In our previous Federal Budget newsletter, we mentioned several proposed changes to capital gains taxation.   Capital Gains Inclusion Rate As previously mentioned, the 2024 Federal Budget proposes increasing the current capital gains inclusion rate for certain taxpayers effective June 25, 2024. The proposed legislation to implement this...

The Canadian Pension Plan (CPP) is a mandatory pension plan funded by contributions from employees, employers, and self-employed individuals. It covers almost all workers in Canada except those in Quebec, which has its own Quebec Pension Plan (QPP). The CPP provides basic earnings replacement for...

  The Canada Revenue Agency (CRA) announced the launch of its new document verification service as a new option for CRA users. This service will streamline the identity verification process for CRA sign-in services such as My Account, My Business Account, and Represent a Client, enabling...

Cybersecurity is a critical concern for corporations in the digital era, particularly when sensitive financial data is involved. As business owners, it's vital to understand the risks your data faces and how to work collaboratively with your trusted professionals and advisors to protect it. Here’s...

The Accounting Standards Board (the “Board”) is the entity that sets accounting standards in Canada, and it has made a pivotal decision regarding the future of accounting for contributions revenue for not-for-profit organizations (NPOs).  Contributions revenue includes items such as donations, grants, and government funding. Based...

The Minister of Finance, Chrystia Freeland, delivered the 2024 Budget (the “Budget”) this afternoon. Below are summarized highlights of the tax measures announced in the Budget.   Capital Gains Inclusion Rates The Budget proposes increasing the current capital gains inclusion rate for corporations and trusts from 50% to...

The BC Government announced in its 2024 Budget on February 22, 2024, that it proposes implementing a Home Flipping Tax starting January 1, 2025.  The tax will apply to income from selling properties zoned for residential use with a housing unit and on the assignment...