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
https://altavistaplanning.com/wp-content/uploads/2024/04/Federal-Budget-2024-Highlights.jpg300500Financial Tech Toolshttps://altavistaplanning.com/wp-content/uploads/2018/05/Screen-Shot-2018-05-29-at-3.10.38-PM.pngFinancial Tech Tools2024-04-17 17:41:352024-04-17 16:55:582024 Federal Budget Highlights
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://altavistaplanning.com/wp-content/uploads/2024/04/Tax-tips-to-know-before-filing-your-2023-income-tax.jpg300500Financial Tech Toolshttps://altavistaplanning.com/wp-content/uploads/2018/05/Screen-Shot-2018-05-29-at-3.10.38-PM.pngFinancial Tech Tools2024-04-02 14:17:372024-04-02 15:08:15Tax tips to know before filing your 2023 income tax
The best way to provide your family with financial protection is with solid insurance planning. These three types of insurance will ensure your family has the financial resources they need if you die, are injured, or become ill:
- Life insurance.
- Critical illness insurance.
- Disability insurance.
https://altavistaplanning.com/wp-content/uploads/2024/04/How-to-use-insurance.png250500Financial Tech Toolshttps://altavistaplanning.com/wp-content/uploads/2018/05/Screen-Shot-2018-05-29-at-3.10.38-PM.pngFinancial Tech Tools2024-04-01 06:00:002024-04-01 05:08:27How To Use Insurance To Provide Your Family With Financial Protection
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!