Journey Tax Solutions

03/21/2025

Breaking news: capital gains inclusion rate increase has been cancelled by PM Mark Carney.

With the original proposed increase in capital gains inclusion rate, and a subsequent announcement on the deferral of capital gains increase to 2026, the announcement on the cancellation has just surfaced.

https://www.pm.gc.ca/en/news/news-releases/2025/03/21/prime-minister-mark-carney-cancels-proposed-capital-gains-tax-increase

For more detailed discussions, contact us at [email protected]

In addition, the government will maintain the increase in the Lifetime Capital Gains Exemption limit to $1,250,000 on the sale of small business shares and farming and fishing property.

01/31/2025

NEWS: Deferral in capital gains rate increase to January 1, 2026

The government of Canada announced a deferral in the implementation of the increase in capital gains inclusion rate until January 1, 2026. Accordingly, any capital gains incurred from June 25, 2024 - December 31, 2025 should still be taxed at the 50% inclusion rate. Please note that CRA had previously announced the administration of an increased capital gains rate at the 66.67% inclusion rate starting from June 25, 2024. While we expect the CRA to reverse this administrative position, the CRA has not publicly made this announcement.

https://www.canada.ca/en/department-finance/news/2025/01/government-of-canada-announces-deferral-in-implementation-of-change-to-capital-gains-inclusion-rate.html

For more detailed discussions, contact us at [email protected]

Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring—from June 25, 2024 to January 1, 2026—the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realiz...

12/30/2024

The news about has sent shockwaves through the industry, leaving many deeply affected during what should be a time of celebration and peace.

As a CPA firm rooted in this industry, we extend our heartfelt sympathy to everyone impacted. To the clients, we understand the profound loss of a trusted advisor and business partner. To the employees, we recognize the pain of losing stability and a professional family.

At Journey Tax Solutions, our commitment to our community remains. Whether you are seeking a reliable, dedicated advisor or a new professional home, our doors are always open. We stand ready to support you during this challenging time and invite you to reach out—we’re here to help.

10/29/2024

reporting have been announced by the to be exempt from filing T3 for the 2024 year.

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/trust-reporting-for-the-2024-tax-year.html

For more detailed discussions, contact us at [email protected]

The Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year, unless the CRA makes a direct request for these filings.

09/25/2024

As we approach the final months of the year and gear up for what's next, tax planning is on top of mind. Among the many tax changes this year, alternative minimum tax quietly made its way onto the scene. Tune in to the Mind Your Money podcast - a collaboration with Mehul Gandhi, Financial Planner for an insightful deep dive into AMT and what it means for you.

Subscribe to the podcast at https://www.mindyourmoneypodcast.com/

Listen to the episode here:
Spotify: https://open.spotify.com/episode/0DyDgUnT4RHQ1Pz3LGwf7W?si=9KEIIPIFTb-IMuXwA_3XMg&nd=1&dlsi=f1b40371f9f64c9d
Apple: https://podcasts.apple.com/ca/podcast/alternative-minimum-tax-matters/id1654768899?i=1000670691261

For more detailed discussions, contact us at [email protected]

Clear insights from Canadian Wealth Experts. Got money on your mind? Join host and financial professional, Mehul Gandhi as he interviews Canadian wealth and financial experts with the aim to simplify the complex. Featured The Individual Pension Plan: A 'Super-Charged' RRSP? In this episode of our Po...

09/24/2024

The Department of Finance has just released the Notice of Ways and Means Motion to introduce a bill amending various sections of the Act related to the increase in the capital gains inclusion rate.
https://fin.canada.ca/drleg-apl/2024/nwmm-amvm-0924-eng.html

For more detailed discussions, contact us at [email protected]

Department of Finance Canada - Draft legislation

09/19/2024

We're hiring! 📣 JTS is seeking an experienced professional for the role of Accountant to join our team!

Journey Tax Solutions Inc. (JTS) is a professional CPA firm specializing in providing quality tax advice and tax minimization strategies to our clients. We offer tax planning, tax filing as well as accounting services.

Apply here: https://www.linkedin.com/jobs/view/4027383757/

Alternative method of application on Indeed: https://ca.indeed.com/job/accounting-technician-184b27ac6f142ad1

06/27/2024

As tax advisors are coming to the end of the tax filing season, please take a moment to provide your feedback to the on your experience for the Reporting Fees for Service ) process. The deadline for consultation is July 22, 2024.

The CRA is looking to revamp the Reporting Fees for Service process, which may include revamping the T4A process into another type of reporting vehicle.

Have you ever felt that the T4A process it too burdensome to follow? If CRA were to change the process, what would you like the new process to be?

Take a moment to share your feedback - remember, this is your chance as an advisor to communicate with the . With the recent tax changes, CRA is now taking a consultation approach to work collaboratively with the taxpayers - voice your opinion now.

As an ambassador of the Reporting Fee for Service working group, JTS encourages all taxpayers and tax advisors to share their feedback. We are grateful that CRA has taken the proactive approach to communicate with the public.

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/corporate-reports-information/share-your-thoughts-reporting-fees-for-service.html

Reporting fees for service (RFS) is the legislated requirement for businesses and organizations (including sole proprietors and corporations) to report fees paid to other businesses for services provided. These payments must be reported to the Canada Revenue Agency (CRA) on the prescribed form, usua...

06/10/2024

Finance has now released the news regarding their reaffirmed intention to proceed with the capital gains inclusion rate hike effective as at June 25, 2024. The capital gains inclusion rate increase was previously announced during the 2024 Federal Budget on April 16, 2024.

Background
Where a taxpayer disposes of capital assets, any capital gains has historically been included in the taxpayer’s income at 50%. The 2024 budget proposed an increase in the capital gains inclusion rate from 50% (½) to 67% (⅔), with a $250,000 exemption for individuals.

Current Update
Finance has tabled a Notice of Ways and Means Motion (NWMM) today to implement the capital gains tax change announced in Budget 2024. The NWMM contains legislative details of the capital gains change, including the intention for the effective date of the change on June 25, 2024. However, draft legislation for the change will not be released until later (currently estimated to be July).

Notice of Ways and Means Motion
A NWMM is a proposal outlining the details of a proposed measure (such as the capital gains inclusion rate change) for the House to vote and approve a policy put forth by the budget. While it is not legislation, the details in the NWMM may be used in the draft legislation to be released.

https://www.canada.ca/en/department-finance/news/2024/06/fair-and-predictable-capital-gains-taxation.html

In Budget 2024, the federal government announced changes to capital gains taxation to make Canada’s tax system fairer.