Budget 2024 put forward a proposed increase in the capital gains tax inclusion rate. In this post, Tracey explains the background on the capital gains tax in Canada, what the proposed change might mean for clients and why she thinks the wise approach is to consider the implications but wait for actual legislation before acting.

New reporting requirements for trusts originally introduced in the 2018 budget, take effect for tax years ending after December 31, 2022. The first due date is April 2, 2024. Penalties for failing to comply with the reporting requirements can be hefty so if you are unsure, please reach out to one of the digitaltaxCPA team. We’d be happy to help.

We highlight a few personal and corporate tax planning ideas that our team at digitaltaxCPA has been encouraging our clients to consider before the end of December.

Tracey uses examples to show how RRSP contributions can be a key part of an effective tax strategy

UPDATE #2 November 25, 2023. Are you a Canadian citizen or resident that owned your home or cottage in a trust or corporation? Are you the trustee of a trust that owned a Residential Property? If yes to either of these two questions, this blog post is relevant to you.

The digitaltaxCPA team enjoyed spending time with clients and friends at the annual Hollywood Suite Breakfast. So great to have such amazing clients!

Spending too much time in the United States could make you subject to U.S. income tax on your worldwide income or, at a minimum, your US sourced income. Tracey explains who qualifies, how it works, and what to do if you are deemed a US citizen.

Tracey and her team at digitaltaxCPA share five of the most common tax strategies used to help clients minimize their overall tax burden.

15% of Toronto homeowners are at risk of having their homes declared vacant and being subjected to a Vacant Home Tax. If you have not already responded to the recent notification from the City it is important you do so before the February 28, 2023 deadline.

New reporting requirements for trusts come into effect on December 31, 2022. Penalties for failing to comply are hefty so it’s important to start preparing now. Our team at digitataxCPA.ca is here to help.

“Every young working adult that has not yet purchased a home should take advantage of the New Home Savings Account and make a contribution starting in 2023.” In this post, Tracey compares the New Home Savings Account, a home purchase incentive introduced in the 2022 budget, to other incentives available to Canadians looking to buy their first home.

TIME SENSITIVE - We encourage our clients to take advantage of an income splitting strategy with your family members before July 1, 2022. Income-splitting is an effective and important approach to minimizing overall income taxes for the family.

We can all understand our need to pay our fair share of taxes, but it is equally important to ensure we are aware of and capitalize on the deductions available to minimize our tax liability. Tracey Jennings, Founder of digitaltaxCPA provides a number of timely reminders and suggestions for individuals, whether they be employed or self-employed, to limit their tax liability.