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Tips, Tricks and Taxes

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

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

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

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