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Joseph Mueller CPA to join LCA CPA LLP

Joseph Mueller CPA to join LCA CPA LLP creating powerhouse service provider for Québec’s private companies s "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 adapt and thrive in a rapidly changing business environment. Joseph Mueller CPA`s...

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Reminder: Trust, In Trust and Bare Trustee Reporting

Reminder: Trust, In Trust and Bare Trustee Reporting

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: 1.  Trustee of a formal trust 2.  Hold an in-trust account for someone else. a.  For example, a parent or grandparent being the name on a bank account or investment account in trust for a child or grand child...

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Important Reminder of New Trust Reporting Requirements

Important Reminder of New Trust Reporting Requirements

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 that are in effect for taxation years ending on or after December 31, 2023, as pending due dates approach. In...

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Obligation to pay electronically for payments over 10,000$ – effective January 1, 2024 – T2 only

Obligation to pay electronically for payments over 10,000$ – effective January 1, 2024 – T2 only

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 can be subject to penalties effective this new rule. CRA As of January...

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CEBA Loan Repayment Reminder

CEBA Loan Repayment Reminder

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 on or before January 18, 2024 will result in loan forgiveness...

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TFSA Contribution Limit Increases in 2024

TFSA Contribution Limit Increases in 2024

  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 limit Total 2009-2012 $5,000 per year $20,000 2013-2014 $5,500 per year $11,000...

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Updates from the 2023 Fall Economic Statement

Updates from the 2023 Fall Economic Statement

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 changes, it provides relieving changes for the Underused Housing Tax...

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First Home Savings Account (“FHSA”)

First Home Savings Account (“FHSA”)

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 is made, the amount withdrawn is not-taxable.  You can open an FHSA starting April 1, 2023. Who Can Open...

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Important Reminder of New Trust Reporting Requirements

Keeping Up With Trust Reporting: New 2023 Trust Reporting Rules

There are new tax return filing and information reporting requirements for trusts effective for taxation years ending on/after December 31, 2023. Changes include: Requiring a T3 to be filed for certain trusts even if they did not have to before; Requiring bare trusts to file a T3, which was not previously required; and, Requiring reporting of personal information including names of all trustees,...

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