Blog posts tagged in TaxTips.ca
Donations of Private Corporation Shares and Real Estate
The Federal 2015 Budget proposes to provide an exemption from capital gains tax for certain dispositions of private corporation shares and real estate which occur after 2016. The exemption will be available where:
cash proceeds from the disposition of the private corporation shares or real estate are donated to a qualified donee within 30 days after the disposition; and
the private corporation shares or real estate are sold to a purchaser that is dealing at arm's length with both the donor and the qualified donee to which cash proceeds are donated....
Remittance Thresholds for Employer Source Deductions
The budget proposes to reduce the frequency of remittance of source deductions for the smallest new employers, by allowing eligible employers to immediately remit on a quarterly basis. Eligible employers will be new employers with withholdings of less than $1,000 for each month.
Quarterly Remitter Category for New Employers on the 2015 Budget
Employers are required to remit source deductions to the Government in respect of employees’ income tax, as well as the employer and employee portions of Canada Pension Plan contributions and Employment Insurance premiums (collectively, “withholdings”). These withholdings must be remitted on a...
Lifetime Capital Gains Exemption (LCGE)
There is an $800,000 (for 2014, indexed after 2015, $750,000 before 2014) lifetime capital gains exemption (LCGE), which equates to a $400,000 lifetime capital gains deduction (1/2 of the $800,000 LCGE). The 2015 LCGE limit , indexed by a factor of 1.017, is $813,600. The deduction can be claimed against taxable capital gains on the disposal by an individual of:
qualified small business corporation (SBC) shares
qualified farm property, and
for dispositions occurring after May 1, 2006, qualified fishing property
The capital gains exemption is available for small business corporation shares, farm property, and fishing property,...
Prescribed Factors for Minimum Annual Withdrawal From a RRIF
The table below shows the prescribed factors for the minimum annual withdrawals, and the % increase to the factors each year. The Federal 2015 Budget proposes to reduce the minimum withdrawal factors for age 71+, for both post-1992 and pre-1993 RRIFs, to the amounts shown below. This change is subject to legislative approval. RRIF holders who at any time in 2015 withdraw more than the reduced 2015 minimum amount will be permitted to re-contribute the excess (up to the amount of the reduction in the minimum withdrawal amount provided by this change)...