On April 16, 2024, the 2024 Federal Budget introduced a proposal to increase the capital gains inclusion rate from 1/2 to 2/3. The increase in capital gains inclusion rate affects transactions on or after June 25, 2024 which is applicable for the following taxpayers: All corporations; All trusts with realized capital gains income retained within the trust; Individuals with realized […]
Learn MoreBrian Quinlan of Allay LLP was featured on BNN Bloomberg in their latest “Talking Tax”. In this video, Brian Quinlan reminds taxpayers of new tax rules regarding housing. Source: https://www.https://www.bnnbloomberg.ca/video/talking-tax-with-brian-quinlan-~2881933
Learn MoreBrian Quinlan is a contributing editor for the Canadian MoneySaver. Learn more on “What’s New In Tax?” in the article he wrote for the January 2024 edition. Businesses Employee ownership trusts (EOTs) / business succession. Beginning in 2024, current owners of a Canadian controlled private corporation can sell a controlling interest to a trust where the employees are the trust […]
Learn MoreBrian Quinlan is a contributing editor for the Canadian MoneySaver. Learn more on “What’s New In Tax?” in the article he wrote for the January 2024 edition. Individuals Tax brackets and tax rates. The 2023 tax brackets increased by 6.3% to account for inflation. There are no changes to tax rates for 2023. For 2024, the alternative minimum tax (AMT) […]
Learn MoreThe Canada Emergency Business Account (CEBA) loan repayment deadline was extended from December 31, 2023 to January 18, 2024. If the balance of the loan is repaid on or before January 18, 2024, this will result in 25% (up to $10,000) of the $40,000 loan being forgiven, and 50% (up to $10,000) of the $20,000 loan expansion being forgiven. The […]
Learn MoreEffective January 1, 2023, a resident of Canada who is age 18 or older and did not live in a home in Canada which qualifies as a principal residence in the preceding four years is eligible to open up a tax-free First Home Savings Account (FHSA). The lifetime contributions to an FHSA is $40,000 with an annual contribution limit of […]
Learn MoreEffective for taxation years ending December 31, 2023 and thereafter, the federal government has introduced legislation requiring a T3 Trust Income Tax and Information Return to be filed for any “bare trust” ownership structures. A “bare trust” is a relationship whereby the legal ownership of property is held by a trustee (or trustees), but the beneficial interest in the property […]
Learn MoreBrian Quinlan of Allay LLP was featured on BNN Bloomberg in their latest “Talking Tax”. Brian Quinlan answers BNN viewers’ tax questions on BNN Bloomberg’s Talking Tax. He gives advice on the FHSA and TFSA, reverse mortgages, allowable business investment loss (ABIL), when to convert RRSPs to a RRIF, and tax treatment of loans to relatives. Source: https://www.bnnbloomberg.ca/video/talking-tax-with-brian-quinlan-partner-at-allay-llp-chartered-professional-accountants~2645270
Learn MoreBrian Quinlan of Allay LLP was featured on BNN Bloomberg in their latest “Talking Tax”. In this video, Brian Quinlan discusses the recently implemented tax rules related to housing, including the Underused Housing Tax (UHT) and measures for anti-flipping. Source: https://www.bnnbloomberg.ca/video/new-tax-rules-on-house-flipping-talking-tax-with-allay-s-brian-quinlan~2645264
Learn MoreBrian Quinlan of Allay LLP was featured on BNN Bloomberg in their latest “Talking Tax”. In this video, Brian Quinlan reminds taxpayers of the often missed or overlooked tax credits that can be used to offset your taxable income. These include expenses for medical, adoption, caregiver, disability, home renovations and digital news subscriptions. Source: https://www.bnnbloomberg.ca/video/talking-tax-with-brian-quinlan-partner-at-allay-llp-chartered-professional-accountants~2645270
Learn More