Tax Tribune – Bruce Accounting, CPA Professional Accountants https://bruceaccounting.com Professional Accounting Tue, 10 Mar 2026 14:42:22 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://bruceaccounting.com/wp-content/uploads/2026/02/cropped-dbca_badge-32x32.png Tax Tribune – Bruce Accounting, CPA Professional Accountants https://bruceaccounting.com 32 32 Tax Talk Tribune – Edition No 2. https://bruceaccounting.com/tax-talk-tribune-edition-no-2/ Thu, 13 Jun 2024 15:53:27 +0000 http://pretty-olive-iguana.69-16-249-38.cpanel.site/?p=112 Tax Tidbits

  • Taxpayers can register for the CRA’s My Account and get immediate access rather than waiting for a security code by mail.
  • A portion of the federal carbon tax will be returned to Canadian-controlled private corporations (CCPCs) with fewer than 500 employees who file their 2023 tax return by July 15, 2024. The automatic rebate, based on the number of employees, will be paid to CCPCs in AB, SK, MB, ON, NB, NS, PEI and NL without needing an application.

Capital Gains Inclusion Rate: Proposed Increase.

The 2024 Federal Budget proposed to increase the capital gains inclusion rate from 50% to 2/3 of the actual gain, effective for capital gains realized on or after June 25, 2024, for all taxpayers (including corporations and trusts) other than individuals. Individuals would be able to continue to access the 50% rate on the first $250,000 of capital gains (net of gains offset by capital losses, the lifetime capital gains exemption, and the proposed employee ownership trust exemption and Canadian entrepreneurs’ incentive) realized annually. An individual’s capital gains over the annual $250,000 limit, and all capital gains of corporations and trusts would be included at the 2/3 rate. Full details of the proposal have not yet been released (as of May 13, 2024).

]]> Tax Talk Tribune – Edition No 1. https://bruceaccounting.com/tax-talk-tribune-no-1/ Fri, 08 Mar 2024 18:57:49 +0000 http://pretty-olive-iguana.69-16-249-38.cpanel.site/?p=375 Tax Tidbits

  • The 2024 RRSP contribution limit is $31,560, requiring earned income in 2023 of at least $175,333. The 2025 limit will be $32,490 (requiring earned income in 2024 of at least $180,500).
  • The annual TFSA contribution limit for 2024 is $7,000.
  • The annual interest rate charged by CRA on late tax and installment payments has increased to 10% for the first quarter of 2024. Additional penalties may apply on underpaid installment payments.

Please see Appendix for more information.

Working From Home Expenses:

Employment Expenses The $2/day flat rate method available to claim expenses for employees working from home was a temporary administrative measure only available from 2020 to 2022; it is no longer available in 2023. As such, employees working from home can only use the detailed calculation when claiming expenses.

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