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. 

In 2013, you will be able to contribute an additional $500 to your Tax-Free Savings Account (TFSA), taking the annual contribution limit to $5,500.

Aging small and medium-sized business owners are ill prepared to transition their businesses and that oversight, says CIBC economist Benjamin Tal, could be costly — for business owners and for the economy.

Christmas has just gotten a lot easier in Canada, thanks to the Santas in the federal government.

If a company receives a “break fee” in a failed takeover attempt, that fee is income for tax purposes, not a capital gain or a non-taxable “windfall.”

If you are hiring, it is important that you hire the “right” person for the job and “competency models” can help you do that.

If you qualify for a rebate or refund under Ontario’s Retail Sales Tax (RST) the deadline for applications is fast approaching.