Implications of proposed U.S. tax changes – section 899
Read about proposed Section 899 of the “One Big Beautiful Bill Act” that could significantly increase taxes on applicable U.S. income earned by residents of Canada. Download now
A Fresh Look at the Capital Gains Rollover Provision – Updated
This “Tax Byte” updates a previous version published on February 13, 2025, to reflect the election of a new federal government. This article focusses on a lesser-known planning option, the capital gains rollover provision of the Income Tax Act (ITA), by reviewing the main elements of the measure and discussing proposals to expand its scope. It concludes with commentary on the urgent need for the new administration to review and rationalize provisions of the ITA that apply to small businesses owners considering the Liberal party’s promise to conduct an expert review of the corporate tax system. Download now ...
Policy Loans and the Capital Dividend Account
Our latest Tax Byte focusses on some of the tax issues and conclusions arising from an inquiry relating to the impact of policy loans on the calculation of the capital dividend account (CDA) of a corporation. We extend our thanks to Patrick Uzan for his review of the publication. Download now
Liberal Leadership Candidates – Positions on Key Issues
Read our latest “Tax Byte” which focusses on the positions of Liberal leadership candidates on key tax and policy issues. Download now
A Fresh Look at the Capital Gains Rollover Provision
Read our latest “Tax Byte” which focusses on a lesser-known tax planning option – the capital gains roller provision of the Income Tax Act (ITA). This six-page article reviews the main elements of the provision, discusses current proposals to expand its scope and concludes with commentary on the urgent need to review and rationalize the various provisions of the ITA that apply to small businesses owners. Download now
Capital Gains Inclusion Rate Increase Deferred to 2026
Last week Finance Canada announced it would defer to January 1, 2026, the implementation date of the increase in the capital gains inclusion rate announced in Budget 2024 for which legislation was not enacted. In parallel, the Canada Revenue Agency (CRA) announced it reverted to administering the currently enacted capital gains inclusion rate of one-half. Read our short “Tax Byte” which reviews the key elements of both announcements and discusses implications for taxpayers. Download now
Extension of Charitable Gifting Rules – More Certainty
The federal government recently provided additional information on its previous announcement it would extend the 2024 tax deadline for charitable donations to February 28, 2025. Draft legislation from Finance Canada now confirms the deadline extension will apply to gifts made by corporations and individual donors including trusts. The Canada Revenue Agency (CRA) also announced it will administer the 2024 deadline extension as if it has been enacted. Read CALU’s analysis on the scope and limitations of some of these provisions, including in relation to and individual’s death after 2024. Download now
Extension of 2024 Charitable Donation Deadline
The federal government recently announced it would amend the Income Tax Act to extend the deadline for claiming charitable donations in 2024 to include donations made up to February 28, 2025 to mitigate the impact of the recent postal strike on charities and their donors. The government indicated it would introduce the enacting legislation “once Parliament returns in the new year.” Read CALU’s perspective on the planning and political considerations related to this measure. Download now
