Three new tax measures that may affect you:
As you may know, the government tabled the federal budget on Tuesday, March 28 and our tax experts were there to explore how it may impact you.
Hot off the press: The 2023 federal budget report is now available and we have provided a short video to help you understand what it means for you.
Watch Jamie Golombek discuss the 2023 Federal Budget: Click here
Read the full Federal Budget: click here
#1: Alternative Minimum Tax (AMT)
To expand the AMT to more high-income individuals, several changes will be made to the calculation of AMT, beginning in 2024.
The changes include broadening the AMT base by further limiting tax preferences (such as exemptions, deductions, and credits), increasing the AMT exemption, and raising the AMT rate.
We will keep you updated when more information is stated to be provided beginning in 2024.
#2: Intergenerational Share Transfers
In June 2021, Bill C-208 introduced an exception to the surplus stripping rules to facilitate legitimate intergenerational business transfers.
A proposal was made to further amend these rules to ensure that they apply only where a genuine intergenerational business transfer takes place.
This would take effect for transactions that occur starting in 2024.
#3 Employee Ownership Trusts (EOTs)
An EOT is a form of employee ownership where a trust holds shares of a corporation for the benefit of the corporation's employees.
To launch EOTs in Canada, amendments to the Income Tax Act are required. The budget defines an EOT and sets out proposed rules on how an EOT will operate.
The EOT amendments are to be effective as of January 1, 2024.
Access Your Tax Slips Online
Navigate to Wood Gundy Online, for access to your tax slips.
Note: ICS/AMA Annual Fee summary, ICS/AMA Realized gains/losses report and T3 from mutual fund company are mailed out separately and not available on Wood Gundy Online.