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.
https://egq24f.p3cdn1.secureserver.net/wp-content/uploads/2024/04/Stay-Ahead-in-2024-A-Comprehensive-Checklist-for-Federal-Tax-Updates.jpg?time=1713908712300500LS Smith & Associateshttps://egq24f.p3cdn1.secureserver.net/wp-content/uploads/2018/05/lsSmithLogo.jpgLS Smith & Associates2024-04-22 11:00:112024-04-22 11:00:15Stay Ahead in 2024: A Comprehensive Checklist for Federal Tax Updates
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
https://egq24f.p3cdn1.secureserver.net/wp-content/uploads/2024/04/Federal-Budget-2024-Highlights.jpg?time=1713908712300500LS Smith & Associateshttps://egq24f.p3cdn1.secureserver.net/wp-content/uploads/2018/05/lsSmithLogo.jpgLS Smith & Associates2024-04-17 17:29:022024-04-17 17:29:062024 Federal 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
https://egq24f.p3cdn1.secureserver.net/wp-content/uploads/2024/04/Manitobas-2024-Budget-Highlights.jpg?time=1713908712300500LS Smith & Associateshttps://egq24f.p3cdn1.secureserver.net/wp-content/uploads/2018/05/lsSmithLogo.jpgLS Smith & Associates2024-04-03 09:38:482024-04-03 09:38:52Manitoba’s 2024 Budget Highlights
Unlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you're not leaving money on the table this tax season.
https://egq24f.p3cdn1.secureserver.net/wp-content/uploads/2024/04/Tax-tips-to-know-before-filing-your-2023-income-tax.jpg?time=1713908712300500LS Smith & Associateshttps://egq24f.p3cdn1.secureserver.net/wp-content/uploads/2018/05/lsSmithLogo.jpgLS Smith & Associates2024-04-02 16:16:192024-04-02 16:16:23Tax tips to know before filing your 2023 income tax