Explore the upcoming 2024 Canadian tax changes affecting investors, business owners, and high-net-worth individuals. From capital gains adjustments to new incentives, stay informed with our comprehensive checklist.
https://horizonfinancial.ca/wp-content/uploads/2024/04/Stay-Ahead-in-2024-A-Comprehensive-Checklist-for-Federal-Tax-Updates.jpg300500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-04-22 11:41:092024-04-22 11:41:13Stay Ahead in 2024: A Comprehensive Checklist for Federal Tax Updates
On April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:
• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year’s budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business
Unlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you’re not leaving money on the table this tax season.
https://horizonfinancial.ca/wp-content/uploads/2024/04/Tax-tips-to-know-before-filing-your-2023-income-tax.jpg300500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-04-02 17:07:172024-04-02 17:07:20Tax tips to know before filing your 2023 income tax
Secure your family’s financial future with effective budgeting. Learn how to gain financial clarity, achieve your goals, and prepare for emergencies in our comprehensive guide.
https://horizonfinancial.ca/wp-content/uploads/2024/04/Add-a-heading.jpg300500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-04-01 06:19:462024-04-01 06:19:50Empowering Your Family’s Financial Future: A Comprehensive Guide to Budgeting
Ontario’s 2024 Budget keeps personal & corporate tax rates steady, extends gas tax cuts, and revises the OCASE Tax Credit. Discover how these changes affect you!
Stay Ahead in 2024: A Comprehensive Checklist for Federal Tax Updates
/in 2024, Blog, business owners, Family, financial advice, Financial Planning, individuals, Investment, Retirees, retirement /by Horizon FinancialExplore the upcoming 2024 Canadian tax changes affecting investors, business owners, and high-net-worth individuals. From capital gains adjustments to new incentives, stay informed with our comprehensive checklist.
2024 Federal Budget Highlights
/in Blog, business owners, Estate Planning, Family, Financial Planning, incorporated professionals, individuals, Investment, mortgage, personal finances, Professional Corporations, Professionals, Retirees, retirement, tax /by Horizon FinancialOn April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:
• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year’s budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business
Tax tips to know before filing your 2023 income tax
/in 2024, Blog, corporate, Family, financial advice, Financial Planning, tax /by Horizon FinancialUnlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you’re not leaving money on the table this tax season.
Empowering Your Family’s Financial Future: A Comprehensive Guide to Budgeting
/in Blog, Debt, disability, disability insurance, Family, financial advice, Financial Planning, individuals, Insurance, rdsp /by Horizon FinancialSecure your family’s financial future with effective budgeting. Learn how to gain financial clarity, achieve your goals, and prepare for emergencies in our comprehensive guide.
Ontario’s 2024 Budget Highlights
/in 2024, Blog, Ontario Only, tax /by Horizon FinancialOntario’s 2024 Budget keeps personal & corporate tax rates steady, extends gas tax cuts, and revises the OCASE Tax Credit. Discover how these changes affect you!