Applications are now open for the 2023 Canada – Saskatchewan Livestock Feed Initiative. The purpose of the initiative is to provide compensation for 70 percent of […]
Underused Housing TaxFebruary 22, 2023
Underused Housing Tax (UHT) deadlineOctober 21, 2023
Summary of changes impacting tax measures:
The 2023 Canadian Federal Budget was presented March 28, 2023. A number of changes were proposed, below is a quick summary with respect to the tax measures:
- No personal tax rate increases, no corporate tax rate increases.
- No change to the capital gains inclusion rate – it remains at 50%.
- No wealth tax.
- Additional rebate to be paid to taxpayers who qualify for the GST rebate based on their family income. The government hopes to pay this as soon as possible, along with the regular GST rebate.
- The rules involving the sale of your business to your child have been clarified, and will apply to transactions after January 1, 2024. Please contact our office if this may apply to you during 2023 and will discuss the changes and options available with respect to the timing of the transaction.
- The calculations for Alternative Minimum Tax (AMT) are changing for the 2024 tax year and beyond. While higher amounts will be included in the adjusted net income amount, the base deduction will significantly increase. As a result, there should be no impact on taxpayers with less than $173,000 of taxable income.
- Changes to the RESP withdraw amounts will increase to $8,000 for the first 13 week period (from $5,000). Additional 13 week periods withdraw increasing to $4,000 (from $2,500).
- Adult siblings will be able to open RDSP savings accounts for their qualifying siblings who are unable to do so on their own.
If you have any questions, please contact our office and a qualified professional will be happy to assist you.