Tax Tips for Filing Your 2024 Income Tax Return
Get ahead of tax season! Discover what’s new for 2024—from increased CPP contributions and Home Buyers’ Plan changes to key deductions and credits. Maximize your refund and avoid costly mistakes.
Get ahead of tax season! Discover what’s new for 2024—from increased CPP contributions and Home Buyers’ Plan changes to key deductions and credits. Maximize your refund and avoid costly mistakes.
Is it time to renew your group benefits plan? Discover how to maximize this opportunity by refining health, dental, and specialty coverages, staying on budget, and keeping your team’s priorities at the forefront.
Discover how disability insurance can safeguard your income if you’re unable to work due to injury or illness. Learn about the benefits, how it works, and why it’s crucial for everyone, especially the self-employed.
Facing unexpected financial emergencies? An emergency fund acts as your financial safety net, ensuring peace of mind without dipping into savings or incurring debt. Start small, build steadily.
Unlock the potential of group benefits! Enhance employee well-being, reduce turnover, and boost your business with customized plans. Learn more.
On April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:
• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year’s budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business
On February 28, 2023, the B.C. Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know:
• Tax credit changes.
• Increases to the B.C Family Benefit.
• Carbon tax changes.
• Other important tax changes.
• Healthcare and housing spending.
For incorporated professionals, making sure your business is financially protected can be overwhelming. Incorporated Professionals face a unique set of challenges when it comes to managing risk. Insurance can play an important role.
On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:
• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.
• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.
• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.
It’s a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:
– Year-end tax checklist
– Remuneration
– Business tax
– Estate
Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.
Insurance products are offered through PPI Management Inc., a national licensed insurance marketing organization that support independent advisors with their business, and through multiple insurance companies.