A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
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Did you miss the January 17 Virtual CE Summit? Now available, the Advanced T1 Tax Update for 2023 Returns, Lite version! Tax season is coming up fast, and this is the tax season solution your team needs! Contact your friendly registrar Carol Scott
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.