It’s rather easy to sum up 2024. “It exceeded expectations” is the most obvious way to put it. Even the most optimistic projections were well shy of the eye-catching gains investors experienced across equity and fixed income markets in 2024. Positive market surprises shouldn’t come as too much of a shock though, as the markets have a way of making forecasting the year ahead a futile and frustrating exercise. The markets don’t operate on a timeline dictated by forecasts, which is why we prefer to focus on the trends with any forecast, rather than try and hit the bullseye.
When most of us think of year-end tax planning, we typically consider our personal situation. Yet, there are many tax opportunities for business owners to explore as we near the end of another calendar year.
An investment portfolio review to identify tax planning opportunities before the end of the year is always a wise decision. In this article, we’ll discuss the concept of tax loss selling, how it works and how to ensure losses you trigger can be claimed as intended.
And are you one of the 32,000 Canadians who’ll have to pay it? Many Canadians haven’t heard of the alternative minimum tax (AMT), which isn’t surprising when you discover that only a small percentage of Canadians typically pay AMT annually. The AMT came into the news recently when the federal government announced significant changes to it in the 2023 budget (which will come into effect in 2024). Let’s take a look at what the alternative minimum tax is, how it works, who it might affect and the impact of those changes.
If you owned a residential property in Canada on December 31, 2022, you might have to pay an Underused Housing Tax (UHT) if it was vacant or underused. Even if you’re not subject to tax, you may be required to file an Underused Housing Tax return to claim an exemption.
According to a recent Stats Canada report, almost 1.4 million Canadian households reported having property rental income. That’s a significant portion of the population.. Given that rents increased on average across Canada by 11% in 2022 (and by considerably more in big cities, such as Toronto and Vancouver), it’s understandable why investing in property is so popular.
A year ago, many countries were managing through their second wave of COVID-19 infections. Many equity markets nevertheless had staged a full and complete recovery to their pre-COVID highs. Despite the equity recovery, investors were still nervous. A year ago, we had just started to hear news of pending approvals of COVID vaccines.
As a business owner, having a well thought out tax and estate plan is key for financial success.
As students begin to pay their tuition for the upcoming fall semester, it is important to know what fees and expenses can be deducted on this year’s tax return. This article will highlight some of the key deductions and credits that can help reduce your family tax bill for the 2020 filing year.
The Voluntary Disclosure Program (VDP) provides a second chance for Canadians to correct their previously filed tax returns. However, the program maintains a goal of fairness and is not meant to reward individuals or corporations who have willfully avoided paying their fair share of taxes.
With the onset of the COVID-19 pandemic, we have seen inspirational stories of individuals and organizations helping their communities and supporting causes in a variety of ways. During this time, you may be thinking about how you can contribute more or whether you should revisit your charitable giving approach.
Time in the market, not timing the market, is what builds wealth