Advanced Income Tax Rulings

The federal government has taken steps recently to attract more investment in Canada. That’s sure to create some new tax questions that require Advanced Income Tax Rulings (AITR). A new measure to facilitate a faster response was announced on September 14 and is intended to attract business investment of large amounts. Specifically, for investments of $1 billion or more, the CRA will prioritize advance income tax rulings. The measure took effect the day it was announced. Here’s what you need to know:

Did you or your clients sell capital property last year?  Did they help finance the purchase?  In that case, it’s important to review how to complete Form T2017 Summary of Reserves on Dispositions of Capital Property, because tax on these capital gains can be deferred for up to 10 years.   Further, if there is a gradual transfer of property under the new intergenerational business transfer rules that begin in 2024, the capital gains reserve provisions will come into play. Here’s a synopsis of the rules, with excerpts from Knowledge Bureau’s Evergreen Explanatory Notes.

What happens when a FHSA (First Home Savings Account) ends because it is closed by the account holder or the account holder dies?  Recent legislation has been drafted to cover these FHSA lifecycle events:

It’s official:  pros have weighed in on this important tax trend in 2024: “The government’s Underused Housing Tax consultations ended January 3. Should the UHT stay or should it go?” The comments shed light on the consensus – it’s time for it to go, according to the tax and financial professionals who participated in our January poll.

Did you know that Knowledge Bureau issued CE accreditation for its own designates as well as for MFDA, IAFE, IIROC, ICM, and AIC requirements?  The breakdown of credits issued follows.  The Acuity Conference for Distinguished Advisors is a great way to earn your CE credits every year!  Mark your calendar now for 2024 Acuity Conference in lively, wonderful Montreal - November 10-12, 2024 - and don’t forget to register as an early bird by February 15, for the best pricing of 2024. 

You are invited to a special, complimentary educational event to learn why a Real Wealth Management approach to your client relationships is so important in this economic environment.  Mark your calendar:  for the Meeting of the Minds February 8 at 10:00 AM Central Time.  Attendees from coast to coast will discuss the events that are triggering their clients to want to make decisions about their life, financial and economic goals – often outside of their pre-defined plans.  There is a new way to approach this.  The Advisor of the Future – the Real Wealth Manager (RWM) – will take a proactive leadership role by aligning the stakeholder groups who are an integral part of a strategic Real Wealth Management plan. 

Did you miss the January 17 Virtual CE Summit? There are still ways to get your hands on the knowledge from the Advanced 2024 T1 Tax Update for 2023 Returns and learn your way, at your own pace from the convenience of your home or office.