Some Advice from Someone Who Lived It… I am sharing my experience with you in hopes to provide some advice, some items to think about and the issues that arose that might not have crossed your mind. December 9, 2024. Monday. I woke up like every Monday morning, a busy week ahead heading into the…
Every year, before heading into the Holiday season, the Canada Revenue Agency provides important information for what is in store for 2025 on tax brackets, RRSP and TFSA limits and changes to the prescribed interest rate. Here is a quick summary of what to expect in 2025. Tax brackets for 2025 For 2025, all five…
Budget 2024 was an interesting one and it made June 25th very interesting for taxpayers. June 25th is the day when how Capital Gains are taxed in Canada. What does it mean to you? I thought I would share some thoughts to help clear up the noise in the system. A Capital Gain is created…
The 2024 Federal Budget was released late this afternoon. While many of the new Federal Government programs were announced in the past few weeks, the Budget contained lots of new tax considerations that individuals and business owners need to be aware of. Lately, there has been talk about the “Positive Sandwich” around the Office. It is…
The New Trust Filing Requirements and Fishers There has been many questions about the new legislation and new filing requirements around something called a Bare Trust. Essentially, this new legislation is wide spread and is making certain situations on how an asset is held to become reportable and the need to file a T3 information tax…
Happy New Year. With the New Year come some important changes that as a business owner, you should know about. Canada Pension Plan Not only has the maximum pensionable earnings changed for CPP as of January 1, there is now a second contribution rate. The maximum pensionable earnings has been set at $68,500 and the…
Happy New Year! We have a few changes at ANR to start the New Year. It is important to us for you to know what those changes are and what they mean to you. Kicking off the New Year, we will become ANR Chartered Professional Accountants P.C. Inc., but you can still call us ANR!…
Late last week, the Federal Government passed Bill C-208 which changed the Income Tax Act of Canada is a positive way for small business owners. It allows small business owners easier access to the Lifetime Capital Gains Exemption on the sale of their shares to the next generation. In the past, for a small business…
Over the past two months, I have had the Tax Proposal on my mind and it isn’t simply because I am a Tax Geek. The Proposal from my first read was concerning, not only to me, a Small Business Owner who uses a Private Corporation, but to my Community and the businesses within it. As…
On July 18, 2017, the Department of Finance released the Proposal, Taxation of Private Corporations. The Proposal proposes significant changes to tax legislation that would have a significant effect on almost all of our businesses in Charlotte County. I posted a blog earlier this summer on the details of the Proposal so you can follow…