Finance Canada: No More Spring Budgets
Finance Canada announced on October 7 that Canada’s federal budgets will be brought down in the fall starting with the November 4, 2025 event; a significant departure from the spring schedule (February, March or April) that has been the cycle for several decades. This is going to affect many other events as we know them, and in the annual government spending approval cycle. There will also be a new budget process for capital vs. operational expenses. Here’s what you need to know:Foreign Ownership Ban Extended
Finance Canada has extended the ban on foreign ownership of Canadian housing for an additional two years. This will now expire on January 1, 2027. Foreign commercial enterprises and people who are not Canadian citizens or permanent residents will not be allowed to purchase residential property in Canada. But will this help make housing more affordable in Canada?
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Share the Love at the Acuity Conference for Distinguished Advisors
Share the love with your companion or team member and join us in the splendid aura of the arts in the charm of Montreal as you discover new ways to lead with impactful guidance at the Acuity Conference for Distinguished Advisors, November 10-12, 2024. Early-bird deadline: February 15. Save up to 25% on tuition when you register as a Delegate, Companion or Team Member!
Advanced Tax Update, Lite: Convenient Online Tax Training
Did you miss the January 17 Virtual CE Summit? Now available, the Advanced T1 Tax Update for 2023 Returns, Lite version! Tax season is coming up fast, and this is the tax season solution your team needs! Contact your friendly registrar Carol Scott
Investment Tax Tip: Capital Gains Reserves
Did you or your clients sell capital property last year? Did they help finance the purchase? In that case, it’s important to review how to complete Form T2017 Summary of Reserves on Dispositions of Capital Property, because tax on these capital gains can be deferred for up to 10 years. Further, if there is a gradual transfer of property under the new intergenerational business transfer rules that begin in 2024, the capital gains reserve provisions will come into play. Here’s a synopsis of the rules, with excerpts from Knowledge Bureau’s Evergreen Explanatory Notes.
What Happens When a FHSA Ends?
What happens when a FHSA (First Home Savings Account) ends because it is closed by the account holder or the account holder dies? Recent legislation has been drafted to cover these FHSA lifecycle events:
