Investigative Tax Prep:  Top Ten Changes to Probe

Tax season 2025 has started with a focus on the increased income levels some taxpayers may report due to proposed changes in capital gains tax laws.  But aside from this there are new questions to probe with clients to ensure the family’s tax returns are filed to their very best benefit, given change in their life and financial events as well.  Here are top 10 queries to add to your interview checklist:

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A detailed Notice of Ways and Means Motion (NWMM) outlining important changes to the Canadian tax system were introduced in the two weeks before the existing rules on capital gains inclusion end on June 24, 2024. The capital gains inclusion rate will be raised to 66 23% for corporations and trusts, as well as individuals with capital gains over $250,000, on or after June 25, 2024 if this NWMM passes into law.  The complexity it brings to tax filing in 2024 and future years, is evident in this draft legislation. For even more detail, subscribe to KBR and download our Special Report on Capital Gains Inclusion Rules.

In our last article on this subject, current tax rules on ESOPs were covered.  In the absence of proposed legislation that enables the federal government’s proposed increase in the Capital Gains Inclusion Rate (CGIR), recall that it is anticipated that if the individual’s total gains for the year exceed $250,000, two-thirds of gains over the $250,000 threshold would be included in income if they were generated after June 24, 2024.  Here’s a synopsis of the effect of this change on ESOPs to initiate discussions with business owners, key employees and tax advisors:

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