On April 16, 2024, the federal government introduced Budget 2024: Fairness for Every Generation. The Budget contains several new spending measures directed to making homes more affordable, lowering everyday cost of living and introducing new tax measures to cover the new spending initiatives. The new tax measures are aimed at generating increased tax revenue from wealthier Canadians. The federal … [Read more...] about Federal Budget 2024
New and Expanded Trust Reporting: It’s Here!
New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch many individuals and businesses that may not be aware of their trust-like relationships, exposing them to potential penalties and other consequences for non-compliance. The rules become effective in 2023, with a filing deadline of … [Read more...] about New and Expanded Trust Reporting: It’s Here!
Federal Budget 2023
Finance Minister Chrystia Freeland tabled the 2023 Federal budget on March 28th that projects the deficit to be $40.1 billion, representing an increase in the deficit by $10 billion, higher than originally forecasted last fall. The increased projected deficit is being attributed to declining economic growth and on new spending initiatives including the national dental program. The budget is … [Read more...] about Federal Budget 2023
Our New Partnership
PETERBOROUGH - A Chartered Business Valuator (CBV) is now a partner in the region's leading tax planning firm, creating a local option for business owners looking for expert advice traditionally sought in large cities. Michael Riseley, CPA, CA, CBV, is the new partner at Holmes Riseley CPAs and Tax Advisors, bringing business valuation services to the region. “A growing number of clients … [Read more...] about Our New Partnership
The Underused Housing Tax (UHT)
The government of Canada has implemented a new tax, the Underused Housing Tax. The tax is an annual 1% tax on the ownership of vacant or underused housing in Canada, that took effect on January 1, 2022. This letter is being sent to all clients of our firm that may potentially be impacted by the new tax. Below is a summary of some of the important points regarding the tax. Who must file a return … [Read more...] about The Underused Housing Tax (UHT)
Deciding on a charitable giving plan?
Donation, bequest, endowment? Farm families can achieve a huge amount of good with their generosity, but be sure to plan it carefully. As more farm families get further into their transition and succession planning, charitable giving is becoming a critical part for many to incorporate into their plans. On more and more farms, in fact, questions surrounding meaningful donations and how to … [Read more...] about Deciding on a charitable giving plan?
