Tax News Archives - NVS Professional Corporation

NVS SR&ED Changes 2025 Blog Header Image

Key Insights

Fall Economic Statement – SR&ED Enhancements

The 2024 Fall Economic Statement (FES) introduced several enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive program. These changes aim to make support for Canadian innovation even more generous and accessible. Over the next six years, the federal government plans to invest a proposed $1.9 billion in the SR&ED program. Check out our Key Insights here.

NVS Professional Corporation February 18, 2025

Key Insights

Canada Carbon Rebate for Small Businesses

Over the next few weeks, owners of small and medium-sized businesses will be receiving their Canada Carbon Rebate for Small Businesses. Through this rebate, the federal government will return more than $2.5 billion to around 600,000 businesses across Canada. Designed to offset the costs associated with the federal fuel charge, this initiative aims to alleviate financial pressures while still promoting environmental responsibility. Keep reading to learn more about this rebate including eligibility criteria, provincial rates and payment methods.

NVS Professional Corporation November 28, 2024

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Key Insights

Changes to the New Trust Reporting Requirements

The hasty implementation of new reporting rules in 2023 was cause for much confusion and uncertainty among Canadian taxpayers. In recent months, the Ministry of Finance revisited the new trust reporting rules and introduced several key amendments. With broader exceptions and an expanded list of exempted trusts, these changes aim to provide greater clarity and limit the number of trusts subject to the new requirements. Learn more here.

NVS Professional Corporation October 8, 2024

Tax

10 Common Tax Return Mistakes and How to Fix Them

Filing your tax return accurately and completely is crucial to avoiding penalties and potential CRA audits, while at the same time maximizing your tax savings. By being aware of the most common tax return mistakes and taking steps to fix them, you can save time, money, and future headaches! Read the full article to avoid these 10 tax pitfalls.

NVS Professional Corporation April 4, 2024

Tax 2024 displayed in wooden blocks on top of tax forms surrounded by coins on a desk

Tax

Canadian Tax Changes 2024 – Part Two

The 2023 Budget and the Fall Economic Statement included a host of legislative and regulatory changes. In Part Two of our tax changes series, we take a look at the big developments set to shake up the Canadian tax landscape in 2024, from new trust reporting rules to long-awaited adjustments to the Alternative Minimum Tax and the elimination of short-term rental deductions.

NVS Professional Corporation March 21, 2024

Businessman toppling tower of wooden block spelling the word Taxes

Tax

Canadian Tax Changes 2024 – Part One

2023 was a big one for the Canadian tax landscape, with the CRA and Ministry of Finance pushing forward on extensive legislative and administrative changes.

In Part One of our 2024 Tax Changes series, we dive into the key details of federal tax brackets, RRSP and TFSA limits, CPP enhancement, and EI premiums.

NVS Professional Corporation March 18, 2024