Federal Budget 2024 Summary
McGovern Hurley
April 23, 2024
The Finance Minister Chrystia Freeland delivered the 2024 federal budget on April 16, 2024. Unprecedented changes were made with respect to the
CRA Reverses Course on Bare Trust Filings
McGovern Hurley
March 28, 2024
On March 28, 2024, the Canada Revenue Agency announced that it will no longer require bare trusts to file a T3 trust
Are You Required to File a T3 Trust Return for 2023?
McGovern Hurley
March 19, 2024
In a previous article (linked here), we discussed the introduction of the long-awaited new trust reporting rules, which will come into effect
Trusts – New Reporting Requirements
McGovern Hurley
February 21, 2024
Do the new reporting requirements apply to you? Are you the trustee of a personal trust, family trust, testamentary estate, or any
First Home Savings Account (“FHSA”)
McGovern Hurley
February 13, 2024
What is the FHSA? The federal government has introduced the First Home Savings Account (FHSA) as a savings tool to help future
Registered Retirement Savings Plans (“RRSP”)
McGovern Hurley
February 8, 2024
Now is the time to consider contributing to your RRSP if you have not done so already. The deadline for contributing to
2024 Tax Planning Tips
McGovern Hurley
February 5, 2024
As we start the year 2024, it is crucial to evaluate your financial situation and explore opportunities for tax optimization. Consider the
Changes Required For 2023 T4/T4A Reporting
McGovern Hurley
January 31, 2024
In the 2023 Budget, the federal government committed to fully implement the Canadian Dental Care Plan. This initiative is designed to offer
Celebrating an Outstanding Achievement– Kelly Khalilieh
Jacinda David
January 25, 2024
Our very own Kelly Khalilieh, 2023 Chartered Professional Accountants of Ontario Fellow! Kelly Khalilieh, Partner, Professional Standards and Quality Management, has been
Rental Expense Deduction Denial – Canada is Cracking Down on Non-Compliant Short-Term Rentals
McGovern Hurley
December 5, 2023
Many provinces and municipalities across Canada have recently introduced legislation to limit or eliminate short-term rentals of residential real estate in an
New Proposed Tax Changes to Certain Surplus Stripping Transactions May Require Swift Action
McGovern Hurley
November 27, 2023
With the recent introduction of new proposed tax measures in the federal budget, we wish to draw your attention to significant changes
Important Update Regarding Filing Obligations for All Ontario Corporations
McGovern Hurley
November 13, 2023
The Ontario Annual Return refers to a mandatory filing requirement for all corporations operating in the province of Ontario. It entails the