Author Archives for McGovern Hurley
February 19, 2026 4:25 pm
Published by McGovern Hurley
From Courtroom Expansion to Legislative Contraction: BC Aligns the Mining Exploration Tax Credit with Federal Rules Prepared by McGovern Hurley LLPFebruary 20, 2025 In light of the release of the 2026 British Columbia provincial budget on February 18, 2026, we are providing an important update on the BC Mining Exploration Tax Credit (BC METC) and its interaction with recent legislative developments. This update is particularly relevant to readers of our earlier analysis of Seabridge Gold Inc. v. British Columbia (2025 BCSC 558) and the resulting divergence between federal and provincial tax treatment of mining exploration expenditures. Our prior article was prepared based on
February 18, 2026 2:49 am
Published by McGovern Hurley
Navigating the New Divide Between CEE and the BC METC Prepared by McGovern Hurley LLPFebruary 18, 2025 Background Both the federal Canadian Exploration Expense (CEE) regime under the Income Tax Act and the British Columbia Mining Exploration Tax Credit (BC METC) require that qualifying expenditures be incurred for the purpose of determining the existence, location, extent, or quality of a mineral resource. While the concepts of existence, location, and extent are generally well understood, the meaning of “quality” has been the subject of ongoing debate. In particular, uncertainty has existed as to whether studies focused on economic viability or engineering
November 13, 2025 2:06 pm
Published by McGovern Hurley
2025 Federal Budget Review Prepared by McGovern Hurley LLP November 10, 2025 Introduction and Fiscal Overview On November 4, 2025, Finance Minister François-Philippe Champagne tabled the first federal budget under Prime Minister Mark Carney’s government, entitled “Building Canada Strong.” This budget was presented amid global economic uncertainty, domestic affordability challenges, and a strategic effort to promote sustainable growth and fiscal discipline. Budget 2025 introduces a dual reporting framework separating operational and capital spending, a move designed to improve fiscal transparency and discipline. For 2025–26, the government projects an operating deficit of $33 billion and a capital deficit of $45 billion,
October 30, 2025 4:54 pm
Published by McGovern Hurley
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 made an extraordinary impact within their communities and across the business landscape. Truly, few professionals stand out in this manner within the accounting profession. Jessica has spent her entire career with McGovern Hurley, joining the firm as a co-op student in 2001 and rising to
April 23, 2024 2:07 pm
Published by McGovern Hurley
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 the 2024 federal budget. Increasing the Capital Gain Rate: Budget 2024 proposes increasing the capital gains inclusion rate from 50% to 66 2/3%. In particular, the inclusion rate increased for corporations and trusts to 66 2/3% and for individuals on the portion of capital gains
March 28, 2024 8:31 pm
Published by McGovern Hurley
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 is always happy to help. John Mendis, Tax Advisory and Compliance Partner, jmendis@mcgovernhurley.com Greg Furyk, Business Advisory and Compliance Partner, gfuryk@mcgovernhurley.com
March 19, 2024 2:21 pm
Published by McGovern Hurley
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 are now required to file a T3 Trust Income Tax and Information Return (“T3 return”) as well as a Schedule 15: Beneficial Ownership Information of a Trust (“Schedule 15”) by 90 days after its year-end of every year starting for the 2023 tax year. Further,
February 21, 2024 10:27 pm
Published by McGovern Hurley
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 a bank account for your elderly parents? Do you own an investment or bank account in trust for a child or grandchild? Is your name on the title of your child’s home to help them get a mortgage? Do you hold any assets jointly with
February 13, 2024 3:24 pm
Published by McGovern Hurley
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 tax-free basis as long as they are used to purchase your first home. Like an RRSP, contributions made within a calendar year can be used as a deduction to taxable income, or if chosen, carried forward to a future year for tax planning purposes. Who
February 8, 2024 6:50 pm
Published by McGovern Hurley
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 deductible, which means contributing to your RRSP can help reduce your taxes payable or increase your tax refund. Annual Contribution room for 2023 is the lower of $30,780 or 18% of your annual earned income in the previous year. Always confirm the RRSP contribution limit
