Latest News
Stay Ahead in 2024: A Comprehensive Checklist for Federal Tax Updates
Explore the upcoming 2024 Canadian tax changes affecting investors, business owners, and high-net-worth individuals. From capital gains adjustments to new incentives, stay informed with our comprehensive checklist.
2024 Federal Budget Highlights
On April 16, 2024, Canada's Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:
• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year's budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business
Manitoba’s 2024 Budget Highlights
Manitoba's 2024 budget introduces vital tax changes and credits, including a new Homeowners Affordability Tax Credit and enhanced Fertility Treatment Tax Credit, aiming to support individuals and businesses alike
Learn how we can help you achieve your financial goals
Get in Touch
L.S. Smith & Associates
Shayne Smith
Insurance and Financial Advisor
Tel: (204) 489-1022
Toll Free: 1-877-489-1022
Email: Shayne@LSSmith.ca
7-549 Regent Avenue West
Winnipeg, MB
R2C 1R9
Latest News
Newsletter
About
I believe that financial planning is about more than just a piece of good advice or investment returns. It’s all about providing the guidance that people can trust on.