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Curry & Betts

Lifetime Capital Gains Exemption - April 21, 2015
Personal Tax - Federal Budget 2015 proposes to increase the Lifetime Capital Gains Exemption by $13,000 to a total of $813,000 of capital gains realized by an individual on qualified property, effective for the 2015 taxation year.


Non-eligible Dividends - April 21, 2015
Personal Tax - Federal Budget 2015 proposes to adjust the gross-up factor applicable to non-eligible dividends from 18% to 17% effective January 1, 2016, 16% effective January 1, 2018 and 15% effective January 1, 2019. The corresponding dividend tax credit will be adjusted as well, from 13/18 to 21/29 of the gross-up amount effective January 1, 2016, 20/29 of the gross-up amount effective January 1, 2017, and 9/13 of the gross-up amount effective January 1, 2019.


Small Business Rate - April 21, 2015
Corporate Tax - Federal Budget 2015 proposes that the federal small business tax rate will be reduced from 11% to 9% as follows:
January 1, 2016 – 10.5%
January 1, 2017 – 10%
January 1, 2018 – 9.5%
January 1, 2019 – 9%

Tax Free Savings Account - April 21, 2015

Savings - Federal Budget 2015 proposes to enhance the annual TFSA contribution limit from $5,500 to $10,000, effective for 2015 and subsequent taxation years. The new annual limit will not be indexed to inflation.


Cumulative Eligible Capital - February 11, 2014
Corporate Tax - Federal Budget 2014 proposes to replace Cumulative Eligible Capital with a new class of depreciable property for CCA. Expenditures that are currently added to CEC (at a 75-per-cent inclusion rate) would be included in the new CCA class at a 100-per-cent inclusion rate. The CCA new class would have a 5% annual rate. The existing CCA rules would generally apply, including rules relating to recapture, capital gains and capital cost allowance.


Non-eligible Dividends - March 21, 2013
Personal Tax - Federal Budget 2013 proposes to adjust the gross-up factor applicable to non-eligible dividends from 25 per cent to 18 per cent and the corresponding dividend tax credit from 2/3 of the gross-up amount to 13/18.


Safety Deposit Box - March 21, 2013
Personal Tax - Federal Budget 2013 proposes change the deductibility of safety deposit box rental, to make the cost to a taxpayer of renting a safety deposit box from a financial institution non-deductible for income tax purposes.

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