Finance Canada Drops Draft Legislation August 15

All professional tax practitioners, financial advisors should take note of an important mid-summer release of draft legislation to implement some of the proposals from the November 2024 Fall Economic Statement, the April 2024 Budget, the EIFEL rules announced on August 12, 2024, and rules relating to passive income of foreign affiliates announced in the 2022 federal budget.  This draft legislation also introduces more modifications to new trust filing requirements. Brief highlights appear below;  technical details will be discussed in the September 17 and November 5 CE Summits and Knowledge Bureau’s certificate course on T3 Filings. 

It’s summertime... and summer holidays are already in full swing.

It’s report card time for kids, but it’s also a good time for parents and teachers to reflect on the level of financial literacy among students, and bringing more effective financial education to next year’s curriculum, which begins just a couple of months from now.

Hundreds of leaders in the tax and financial services took part in a significant educational event last week:  transition planning featuring the new federal budget provisions including the Graduate Trust Estate rules. 

Evelyn Jacks, President of Knowledge Bureau, kicked off Toronto’s Distinguished Advisor Workshop with an information-packed economic update.

James Bell, Director of Tax Solutions Canada (a member of the Farber Financial Group), is the perfect person to reveal tips, traps, and pitfalls of working with the Canada Revenue Agency.

Executors who face the problem of how to pay the taxes on the estate where the capital is tied up in capital assets have a way to solve the problem – if they can find it.