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Our very own Jessica Glendinning, 2025 Chartered Professional Accountants of Ontario Fellow! Jessica Glendinning, Partner and Audit Leader at McGovern Hurley LLP, has been selected as a 2025 Fellow of the Chartered Professional Accountants of Ontario (FCPA). An FCPA is the highest honor that may be bestowed upon a CPA, celebrating exemplary leaders who have

The Finance Minister Chrystia Freeland delivered the 2024 federal budget on April 16, 2024. Unprecedented changes were made with respect to the capital gain inclusion rate. The capital gain inclusion rate is proposed to be increased from 50% to 66 2/3%. The following is a summary of some of the most significant announcements contained in

On March 28, 2024, the Canada Revenue Agency announced that it will no longer require bare trusts to file a T3 trust return, including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request. https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html For more information the team here at McGovern Hurley LLP

In a previous article (linked here), we discussed the introduction of the long-awaited new trust reporting rules, which will come into effect for trusts with taxation years ending on or after December 31, 2023. Due to the change in reporting requirements, many trusts that were not required to file a trust return in previous years

Do the new reporting requirements apply to you? Are you the trustee of a personal trust, family trust, testamentary estate, or any other type of trust? Do you own investments or real property on behalf of someone else?Either held personally or through a corporation, partnership, or other trust. Are you a Power of Attorney on

What is the FHSA? The federal government has introduced the First Home Savings Account (FHSA) as a savings tool to help future home buyers with the purchase of their first home. The FHSA is similar to a Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP). Like a TFSA, withdrawals made are on a

Now is the time to consider contributing to your RRSP if you have not done so already. The deadline for contributing to an RRSP for the 2023 tax year and the deadline is quickly approaching, and this year, it will be on February 29th, 2024. Here is a summary of RRSPs: Contributions made are tax

As we start the year 2024, it is crucial to evaluate your financial situation and explore opportunities for tax optimization. Consider the following deadlines and planning tips to make the most of potential tax savings opportunities: Your Upcoming Tax Deadlines Your Payment Due Dates Planning for Homeowners and Buyers Residential Property Sale: If you have

In the 2023 Budget, the federal government committed to fully implement the Canadian Dental Care Plan. This initiative is designed to offer dental coverage to uninsured Canadians with an annual family income below $90,000. The new legislation mandates the reporting of employer-provided dental coverage through T4 (Statement of Remuneration Paid) and T4A (Statement of Pension,

Our very own Kelly Khalilieh, 2023 Chartered Professional Accountants of Ontario Fellow! Kelly Khalilieh, Partner, Professional Standards and Quality Management, has been named a Chartered Professional Accountants of Ontario 2023 Fellow.  An FCPA is the highest honour that can be given to a CPA, recognizing exemplary leaders for their outstanding impact in the world of