The coming changes The federal government’s recent announcement about the capital gains inclusion rate hike has left many Canadians scrambling to understand the implications. Effective June 25, 2024, the inclusion rate for capital gains will increase from 50% to two-thirds. Here’s a detailed breakdown of what this means for you Read more…
The 2024 Canada Federal Budget brings several significant tax changes that will impact both businesses and individuals. Understanding these changes can help you make informed financial decisions for the year ahead. Changes in Corporate Tax Rates The federal government has introduced a lower tax rate for small businesses earning under Read more…
The federal government’s recent announcement about the capital gains inclusion rate hike has left many Canadians scrambling to understand the implications. Effective June 25, 2024, the inclusion rate for capital gains will increase from 50% to two-thirds. Here’s a detailed breakdown of what this means for you and how you Read more…
Choosing between incorporating your business or running it as a sole proprietor is a critical decision for any entrepreneur. Each structure has its benefits and drawbacks, and the right choice depends on your business needs, financial goals, and personal liability tolerance. Advantages of a Sole Proprietorship Starting as a sole Read more…
Managing childcare expenses is not only essential for budgeting but also for maximizing your tax returns. Many Canadian parents are unaware of the potential tax savings available through childcare expense claims. This comprehensive guide will help you navigate the rules and benefits surrounding childcare expenses to make the most of Read more…
Steve Levack is here explaining Capital Gains Changes in Canada. Recent changes to Canada’s tax laws could significantly impact your investments. Understanding these changes is crucial for making informed financial decisions. What are Capital Gains? Capital gains are the profits you earn from selling assets such as stocks, real estate, Read more…
Each year, the Canada Revenue Agency (CRA) launches special projects targeting specific aspects of tax returns based on trends, errors, or fraud identified in previous years. Understanding these targeted review areas can help you prepare your taxes more effectively and avoid potential pitfalls. This article explores these areas, explains the Read more…
RRSP Overcontributions: How to Handle and Avoid Them What Happens If You Overcontribute? Contributing to a Registered Retirement Savings Plan (RRSP) is a key method many Canadians use to prepare for retirement. However, it’s surprisingly easy to contribute too much, which can lead to unexpected penalties. Each year, you can Read more…
A post-assessment review is indeed not an audit, but it’s a common source of confusion for many taxpayers. Let’s clarify what it involves: What is a Post-Assessment Review? After you file your tax return, the Canada Revenue Agency (CRA) might select your return for a post-assessment review. This doesn’t mean Read more…
Taxes are a part of everyday life in Canada. Understanding how the system works helps you manage your money better. Let’s go over the basics of the Canadian tax system and explain how it impacts you. Progressive Taxation Canada’s tax system is progressive. This means that if you earn more, Read more…