Knowledge
Thoughts, opinions and trends – everything, all in one place.
21 result(s)
Holding Companies and the Cost of Foreign Dividends
March 11, 2024 – In the case of investment income earned through a corporation, there is a tax cost once the corporation pays its after-tax income out to shareholders as dividends, as follows:
Are You Ready For The New Trust Reporting Requirements?
January 23, 2024 – the new trust reporting and disclosure requirements have been a hot topic for tax advisors for several years. After much anticipation, the new legislation is finally effective and applies to trusts with taxation years ending on or after December 31, 2023.
2023 Year-End Tax Planning
December 05, 2023 – With 2023 coming to an end, now is a good time to discuss year-end tax planning strategies with your Welch advisor. We can help you review your tax situation and advise on the best course of action, considering the issues and upcoming changes noted in this blog:
Saving for Your First Home? Essential Advice – Open Your FHSA Now
December 01, 2023 – Let us guide you through the key features, benefits, and considerations of FHSAs, and why you should seek to initiate this account before the end of 2023.
Enhanced Ontario Regional Opportunities Investment Tax Credit
November 10, 2023 – This enhanced ROITC is only available for eligible investments that are acquired and become available for use by December 31, 2023. As of January 1, 2024, the maximum refundable credit available for eligible expenditures will drop back to $45,000.
Purchasing a capital asset? Consider buying it now to advance your tax savings.
September 30, 2023 – If you are considering purchasing an asset to use in your business in early 2024 you should really consider advancing that purchase to take advantage of these rules. The advantage of the advanced deduction to reduce overall taxable income in the current year and potential cash savings for those companies that would otherwise have a tax bill is clear.
Employer Health Tax in BC – Is It Affecting My Business?
September 29, 2023 – Effective January 1, 2019, BC resident employers are subject to BC EHT. If a corporation’s registered office is in BC and it does not have a PE elsewhere in Canada, it will be considered a BC resident employer and must consider the BC EHT implications.
The Enhanced Intergenerational Business Transfer re: Budget 2023 Changes
July 10, 2023 – The proposed amendments to Bill C-208 will affect how you transfer your business to the next generation of your family. These changes will come into effect for transfers that occur on or after January 1, 2024.
The Capital Gains Tax Rate – Talked About a Lot, But No Change….Yet
March 21, 2023 – Just to be clear, it is not the actual tax rate that would be increased but it would be the percentage of the capital gain that is included in income – currently 50% and generally accepted that, if increased, would go to 75%.
New Underused Housing Tax (UHT)
March 20, 2023 – Effective January 1, 2022, new legislation came into effect in Canada, and with that, additional annual tax filing requirements with severe penalties for non-compliance.
New Residential Property Anti-Flipping Tax Rules
March 17, 2023 – In an effort to turn down the heat on the housing market and make homes more affordable, the Federal government has approved new legislation to implement residential “anti-flipping” tax rules. The new “anti-flipping” tax rules will apply to residential properties sold on or after January 1, 2023.
New Trust Reporting and Disclosure Requirements
November 10, 2022 – The purpose of this proposed new legislation is to provide the Canada Revenue Agency (“CRA”) with more information with respect to the relevant parties to a trust agreement as well as assist with the assessment of potential tax liabilities for trusts and their beneficiaries.
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