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Gregory, Harriman & Associates LLP Blog

2022 Christmas Letter

As 2022 draws to a close we would like to take this opportunity to say a sincere Thank You to all of our clients and to pass on our Best Wishes to you and your families this Holiday Season!

This edition of the Christmas Letter will offer some important updates regarding personal and corporate tax matters, including some important points from the 2022 Fall Economic Statement. We’ve also included some valuable tools and tips to help manage your business and your accounting needs.

How to Protect Yourself from CRA Scams

 

The Canadian Anti-Fraud Centre reported that Canadians lost almost $381 million to fraud in 2021. We want to ensure that clients are educated on how to protect themselves.

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Livestock Tax Deferral - Prescribed Drought Regions for 2022 Announced

 

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. 

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Update - Immediate Expensing Rules for Depreciable Property Receive Royal Assent

 

On June 23, 2022, the Federal Government enacted the legislation for Immediate Expensing Rules first proposed in the 2021 Federal Budget on April 19, 2021.  These “Immediate Expensing” rules allow Canadian Controlled Private Corporations (CCPC’s), Canadian individuals (other than trusts) and Canadian partnerships to deduct the full cost of certain depreciable capital assets in the year that they are acquired, accelerating what can often be a significant deduction to reduce taxes owing.

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How to Choose the Right Bookkeeping Software for Your Business

 

Choosing the best bookkeeping software can be a difficult task as it is not always obvious which software will provide the right features to fit your business’s needs.  There are many software programs out there that may or may not fit with the nature or scale of your business operations or may not address industry specific needs.

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2022 Federal Budget - Important Tax Points

 

On April 7, 2022, the Federal Government released its 2022 Federal Budget, outlining many proposed economic, social, and income tax measures for 2022 and subsequent years. From an income tax standpoint, most of the proposals outlined were smaller in significance and focused on less specific promises of proposed future tax measures, and the introduction of new boutique tax credits. There were no increases to personal or corporate tax rates.  Nor were there any increases to the capital gains inclusion rate.  The following is a summary of some of the more important tax measures to be aware of and watch for updates on moving forward.