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. 

The cat is out of the bag! The federal budget date has been set and the big question is whether the contribution limit for Tax Free Savings Accounts will double to $11,000. 

Seniors, post-secondary grads, and Gramma – all demographics will feel the effects of Liberal Premier Brian Gallant’s Liberal budget, presented  in New Brunswick on Tuesday, March 31.

What is the best way for governments to support families with children?, had a plethora of comments and an abundance of ideas.

The great tax filing race is on. Most people know that April 30, the tax filing deadline for individual taxpayers, is three weeks away.

NOW AVAILABLE:  Learn about the Family Tax Cuts and more – FREE with the purchase of Jacks on Tax.

The Tax Court of Canada (Descarries Et Al. v. The Queen (2014) TCC 75) recently had occasion to consider an interesting tax planning scheme that ultimately fell foul of the General Anti-Avoidance Rule (GAAR).