KPMG in Canada provides the latest Canadian tax news and international tax news for you and your business
The new capital gains tax proposed in the Liberal budget has led to speculation that there might be a flood of cottages entering the market or a push for earlier closing dates as sellers try to avoid a hefty tax bill. “I am seeing an increase in people wanting to list their properties ...
The Budget contains tax measures aimed at generating increased tax revenue from wealthier Canadians. The federal government believes that this will make the tax system more "fair". The most significant proposals include: increasing the capital gains inclusion rate from one-half to two-thirds for ...
June 13, 2023:2023 federal budget: Canada has committed $83 billion to foster decarbonization of the economy June 5, 2023:Proposed amendments to the Valuation for Duty Regulations March 21, 2023:ITA Part XX: new tax reporting obligations for digital platform operators to be introduced on ...
A company’sincome taxexpense is based on its taxable income and its percentage tax rate. Income tax is typically the next-to-last line on the income statement before net income. Property taxes are included in operating expenses. Capital gains taxes appear below operating income and are taxed ...
This could be from US election results, especially in relation to investments in Canadian electric vehicle supply chains, and the increase in the capital gains tax in Canada, which may reduce the incentive to sell after an initial transition period that might be characterized by somewhat higher ...
The recently tabled Québec budget for 2023/2024 contains several tax measures affecting individuals and corporations.
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1 The rate on capital gains is one-half the ordinary income tax rate. 2 The federal basic personal amount comprises two elements: the base amount ($13,521 for 2023) and an additional amount ($1,479 for 2023). The additional amount is reduced for individuals with net income in excess of...
Capital gain taxes are applicable when you sell real estate in Canada, which are basically taxes on the profits. You can save on the capital gains if you, or a member of your family, lives in the building. You will need to report rental incomes and the associated expenses, even when you...