SMES: Carbon Tax Rebates on the Way?

July 15 was an important day for carbon-tax weary taxpayers. A Canada Carbon Rebate payment was  made to individuals who have filed their 2023 personal tax returns.  What about the long-awaited $2.5 billion Carbon Tax Rebate For Small Businesses? The delivery date and amounts to be received remain elusive, but one thing is clear: many businesses will have disqualified themselves by missing the July 15 date for filing 2023 T2 returns.  Here’s what you need to know. 

It’s not just the newly increased capital gains inclusion rate that is now law, but another significant tax change which has received less fanfare – the AMT or Alternative Minimum Tax – has now been passed into law under Bill C-59, passed on June 20, 2024.  The provision in effective, however, on January 1, 2024.  The big issue is that the AMT can affect the very people grappling with the capital gains inclusion rate increases.  The result is more retroactivity and more complexity.   Here’s what you need to know:

One interesting and potentially beneficial financial strategy to grow the family’s wealth is to draw up an interspousal loan.  With interest rates set to come down again, and capital gains rates going up, the plan may have more appeal that it has over the high interest rate era we have seen post pandemic. Here’s how the plan – perfectly allowable under the Income Tax Act – works, and some of the benefits:

OAS Rates Rise; Prescribed Rates Don’t.  That’s just some of the important news you’ll want to share before heading out for the July long weekend! Check out the Tax and Tax Training Milestone to mark on your summer calendar before you head off on your July holidays!    Seniors note – you’ll get a small raise. based on changes in the Consumer Price Index (CPI), OAS benefits will increase by 0.7% for the July to September 2024 quarter, for an increase of 2.8% over the past year, from July 2023 to July 2024. Happy Canada Day!

We invite you to connect with Canada’s brightest and 16 of the most accomplished thought leaders in the tax, accounting and financial services industry at the 2024 Acuity Conference for Distinguished Advisors in Montreal November 10-12.  Join us to celebrate, meet and honour your peers from coast-to-coast at the Knowledge Bureau Awards Ceremony on November 10. Check out the detailed online conference agenda designed to help you discover new ways to lead with impactful guidance.

Did you know that Cycle 10 CIRO (previously IIROC) credits now available from Knowledge Bureau?Check out these courses especially for designated professionals: take the Real Wealth Management™ Program or the MFA-P™ Philanthropy Services Specialist and for a limited time, you can enrol and save 15% on tuition. Register by June 30 and take advantage of these offers, and start your online studies anytime!

If you’re a Knowledge Bureau VIP Grad or Designate, the upcoming June 30 deadline is coming up and there are a few reminders to help you get the most out of your VIP experience with Knowledge Bureau. Don’t miss this opportunity to reactivate your VIP Benefits, including $100 off your next enrolments for grads, and $200 for Designates and FDFS™. Plus, for Designates now is the time to relicense the use of your designation marks by submitting your attestation to your standards of conduct. Check out the details below: