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.Help Clients Reduce the Downward Pressure on Wallets
Is the Grinch in the house? The interest rate hikes just haven’t stopped in 2022. On December 7, the Bank of Canada (BOC) increased policy interest rate again by 50 basis points, leaving many Canadians worried about the effect on their finances in 2023. Currently, the overnight rate is 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. But this translates to much higher costs on various debt transactions: operating lines, lines of credit and mortgages. Is there a silver lining?
TAX TIP: Make Charitable Giving a Multi-Stakeholder Event
Why don’t more taxpayers – and charities – know more about gifting securities in kind? It’s an expeditious way to support your favorite charities during inflationary times. Donations for the purposes of 2022 tax credits will be accepted until December 30, but it’s important to leave settlement time for the transfer or securities.
Tax Planning: Labour Mobility Deduction for Tradespeople
The April 2022 federal budget, introduced a Labour Mobility Deduction for skilled tradespeople and apprentices who need to temporarily relocate for work and it’s important to advise eligible taxpayers about this before year end so they can find receipts to back up the claims retroactively to January 1, 2022.
Tax Tip: Leaving Canada? What’s Included in the Departure Tax
Canadians, who leaving the country become emigrants, and have to file a final tax return as of the date of emigration must report income for the period of residency and also, a deemed disposition of their taxable assets. This can generate capital gains or losses, which can generate a balance due or in some cases, additional refunds if losses are applied to prior year gains. There are some exceptions explained below.
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The Dark Horses – Find them at the Advanced T1 Tax Update
The Dark Horses are coming: little known tax facts and tips ordinary advisors never tell their clients about. It makes a big difference in the after-tax result! December 15 is the beginning of the Early Registration Deadlines for the Advanced T1 Tax Update, featuring three training options in 2023:
