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 66.67%. It also proposes similar increases for individuals…
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 of contracts to purchase these units. The tax will not…
If you haven’t already signed up for a My Account with CRA, we encourage you to do so. It’s convenient, easy to use, fast, and secure. You can interact electronically with CRA on your individual account as well as various business accounts. It is an easy way to access your tax information, make payments and…
Tax season is here, and every year, we remind you of the important dates to keep in mind when preparing to file your tax return. For us at Clearline, we cannot guarantee completion of your T1 Return before the April 30th deadline if we do not receive your information by April 15, 2024. Personal Tax…
Recent changes implemented by the Canadian government now require a Bare Trust to file a T3 Trust tax return (“T3 Return”) for the 2023 tax year, where previously there was no requirement to file. A bare trust exists where a trustee holds legal title to property (e.g. real estate, bank account, investment portfolio, or any…
The federal government has officially announced that the budget will be tabled on Tuesday, April 16, 2024, by Deputy Prime Minister and Minister of Finance Chrystia Freeland. This budget announcement will reveal the government’s fiscal priorities for the upcoming year. The 2023 Fall Economic Statement prioritized housing affordability and addressing economic challenges in Canada. Expected…