On November 21, 2024, the Government of Canada announced a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) relief on select holiday essentials. This measure applies from December 14, 2024, to February 15, 2025, offering temporary support to Canadians by removing GST/HST on specific categories of goods and services. Qualifiying Items The GST/HST relief…
On April 16, 2024, the Minister of Finance tabled the 2024 Federal Budget. While no changes were made to the federal personal or corporate tax rates, there are some key changes to be aware of: Effective June 25, 2024, the inclusion rate on any capital gains in a corporation or trust will increase from 1/2 to 2/3.…
With the release of a new Federal Budget, we wanted to drop a highlight reel of the important changes and new mandates as they relate to business owners (with a few interesting additions). Let’s dive right into the 2022 Federal Budget Breakdown: Increased Threshold for Small Business Capital The taxable capital threshold…
Details on the new federal subsidy programs have been released, and will be backdated to become effective from October 24th, 2021 in order to seamlessly replace the CEWS and CERS programs which ended on October 23rd, 2021. What are the New Subsidy Programs? The new subsidy programs to replace the CEWS and CERS programs are: Tourism…
