Breaking News - Capital Gains Inclusion Rate Increase Postponed to January 1, 2026
Breaking News - From Finance Canada today - a postponement of capital gains inclusion rate increase from June 25, 2024 to January 1, 2026—the new date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and most types of trusts.All New RWM™ Program: 6 New Modules Help Your Build Your Future Practice
Build the tax accounting and financial services practice of the future. Real Wealth Management™ democratizes the Family Office concept previously only available to ultra-high net worth families. Now, experienced advisors in Canada can learn to practice holistically with their best tax foot forward – such a critical piece of the capital sustainability puzzle for wealth holders.
The Principal Residence Exemption, Part 1: The Basics
Advisors should be aware of the definition of principal residence and the Canadian tax implications regarding the sale of a principal residence. Awareness of the provisions outlined in this article will provide detailed information about qualifying for the principal residence exemption and calculating the optimal time to dispose of capital real property. This is part 1 of a 3 part series on the topic.
Thought Leadership on Canada’s Tax Competitiveness
While it may be politically popular to consider raising corporate tax rates, it is the opposite that may be needed to get back to economic health in Canada. At least according to the authors of a new report on tax competitiveness, Philip Bazel and Dr. Jack Mintz who will share wisdoms on October 18 at DAC Acuity 2021. The report, entitled “2020 Tax Competitiveness Report: Canada's Investment Challenge” share some startling facts about Canada’s current economic malaise and offers solutions:
Real Life: Changes Required to Update the Disability Amount
It’s a lucrative non-refundable tax credit many people miss out on, particularly those who are younger. The Disability Tax Credit has a real dollar value of about $1300 on the federal return for 2021. The provision, however, may not be claimable, if long term care home costs over $10,000 are claimed as medical expenses. Advocates for those who have suffered catastrophic disabilities believe neither of these tax provisions adequately reflect the economic hardship the individual and families endures in these cases. A true story from Knowledge Bureau Faculty Member Kareen Rekowski follows: