Author: RSM Canada

Tax

Bills C-59 and C-69: Top seven tax changes for the middle market

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.

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Tax

New 2024 tax changes to intergenerational business transfers in Canada

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.

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Tax

Plan ahead to overcome increased 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.

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Tax

2024 Federal budget commentary

With a proposed $52.9 billion in new spending over the next five years, the 2024 Federal Budget focuses on key areas such as housing affordability and economic development, while also providing enhanced support for students and the younger generations. Read the full article for a detailed commentary on the key tax and economic takeaways, measures, and proposed changes affecting Canadians and businesses.

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Tax

Canada’s jobs report offers mixed messages on rates

February’s jobs report exceeded expectations with the addition of 40,700 jobs to the Canadian economy. This paints a mixed picture for policymakers and does little to sway the Bank of Canada’s likelihood to begin cutting rates in June. To learn more about the February jobs report and what it means for the Canadian economy, check out the full article from RSM.

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