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. 

Imagine this true-to-life situation: A single daughter brings her stricken mother into her home to care for her after she has suffered a stroke.

Since 2004 certain members of the Canadian forces or a Canadian police force serving on a deployed operational mission that is assessed at a high risk level. 

According to Services Canada, this depends on your age and your years of residence in Canada.

Don's incredulous. He’s a do-it-yourself investor and he has had a bad several years. His half a million dollar RRSP portfolio is now worth $250,000. He wants to know: What does it take to recover and re-accumulate $250,000 over the next ten years—the time Don has left until retirement?

The acquisition of a revenue property is often a good way to increase net worth. If you are planning to take on a rental property, be sure to keep the tax implications in mind. Rental properties are often audited. 

Only 5 rooms left! Register for DAC before July and receive extended early bird rates!