Author: RSM Canada

2024 was another big year for the Canadian tax domain. Budget 2024 proposed some major changes and updates, while Bills C-59 and C-69 received royal assent, enacting new legislation that will affect middle-market taxpayers going into 2025. Read the full guide for a detailed breakdown of the critical federal, provincial, and territorial tax updates to be aware of when preparing for year-end tax opportunities and obligations.

Whether you’re considering a sale, a transition in management, or simply looking to improve the governance of your company, audits are your secret weapon. A detailed audit conducted by a reputable third party can dramatically impact the financial success, operational efficiency, and even the reputation of a company. In this article, RSM Canada presents seven compelling reasons why private business owners should consider regular audits, backed up by real-world scenarios observed from years of experience working with middle-market companies.

Bills C-59 and C-69 introduce crucial amendments to the Income Tax Act and the Underused Housing Tax Act, alongside new laws like the Digital Services Tax Act and the Global Minimum Tax Act. Other key changes include an increase to the Alternative Minimum Tax (AMT) rate, new measures aimed at improving housing affordability and a host of clean economy income tax credits. Business owners will be especially interested in the new intergenerational business transfer (IBT) rules and the introduction of employee ownership trusts (EOTs). To learn more about what’s changing, read the full article here.

With the recent enactment of Bill C-59, there have been several amendments to the Intergenerational Business Transfer rules. Effective June 20, 2024, these changes aim to address previous shortcomings and ensure genuine IBTs receive the same tax treatments as arms-length business transfers. Most notable is the inclusion of two distinct IBT options – an immediate IBT and a gradual IBT. Read the article for a full breakdown of the new rules.

On June 10, 2024, a Notice of Ways and Means Motion was released to amend the Income Tax Act to increase in capital gains inclusion rate.

On June 25, 2024, the capital gains inclusion rate is increasing from 50% to 66.67%. This significant amendment will impact taxpayers disposing of assets like shares, bonds, rental properties, secondary homes, or business equipment after this date. Prepare now with this comprehensive overview of what these changes mean for you and how you can plan ahead to mitigate the increased tax burden.