Year End Tax Planning for 2024 – INVESTORS AND AIRBNB HOSTS ESPECIALLY!

By wilkinson | December 10, 2024 | Comments Off on Year End Tax Planning for 2024 – INVESTORS AND AIRBNB HOSTS ESPECIALLY!

As the end of the year approaches there are a few planning steps you can take to reduce your personal tax bill this April and into the future.  2024 was a year where several significant tax changes occurred, including the increase in the capital gains inclusion rate and the limitation on expenses for short-term rental…

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Federal Budget Commentary 2024

By wilkinson | May 8, 2024 | Comments Off on Federal Budget Commentary 2024

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 – Fairness for Every Generation, to the House of Commons. Read the full article below.

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Mandatory Electronic Payments to CRA

By wilkinson | January 25, 2024 | Comments Off on Mandatory Electronic Payments to CRA

Effective January 1, 2024 the Canada Revenue Agency implemented a mandatory requirement that any payments over $10,000 must now be made electronically.  This includes any payment made related to balances due for personal, corporate and Trust income tax, instalments, HST remittances, payroll remittances and any other payments made to the Receiver General of Canada. Electronic…

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Changes to T4/T4A Reporting

By wilkinson | January 24, 2024 | Comments Off on Changes to T4/T4A Reporting

We are here to inform you of important new filing requirements that will affect all employers that prepare T4 or T4A slips. Requirement to Report Dental Benefits The Canadian Dental Care Plan (CDCP) was introduced in November 2022 and expanded in June 2023 to include more individuals.  Currently only those aged 12 and under are…

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