October Highlights
We’re back with the latest edition of Overheard at Crowe Soberman. This month, we explore key insights from our Tax Group on navigating residency status for professional athletes, updates on GST/HST regulations for dentists and orthodontists, and discuss highlights from the recent Fall Economic Statement. We also celebrate a significant achievement within our community, as our Managing Partner, Adam Scherer , received the 2024 Pinnacle Award at the Crowe Global Annual Conference in Tokyo.
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Recent Thought Leadership?
On October 30, Ontario’s Minister of Finance, Peter Bethlenfalvy, presented the 2024 Ontario Economic Outlook and Fiscal Review, introducing key tax-related measures designed to provide relief to taxpayers, support families, and drive economic growth in the province.
In this article, we outline four main takeaways, including a proposed taxpayer rebate, adjustments to the Alternative Minimum Tax (AMT), an extension on fuel tax cuts, and the introduction of a new Ontario fertility treatment tax credit. Learn how these changes will impact your personal and business affairs here.
The CRA’s new GST/HST Notice 339 ends the administrative Arrangement with the Canadian Dental Association, requiring dentists to follow standard input tax credit (ITC) rules. These changes, effective for fiscal years beginning after January 1, 2025, mean registrant dentists must now apply ITCs as per the Excise Tax Act. Learn more about aligning your practice with these new regulations here.
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Determining tax residency can be complex for professional athletes due to frequent travel, ownership of foreign property, and international living. With varying rules and obligations in different countries, it’s crucial to understand how residency impacts taxes.?Learn more here. ?
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Crowe Community?
Adam Scherer Receives the 2024 Pinnacle Award?
We are thrilled to share that Managing Partner, Adam Scherer , has been honored with the 2024 Pinnacle Award at the Crowe Global Annual Conference in Tokyo. This prestigious recognition celebrates Adam's dedication to excellence, leadership, and his commitment to upholding Crowe's core values.?
Adam’s achievements reflect the hard work and passion he brings to every aspect of his role. From championing inclusivity and fostering a diverse, equitable workplace to his unwavering support for community initiatives, he continues to elevate our brand and set a standard for excellence. Congratulations, Adam, on this well-deserved achievement! ?
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