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Tips, Tricks and Taxes

Fall Economic Statement

In connection with the Fall Economic Statement announced on December 14th, we wanted to provide you with some highlights:

  • No changes to personal or corporate tax rates, including the capital gains inclusion rate.
     
  • Small Business Air Quality Improvement Tax Credit - Proposed refundable tax credit for certain Canadian Controlled Private Corporations and sole proprietors of 25% of qualified air qual...


January 3, 2022
/Tax

COVID Program Updates

On October 21, 2021 the federal government made a number of announcements with respect to COVID-19 measures.

Please note that all of the below items are proposals and have not received Royal Assent. It is possible there are further changes.


October 26, 2021
/Tax

Government Eases Restrictions on Businesses Transfers to Children / Grandchildren

Prior to Bill C-208, when there was an intergenerational sale to a child or a grandchild of the shares of a corporation that otherwise qualified for the capital gains exemption, the family was left to make a choice. The family could structure the sale of a corporation so that one of the following objectives were achieved but not both:

  1. The parents could claim the capital gains exemption, allowing for up to approximately $892,000 of the gain (per pare...


August 27, 2021
/Tax

Real Estate Professionals & Incorporation

As of October 1, 2020, the Ontario government now allows real estate professionals to incorporate Personal Real Estate Corporations (“PREC”).


January 26, 2021
/Tax

Ontario COVID-19 Grants

The government of Ontario recently released applications for a number of different grants:

  • Ontario Small Business Support Grant, which helps small businesses that are required to close or significantly restrict services under the Provincewide Shutdown effective December 26, 2020.

January 16, 2021
/Tax

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