Gregory, Harriman & Associates LLP Blog

2024 Christmas Letter

Details: Published: Thursday, 19 December 2024 15:53

GH&A is rounding out the 2024 year with our annual Christmas Letter and we would like to take this opportunity to wish our clients and their families Happy Holidays and all the best in the new year!

This year’s edition of the Christmas Letter, as in years past, will be our opportunity to communicate some important developments in personal and corporate tax along with important tools and tips to help manage your business and accounting needs. We will also advise on some staff announcements and community involvement that our firm is happy to highlight.

Livestock Tax Deferral – Prescribed Drought Regions for 2024 Announced

Details: Published: Wednesday, 19 June 2024 16:04

The Livestock Tax Deferral Provision allows for a portion of sales proceeds to be deferred to the following year, where producers in prescribed regions sell breeding stock due to drought.

Tax Instalment Payment Reminder

Details: Published: Wednesday, 05 June 2024 14:37

If your net tax owing is more than $3,000 for 2024 you may be required to pay your tax in instalments. The requirement to make instalment payments can apply to both individuals and corporations depending on your specific circumstances.

UPDATE - Canada Revenue Agency Announces 2023 Exemption for Bare Trust Filings

Details: Published: Wednesday, 03 April 2024 15:05

On Thursday, March 28^th, the Canada Revenue Agency released a statement indicating that it will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

2023 Christmas Letter

Details: Published: Wednesday, 20 December 2023 21:08

With the 2023 holiday season upon us, and as we move into a new year, GH&A would like to take this opportunity to wish Happy Holidays to all of our clients and your families!

This Christmas Letter, as in years past, will be our opportunity to advise you on some important personal and corporate tax matters, as well as review tax changes and developments that have happened in 2023. We have also added some valuable tips to help manage your personal and business accounting needs, and this letter will highlight some updates to our firm and community involvement.

The Intergenerational Farm Rollover Provisions - Common Traps

Details: Published: Monday, 18 December 2023 15:53

The Income Tax Act contains several provisions that allow for farmers to ensure that their farmland or farm corporation shares can be transferred from one generation to the next in a tax effective manner. One of the most important and most commonly relied upon provisions is referred to as the Intergenerational Farm Rollover provision (referred to hereafter as the “Farm Rollover”). These rules allow for qualifying assets (Qualified Farm Property or Family Farm Corporation Shares) to be transferred from a taxpayer to their children or grandchildren on a tax deferred basis provided that certain criteria are met.

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