Tips, Tricks and Taxes

The Ontario Regional Opportunities Investment Tax Credit (OROITC) was introduced on March 25, 2020 providing a refundable tax credit for corporations that invest more than $50,000 to construct, renovate or acquire eligible commercial and industrial buildings in designated regions of Ontario, including Windsor-Essex.
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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...

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.

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...

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

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.