Professionals and contractors across Ontario often see incorporation as a tax-efficient strategy. While operating through a corporation can provide advantages such as tax deferral and limited liability, these benefits don’t apply in every situation. One of the most significant — and frequently misunderstood — risks is being classified as a Personal Services Business (PSB) under […]

Canada’s Federal Spring 2024 budget proposals have ultimately resulted in a significant change to the capital gains tax, specifically putting into effect the new two-thirds capital gains inclusion rate. Understanding the change and the potential implications is crucial for effective tax planning and financial decision-making. What is the Proposed Change? Prior to the recent change, […]

Tax instalments represent a fundamental aspect of Canada’s tax system. They serve as essential prepayments made throughout the year to cover taxes that would typically be paid in one lump sum, such as personal taxes due on April 30th of the following year. Similar to how taxes are withheld directly from each pay cheque by an […]

New for the 2023 tax year, the Canada Revenue Agency (CRA) has introduced significant changes to trust reporting rules. These changes have expanded the scope of required reporting, including a notable inclusion of bare trusts that did not have to file in the past. There are many common situations that may constitute reportable bare trusts, in […]

Canada’s financial landscape is constantly evolving, and as tax professionals, it’s our duty to stay ahead of these changes to provide the best advice to our clients. One of the most significant changes to surface recently pertains to the Alternative Minimum Tax (AMT). With the 2023 budget proposing substantial adjustments to the AMT regime, it’s […]