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The federal budget announcement on April 16, 2024 included a proposal to increase the capital gains inclusion rate, to be effective June 25, 2024. A brief summary of the proposed changes are as follows: Currently, the inclusion rate for a capital gain is 50%. If there is a capital gain of $150, 50% – or $75 – is included in ...
The Canadian Government has implemented new conditions for In Trust For accounts. Unless specific conditions are met, ITF holders must file a T3 return for tax years ending after December 30, 2023. This includes many trusts, including bare trusts. Before the introduction of the new reporting requirements, a trust that did not earn income, dispose of capital property, or make ...
Personal tax season is just around the corner. Please visit Personal Taxes for the following documents and other tools to help you get started: Our personal tax checklist to help you gather your annual tax information and make the process as simple as possible for you; Our engagement letter that documents the terms or our engagement to prepare your annual ...
Lott & Company Professional Corporation is very pleased to announce that Julie Luk, CPA, CA has recently become a partner in the firm. Julie joined the firm in 2015 after completing her Master of Accounting degree through the co-operative program at University of Waterloo. Julie progressed rapidly at the firm becoming a manager in 2018 and more recently was promoted ...
Personal Services Business Operating as a Personal Services Business (PSB) can have serious tax implications and increased scrutiny from the Canada Revenue Agency (CRA). A PSB is a specific tax classification in Canada that applies to businesses where an individual provides services to another entity (usually a corporation) through their own corporation. First, let’s address the key characteristics of a ...
Understanding shareholder loans and the tax pitfalls are crucial aspects in owning an incorporated business. Whether you own an incorporated business or are in the process of incorporating your business there are a few things you should know in order to avoid significant tax consequences. There are significant tax rules associated with shareholder loan accounts that prevent shareholders from borrowing ...
One topic that consistently captures the attention of property owners and investors is the change in use of property. Whether you're a homeowner contemplating the transformation of your residence into a rental property, or a real estate investor seeking to optimize your portfolio, understanding the intricacies of altering a property's use is of the utmost importance.
If you have an incorporated business, you are likely benefiting from some of the advantages of incorporation, including limited liability, tax deferral of funds reinvested in your business and the ability to initiate family planning. Want more good news?
In the dynamic landscape of business acquisitions, the choice between a share purchase and an asset purchase holds significant implications for both the buyer and the seller.
Owners of certain residential property in Canada should act quickly to meet their obligations under the Underused Housing Tax (UHT) as the first-year transitional relief runs out on October 31, 2023.
