Ottawa Introduces the Productivity Mega Deduction: Permanent Immediate Expensing for Business Investment The Department of Finance Canada has announced the Productivity Mega Deduction, a major new tax measure aimed at boosting business investment and strengthening Canada's competitiveness among G7 nations. The measure allows businesses to immediately and permanently write off the cost of a … [Read more...] about Tax Policy Update
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Federal Budget 2025
Written by: Jess Clancy, CPA, CA On November 4, 2025, the federal government introduced Budget 2025: Canada Strong. The Budget focuses on defensive spending, and encouraging development in manufacturing, mineral resources, new housing, and technology. There were no increases in taxation, in fact there was an elimination of certain … [Read more...] about Federal Budget 2025
Holmes Riseley Welcomes New Partners
The partners of Holmes Riseley LLP are proud to announce the admission of 5 new partners to our thriving firm. We are thrilled to welcome Linda Romig, Courtney Smith, Jessica Clancy, Katie Clarke, and Michael Akers as our new partners effective March 1st. These individuals demonstrate a high degree of excellence in the provision of professional services to our clients daily and the partners of … [Read more...] about Holmes Riseley Welcomes New Partners
Federal Budget 2024
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
