News and publications

January 31, 2025 —

On January 31, 2025, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring—from June 25, 2024 to January 1, 2026—the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital […]

December 17, 2024 —

On December 16, 2024, the Federal government released its 2024 Fall Economic Statement which included the introduction of new Personal Income Tax measures, Business Income Tax measures as well as comments on Previously announced measures. Below you will find some of the highlights of the statement.* Capital Gains Rollover on Eligible Small Business Corporation shares […]

November 25, 2024 —

As the holiday season approaches, from out of left field, the government of Canada unveiled a temporary GST/HST holiday on grocery items and other specific products. This temporary exemption applies to the sale of eligible products for a two-month period, beginning December 14, 2024, and ending on February 15, 2025. Suppliers are expected to apply […]

April 19, 2024 —

On April 18, 2024, the Ministère des Finances du Québec announced its intention to amend Québec’s tax legislation and regulations to incorporate, with adaptations on the basis of their general principles, measures relating to: the increase in the lifetime capital gains exemption; the introduction of the Canadian Entrepreneurs’ Incentive; the increase in the capital gains […]

April 18, 2024 —

The federal budget has proposed increasing the inclusion rate on capital gains from 50% to 66.667%. The proposal applies to capital gains realized on or after June 25, 2024. There is a $250,000 “safe harbour” for individuals. Assuming that [1] Québec harmonizes and [2] that RDTOH rates remain the same, the chart below summarizes the […]

April 17, 2024 —

Introduction On April 16, 2024, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented Budget 2024. This budget aims to increase lifetime capital gains exemption, introduce a new Canadian Entrepreneurs’ Incentive and increase the capital gains inclusion rate. It also proposes measures to help Canadians buy their first home by increasing the withdrawal limit […]

April 15, 2024 —

The CRA has been erroneously assessing a $100 penalty for trusts that were filed on time. These penalty assessments seem to apply to trusts that were filed on April 1st or April 2nd. As a reminder, the 90 day filing period for trusts ended on the weekend, and the first business day was April 2nd […]

March 13, 2024 —

Introduction The Minister of Finance, Mr. Eric Girard, tabled his 2024-2025 budget plan on March 12, 2024, which plans to support seniors, to improve the fairness and impact of tax credits supporting jobs in the information technology sector and to enhance support for Québec film and television production. Here are the highlights of the 2024-2025 […]

February 27, 2024 —

Following changes to the trust reporting requirements, for taxation years ending after December 30, 2023, certain trusts, that were previously deemed not to be trusts for the purposes of the Income Tax Act[1] (“ITA”), will be required to file a T3 Trust Income Tax and Information Return (“T3 Return”) even though they were not required […]