February Highlights
With tax season in full swing, we’re here to help you streamline and optimize your 2024 tax return preparation process with ease. This month’s newsletter includes our simplified personal income tax checklist, discusses what the Capital Gains tax deferral means for you, and highlights important updates for the 2024 tax season. We’re also showcasing the important nuances tied to RRSPs and RRIFs in your estate planning.?
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Recent Thought Leadership?
Tax season is here - are you prepared? Our latest article breaks down everything you need to know to streamline your 2024 tax return. From gathering the right documents to setting up CRA’s “My Account,” we’re here to help you stay organized and maximize every opportunity.
Stay on track this tax season with our 2024 Personal Income Tax Checklist - your essential tool for gathering the documents needed to file your return efficiently.
Tax season is already here, and staying informed is key. Our Tax Group breaks down the latest updates for the 2024 tax-filing season, from the capital gains inclusion rate deferral to new alternative minimum tax rules, short-term rental deductions, and changes to Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), and First Home Savings Account (FHSA) limits. ?
The Government of Canada has deferred the planned increase to the capital gains inclusion rate until January 1, 2026, providing taxpayers with temporary relief. Originally set to take effect on June 25, 2024, the proposed change would increase the inclusion rate from one-half to two-thirds on capital gains exceeding $250,000 annually for individuals, and on all capital gains for corporations and most trusts. However, political uncertainty in the House of Commons means there is no guarantee the increase will ultimately be passed into law. With these changes on the horizon, tax planning remains essential. Our latest article breaks down what this deferral means for individuals and businesses and key considerations for tax strategies.
? Crowe Community?
“When we pass away, unless we’re leaving the RSP to a surviving spouse, the value of the RSP at the time of death becomes fully taxable as regular income.”?- Ali Spinner, Crowe Soberman Tax Partner
RRSPs can trigger significant tax bills if not organized correctly in your estate plan. Are you making these costly estate planning mistakes? ?
Join Crowe Soberman Tax Partner, Ali Spinner, FCPA, FCA, TEP alongside RBC Wealth Management to learn the important nuances tied to RRSPs and RRIFs in estate planning. ?
Ananth Balasingam, MTax, CPA, CA Partner in our Tax group, brings his cross-border tax expertise to the Sports & Entertainment practice at Crowe Soberman. From structuring endorsement deals and investments to advising high-net-worth individuals on residency matters, Ananth’s dedication to his work is reflected in the success of his clients. Learn more about Ananth. ?
Nader Fadel, CPA, CA Partner in our Audit & Advisory group, brings a proactive approach to helping clients identify opportunities and manage risks. In addition to supporting their tax filings and financial statement requirements, Nader works with prospective buyers as part of the firm’s due diligence practice to uncover critical insights for informed decisions. Learn how Nader goes above and beyond for his clients.?
Black History Month ?
February marks Black History Month - a time to reflect, learn, and celebrate the resilience, heritage, and achievements of Black communities in Canada and beyond. At Crowe Soberman, we stand in solidarity with the pursuit of equity and inclusion, embracing the importance of amplifying diverse voices and creating opportunities for meaningful progress.
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