The Canadian government has announced yet another chapter of significant changes to the capital gains inclusion rate, impacting taxpayers across the country. New Effective Date: January 1, 2026 The government has confirmed that the proposed increase in the capital gains inclusion rate will now take effect on January 1, 2026,
The Canada Revenue Agency (CRA) is increasingly shifting its communication practices toward online mail, making it the default method for delivering correspondence to taxpayers and businesses. This transition impacts how individuals and organizations manage their tax-related communications and will become even more critical in the years to come. Why the Shift
Statistics indicate that automobile expense audits were a top audit activity of CRA in past years so this is an area you’ll want to pay some attention to if you are not already. Without a mileage log, the CRA might not allow your vehicle expense claim! You should be keeping…
On November 21, 2024, the government of Canada announced its intention to introduce legislation in Parliament that would provide for a two-month Goods and Services Tax/Harmonized Sales Tax (GST/HST) break for groceries, restaurant meals and holiday essentials. Many of the items relieved of the application of the GST/HST federal component,…
Concurrent with increasing the capital gains inclusion rate from 50% to two‑thirds, the government has increased the lifetime capital gains exemption to $1.25 million and introduced a new incentive – the Canadian Entrepreneurs’ Incentive (CEI) – available to business owners realizing capital gains on the sale of certain qualifying small…
On April 18, 2024, the Ministère des Finances du Québec announced its intention to amend Québec’s tax legislation and regulations to incorporate, with adaptations on the basis of their general principles, measures relating to: the increase in the lifetime capital gains exemption; the introduction of the Canadian Entrepreneurs’ Incentive; the
Canada’s 2024 Federal Budget (Budget 2024), delivered by Deputy Prime Minister and Finance Minister Chrystia Freeland on April 16, 2024, addresses critical economic challenges faced by Canadians and businesses. Audit & enforcement measures The government announced a variety of targeted anti-avoidance measures to enhance the CRA’s compliance efforts and
Joseph Mueller CPA to join LCA CPA LLP creating powerhouse service provider for Québec’s private companies “We are thrilled to welcome Joseph Mueller CPA to the LCA family,” says Gavin Correa CPA auditor, Partner. Our organizations share a common vision to provide clients with the insights, tools and solutions to
We have sent out numerous updates about trust, in trust, and bare trustee reporting. If any of these situations apply to you and we are NOT aware of it, please contact your LCA advisor: Trustee of a formal trust Hold an in-trust account for someone else. For example, a parent
Dear clients and contacts of LCA, We have previously written about the new trust reporting rules which impose additional filing requirements for most trusts, many of which were previously exempt from filing a T3 Trust and Income Tax Return with CRA. We want to remind you of the new rules
Effective January 1, 2024, payments over 10,000$ must be remitted electronically, meaning either by online banking or by payment directly from a financial institution, and this is for both Canada Revenue Agency and Revenu-Québec. This rule only applies to businesses and not personally. Payments of over 10,000$ made by cheque
Dear Clients and Friends, The Canada Emergency Business Account (CEBA) program offered interest-free loans of up to $60,000 to small businesses and not-for-profits. CEBA loans were available from more than 220 financial institutions across the country. For eligible CEBA loan holders in good standing, repaying the balance of the loan
The Tax-Free Savings Account (TFSA) contribution limit will increase to $7,000 (from $6,500) for 2024. This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $95,000. Years TFSA contribution
Finance Minister Chrystia Freeland delivered the government’s 2023 Fall Economic Update on November 21, 2023. The Update anticipates a deficit of $40.0 billion for 2023-24 and forecasts deficits of $38.4 billion for 2024-25 and $38.3 billion for 2025-26. Although the Update does not include any personal or corporate tax rate
The FHSA is a type of registered savings plan introduced by the federal government in 2022. An FHSA is designed to help you save for your first home. An FHSA combines some of the features of an RRSP and TFSA. Contributions will generally be tax-deductible, and when a qualifying withdrawal