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The capital gains inclusion rate has been proposed to increase from 50% to 2/3, effective June 25, 2024, for corporations and most trusts as well as for the portion of capital gains realized in the year that exceeds $250,000 for individuals, graduated rate estates and qualified disability trusts.

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New! As of June 25, 2024, 2/3s of capital gains in excess of $250,000 per year are proposed to be taxable. Capital gains of $250,000 or less will effectively continue to be included at a 50% rate due to a new deduction.

Any corporation or individual who had a tax balance owing of greater than $3,000 in the previous year has an installment requirement and not paying them on time can be very costly.

A June 2, 2022 Technical Interpretation discussed the taxability of funds received through crowdfunding campaigns. CRA first noted that amounts received through a crowdfunding arrangement could represent loans, capital contributions, gifts, income or a combination of two or more of these.

All eligible Canadian resident seniors (over age 65), children under 18
and individuals eligible for the disability tax credit can now apply for the Canadian Dental Care Plan.

The 2024 Federal Budget proposed to increase the capital gains inclusion rate form 50% to 2/3 of the actual gain, effective for capital gains realized on or after June 25, 2024, for all tax payers (including corporations and trusts) other than individuals.

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 – Fairness for Every Generation, to the House of Commons.
No changes were made to personal or corporate tax rates. Some highlights include the following:

Changes requiring more trusts (and estates) to file tax returns and more
information to be disclosed, first proposed in the 2018 Federal Budget, were delayed several times in the legislative process. The final rules (that are now law) first apply for 2023, with a filing deadline of April 2, 2024.

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.

On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments.