How Capital Gains Tax Changes Could Impact Your Business Strategy
Givens LLP Chartered Professional Accountants
Givens LLP is a future-focused accounting firm serving Alberta and beyond.
The CRA’s capital gains tax changes will impact business owners, investors, and estate planners. This newsletter covers how these changes affect your financial strategy and offers key updates on Canada's economic growth.
Capital Gains Tax Changes
The CRA's increased inclusion rate to 66.67% means higher tax liabilities for business sales, investments, and estate planning. Now is the time to revisit your strategies and ensure you’re prepared for this shift.
3 Key Pillars of a Strong Financial Foundation:
? Robust Internal Financial Controls
? Cash Flow Forecasting
? Budgets vs. Actuals
Read our latest blog to learn more about how these pillars can help you build a stronger financial foundation.
The Canadian economy grew by 0.2% in July 2024, mainly driven by the services sector, but preliminary data for August shows no growth. This slower performance falls below the Bank of Canada's forecast, increasing the likelihood of further interest rate cuts. Key sectors like construction and transportation contracted, with wildfires contributing to the decline.
领英推荐
The Canada Revenue Agency (CRA) is seeking feedback from taxpayers on how it can improve its services. The agency launched public consultations, allowing individuals to share their experiences and suggest improvements through an online questionnaire available until December 2, 2024. This initiative aims to enhance the CRA’s digital-first service model and address challenges in service delivery, with findings expected to be published next spring.
Side hustles are a great way to supplement income, but they come with tax responsibilities. From reporting all income to tracking expenses, it's essential to stay compliant with CRA regulations to avoid penalties and optimize your tax strategy. Ensure you're fully prepared and maximizing the benefits of your side business.
What Makes a Great CFO?
A top-tier CFO brings a few things to the table for a business:?
? Strategic thinking
? Proactive risk management
? Clear communication
All of these are critical for driving business growth and sustainability. Make sure your CFO has the skills to steer your business forward.?
Ready to take the next step towards financial freedom? contact us today, and let’s chart your course to success.