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.
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.
On Thursday, March 28th, 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.
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 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.
As part of the 2022 Federal Budget released in April 2022, the Department of Finance introduced a new tax on vacant or underused residential property in Canada. This new Underused Housing Tax (UHT) became effective on January 1, 2022 and the first UHT payments and UHT returns for the 2022 tax year will be due on April 30, 2023.