Highlights from the Federal Budget 2025
How will #Budget2025 impact Canadians? With the introduction of several new tax measures, our team breaks down the highlights for advisors and clients
Federal Government Defers Capital Gains Inclusion Rate Increase to 2026
The Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, announced that the federal government will postpone the implementation of the proposed increase to the capital gains inclusion rate—from one-half to two-thirds. Originally set to take effect on June 25, 2024, the new proposed implementation date is now January 1, 2026.
Prorogation Purgatory: What Parliament’s Shutdown Means for Proposed Tax Changes
On January 6, 2025, Prime Minister Justin Trudeau resigned, effective upon selection of a new leader of the Liberal Party of Canada and requested that Parliament be prorogued. The Governor General consented to the request, terminating all parliamentary activities until March 24.
Tax-Free First Home Savings Account
The First Home Savings Account (“FHSA”) was introduced in the 2022 Federal Budget to address the increasing difficulty Canadians are experiencing in buying a first home due to rising real estate values. The FHSA is intended to help Canadians save and fulfill their dreams of home ownership.
Alternative Minimum Tax – When Does It Apply, How, And For Whom?
The Alternative Minimum Tax (AMT)1 is a second, alternate tax liability calculation that Canadian individuals and trusts must consider annually in parallel with their normal tax liability. First introduced in 1986, AMT was implemented to promote and maintain fairness within Canada’s income tax regime.
Economic and Tax Highlights from the 2023 Federal Budget
Download this article as a PDF. On March 28, 2023, Canada’s Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland delivered the 2023 Federal Budget, “A Made-in-Canada Plan”. Budget 2023 outlined plans to build a stronger, more sustainable and secure Canadian economy against a backdrop of slower global growth, elevated global interest rates, and […]
2023 Tax Planning Card – British Columbia
Click here to download the 2023 Tax Planning Card (British Columbia).
RRSPs 101
What is a Registered Retirement Savings Plan (RRSP)? An RRSP is a retirement savings account available to any Canadian individual taxpayer under the age of 72 and to which they or their spouse/common-law partner can contribute — subject to their respective deduction limits.
Understanding the RRSP Deduction Limit Statement
Every year clients look at the RRSP Deduction Limit Statement on their Notice of Assessment and ask similar questions: Is there a difference between a RRSP contribution and a RRSP deduction? I have RRSP deduction room and unused contributions — what does this mean?
Tax-Free First Home Savings Account
On November 3, 2022, the Department of Finance released updated draft legislative proposals outlining the First Home Savings Account (“FHSA”). The FHSA was first introduced in the 2022 Federal Budget to address the increasing difficulty Canadians are experiencing in buying a first home due to rising real estate values.