February 2024 - Thorsteinssons LLP Tax Lawyers

February 27, 2024

2024 B.C. Budget: Tax highlights

On February 22, 2024, the British Columbia Minister of Finance tabled the province’s 2024 budget.

The 2024 budget contains a number of notable tax measures, including the following:

Provincial Anti-Flipping Tax

A “home flipping” tax on income derived

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Prepared by: Brendan Forrest

Brendan Forrest is an associate working out of the Toronto office of Thorsteinssons LLP. Brendan’s practice focuses on corporate tax advisory and planning services. Brendan earned his Bachelor of Arts (Honours) from St. Michael’s College at the University of Toronto… more »

February 12, 2024

Federal Court of Appeal confirms that payments of life insurance premiums can give rise to taxable benefits under subsections 15(1) and 246(1) of the ITA

In Gestion M.-A. Roy Inc. c Canada (2024 FCA 16), the Federal Court of Appeal agreed with the Tax Court that the corporate holders of two life insurance policies received taxable benefits where the premiums of both policies were paid…

February 02, 2024

CRA releases guidance on new trust reporting rules

The CRA has released an FAQ page regarding the new reporting rules in respect of trusts for taxation years ending on or after December 31, 2023. As stated by the CRA, “many trusts that did not previously have to…

Prepared by: Tyler Berg

Tyler is an Associate working in the Vancouver office. Tyler attended the Peter A. Allard School of Law at the University of British Columbia, where he completed the Juris Doctor program and the Business Law Concentration. He competed in the… more »

Tax Alert Archives February 2024