IN THE U.S.
This year proved to be challenging in the U.S. as practitioners continue to work through the various stimulus programs and changes in the tax rules and tax deadlines for federal and state returns......
2021 YEAR END TAX PLANNING
As the end of 2021 fast approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position. Personal tax planning......
CANADIAN TAX CONSIDERATIONS FOR NON-RESIDENTS OWNING CANADIAN REAL ESTATE
Many individuals living outside of Canada, including former Canadian residents and others who have never lived in Canada will purchase Canadian real estate including......
Bill C-208 – Tax Relief for Intergenerational Transfers of Small Businesses
Bill C-208, which received Royal Assent recently and is now law, has been looked at as a win for owners of small businesses across Canada. It was introduced......
2021 FEDERAL BUDGET HIGHLIGHTS
On April 19, 2021, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented......
Tax Rate Tables
2024 Tax Rate Tables
2024 Tax Table Quick Calculations.
2023 Tax Rate Tables
2023 Tax Table Quick Calculations.
2022 Tax Rate Tables
2022 Tax Table Quick Calculations.
2021 Tax Rate Tables
2021 Tax Table Quick Calculations.
Tax Checklists
2024 T1 Checklist
2023 T1 Checklist
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