Finance Canada Releases Draft Legislation January 29
February 27, 2026 is the last date to comment on a raft of draft legislation released at the end of January covering provisions from the November 4, 2025 Federal budget, the Fall 2024 Economic Statement, amendments from Budget 2021 regarding Hybrid Mismatching Arrangements, technical changes to two investment tax credits, dating back to 2022 and 2023, as well as corporate changes regarding the Global Minimum Tax. The key measures to note appear below:Tax Milestones: Prescribed Interest Rates Drop, Deadlines in June
Rounding out the tax filing season 2024, in which 29,894,168 tax returns have been filed up to May 27 (59% by EFILE), the average refund is $2,178 and the average balance due is $7,164. Compared to 2023, just over 400,000 taxpayers have yet to file. Good news for those who owe: the prescribed interest rates will fall for the first time since the fourth quarter of 2023. With the upcoming proprietorship filing deadline of June 17, and the capital gains inclusion rate changes on or after June 25, the clock is ticking on June’s numerous tax filing milestones. Here’s what to discuss:
July 15 - Deadline to File T2s to Receive Carbon Tax Rebate
Approximately 600,000 incorporated small to medium sized businesses with 499 or fewer employees will be receiving $2.5 billion in Carbon Tax Rebates for the years 2019 to 2024 soon, BUT they must have filed their 2023 T2 tax returns by July 15. There are other important criteria:
The Final Tax Act: Why 50% Avoid It and What to Do About It
Some things don’t change, despite the two certainties in life: death and taxes. What are they? The preparation of a will and estate planning. Half of Canadians surveyed five years ago still haven’t done it, according to the Angus Reid Institute, but now there is a compelling trigger to make it happen: the proposed June 25, 2024 increase to the capital gains inclusion rate. Here’s why:
Acuity 2024: Reach New Professional Heights Among the Stars of Your Industry!
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.
Why is the Family Office the Future of Financial Services?
On June 5 at 10 am CT we invite you to join practicing Real Wealth Managers™ as they share their “why” that lead them to build their own family offices and practice within the RWM™ framework in order to help Canadians achieve financial peace of mind. How can you be part of transformative change in the financial services industry with your own family office focused on collaborative, future-oriented, financial planning? Learn more at this complimentary event and take advantage of a pre-event enrolment offer to enrol in the program and save $500 only until May 31!
Capital Gains Changes: 89% of Pros Disagree
Almost 90% of tax and financial advisors who responded to our May poll say they don’t agree with the proposed capital gains increase on or after June 25, 2024. Advisors have an important role to play in ensuring that the June 25 trigger date for the higher inclusion rates will not unduly upset retirement and estate plans. Knowledge Bureau’s Advanced Retirement & Estate Planning Course, featuring session recordings from expert instructors on May 22 (available today) will help bring you up to speed on the latest issues affecting your clients. Here’s what advisors said:
