Archive for Year: 2024

More Tax Changes Proposed to Capital Gains Inclusion Rate, Global Minimum Tax Act, Trust Reporting Rules, and Other OEDC Compliance by Canadian Department of Finance

Introduction – The Department of Finance Announces Revised Draft Legislation for Anticipated Capital Gains Changes On August 12, 2024, the Department of Finance released revised draft legislation for the implementation of various federal tax measures, including the implementation of the 2024 Federal Budget. The Department of Finance has segregated...

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How Lower-Income Individuals Can Receive Valuable Tax Benefits by Using CRA’s New, Free SimpleFile Program, a Canadian Tax Lawyer Explains

Introduction To The CRA SimpleFile Program The Canada Revenue Agency (“CRA”) has launched a new program which allows lower-income and vulnerable Canadians to gain access to valuable tax benefits and tax credits which arise from filing a tax return each year. In order to receive benefit payments such as...

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Guide To Canadian Tax Rules on Benefits Arising from Use of Corporate Assets (Money, Trips, Boats, Cars, Space Trips etc.), Tax Lawyer Explains

Introduction Business owners are often tempted to dip into the corporation’s pockets to pay for personal expenses. A temptation which seems like a relatively insignificant transgression but in reality, is a decision that can create dire tax consequences. A corporation paying amounts for a purpose other than earning income...

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Are You Entitled to Receive the Canada Child Benefit (CCB)? ‘Tax Residence’ is Key, Plus How to Determine if You’re Tax Resident

Introduction – The Canada Child Benefit (“CCB”) Where it applies, subsection 122.61(1) of the Income Tax Act entitles an “eligible individual” to the Canada Child Benefit (“CCB”). The CCB is defined as an overpayment to ensure it remains a tax-free payment to the recipient. Many provinces in Canada (including...

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