Insights

(authored by RSM CANADA) Rates need to come down for businesses to start hiring again and to help those workers struggling to find employment.

When non-residents of Canada decide to sell Canadian real estate, understanding the associated tax implications is crucial. Whether it’s a family home, farmland, or an investment property, the Canada Revenue Agency (CRA) imposes specific regulations that non-resident sellers must comply with. This article delves into the primary tax considerations, including withholding taxes, certificates of compliance,...

On June 24, 2024, significant changes to the capital gains rules in Canada will be implemented, impacting both individuals and corporations. These changes aim to provide more favorable tax treatments for certain qualified properties, including qualified farm property, while also negatively adjusting the income inclusion rates for capital gains. Understanding these changes is crucial for...

(authored by RSM CANADA) On June 10, 2024, a Notice of Ways and Means Motion was released to amend the Income Tax Act to increase in capital gains inclusion rate.

(authored by RSM CANADA) The CBSA has advised that the mandatory CARM adoption for importers and other trade chain partners will be delayed until October 2024.

In addition to the 2024 Federal Budget summary provided we want to provide more detailed information and commentary on the effects of the capital gain inclusions rate increase and some potential planning opportunities. Capital Gains Tax Increase Under the current rules, capital gains earned in a corporation are included in income at 50% and when...

On April 16, 2024, the Department of Finance released the 2024-25 Federal Budget with an emphasis on affordability – in general and specifically in housing. We’ve summarized the largest tax and benefit announcements below and will provide additional information as further details and clarity are released. Major Changes in Tax Rules & Incentives Capital gain...

What It Is The medical expense tax credit is a non-refundable tax credit that allows you to reduce the income tax you owe. It covers a wide range of medical expenses for you, your spouse or common-law partner, and your dependent children under 18. Eligible Expenses How to Claim Considerations Conclusion Leveraging the medical expense...

(authored by RSM CANADA) Understand finance automation, its five stages and the four steps necessary for digital transformation.

On March 20, 2024, Saskatchewan Minister of Finance, Donna Harpauer, released the 2024-2025 provincial budget. The new budget contained a number of spending initiatives but few tax changes. We’ve detailed some of the new tax incentives and their impact on business owners in the province. Minimal tax changes, emphasis on spending There were no new...