Tax Tidbits… Some Quick Points to Consider Capital Gains Inclusion Rate: Proposed Increase The 2024 Federal Budget proposed to increase the capital gains inclusion rate from 50% to 2/3 of the actual gain, effective for capital gains realized on or after June 25, 2024, for all taxpayers (including corporations and trusts) other than individuals. Individuals …
Are You Ready for the Higher Capital Gains Tax Rate Starting June 25, 2024? Normally after April 30, personal income tax season is done – but not this year! The Federal Budget earlier this year threw us a curveball, announcing an increase in the capital gain inclusion rate for personal capital gains above $250,000 to 66 …
Provided by Kurt Rosentreter, CPA, CA On April 16, 2024, the Deputy Prime Minister and Finance Minister, presented Budget 2024 – Fairness for Every Generation, to the House of Commons. No changes were made to personal or corporate income tax rates. Some highlights include the following: The Numbers The Government’s fiscal position includes the following …
Kurt Rosentreter, CPA, CA, CFP, CLU, TEP, FMA, CIMA, FCSI, CIMPortfolio Manager, Manulife Securities IncorporatedPresident, Upper Canada Capital Inc.kurt.rosentreter@manulifesecurities.ca December 31, 2023 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. Some 2023 Year-End Tax …
Tax Tidbits… Some Quick Points to Consider CPP Enhancements: Higher Contributions and Higher Benefits In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1 occurred from 2019-2023; phase 2 will occur from 2024-2025. Overall, the changes will require larger contributions but …
Tax Tidbits… Some Quick Points to Consider Budget 2023: Top Five Items for Owner-Managers Budget 2023 (A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future) was introduced in the House of Commons on March 28, 2023. The top five changes that may impact individuals and owner-managed businesses are as follows: Kurt’s Comments:If you are …
Tax Tidbits… Some Quick Points to Consider Covid Benefits: Review/Audit Activity On December 6, 2022, the Auditor General of Canada released its report on COVID benefit compliance enforcement. The report reviewed a total of $210.7 billion in payments with the following breakdown among programs: The report indicated that $4.6 billion in overpayments were made to …
Hello! It’s my favourite time of the year – income tax filing season! We are closing in on the 2022 personal income tax filing deadline at May 1, 2023 (usually April 30th but it falls on a Sunday this year) and I am writing to summarize some important facts for this tax season. RRSPsYou have …
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