The 2024 Federal Budget, presented by Finance Minister Chrystia Freeland on April 16, introduced $52.9 billion in new spending, which the government plans to offset, in part, by increasing taxes for high-income earners through a capital gains tax hike. The budget announced several promising tax relief measures, including a new Canadian Entrepreneurs’ Tax Incentive and […] The post 2024 Budget Balances Capital Gains Rate Hike with a Number of Tax Credits and Exemptions appeared first on Zeifmans ..read more

Rental income has generated a great deal of income over the years and has opened a variety of rental locations across the globe. Rentals can also be a great investment for owners when managed properly. Selecting properties and efficiently overseeing them can reliably generate a steady return on investment without the unpredictability of the stock […] The post Short-Term Rentals: Tax Implications for Airbnb Properties appeared first on Zeifmans ..read more

Navigating the ins and outs of a medical practice can be complicated and overwhelming. The first step to any healthcare business is finding a trusted financial and legal team that can help you establish and run your practice. Here’s a snapshot of what you’ll need to know from start to finish – literally. From financial […] The post Important Medical Practice Accounting Milestones appeared first on Zeifmans ..read more

The government’s new federal trust reporting rules will increase disclosure requirements, affecting a wide range of Canadian trusts. Originally, the federal government introduced significant changes to trust legislation in 2018 to encourage reporting transparency. These rules were amended on Dec. 15, 2022, to help the Canada Revenue Agency (CRA) better assess tax liabilities for both […] The post Navigating Canada’s Latest Trust Reporting Legislation Changes appeared first on Zeifmans ..read more

On November 21, 2023, Deputy Prime Minister and Minister of Finance Chrystia Freeland introduced the 2023 Fall Economic Statement (FES 2023) on behalf of the federal government. These measures aim to modify the Underused Housing Tax (UHT) to exclude specific individuals, reduce the profitability of short-term rental properties, and enhance the affordability of certain healthcare […] The post Tax Insights: 2023 Fall Economic Statement (FES 2023) appeared first on Zeifmans ..read more

Foundational elements of a successful business acquisition (AC Oct 23) final”]In business, there are many ways to grow. At Zeifmans, we’ve spent nearly 60 years assisting our clients in gaining market share and strengthening their business portfolios. We have decades of experience guiding small to mid-sized businesses as they implement our innovative strategies for growth- […] The post Foundational Elements of a Successful Business Acquisition appeared first on Zeifmans ..read more

The Ontario Fall Economic Statement 2023 forecasts a substantial increase in the deficit for the 2023-24 fiscal year of $5.6 billion. This marks a significant departure from the province’s 2023 budget, which had projected a deficit of $1.3 billion. Ontario attributes the expanded deficit to recent interest rate hikes, elevated inflation rates, and lower-than-anticipated revenue […] The post Ontario’s Fall Economic Outlook Promises Additional Tax Credits During Financial Uncertainty appeared first on Zeifmans ..read more

Small businesses are the lifeblood of the Canadian economy, employing nearly 8.5 million Canadians annually. These entrepreneurs are the driving force behind innovation and economic growth in the country. However, when it comes to tax season, many small business owners face the daunting task of filing their taxes accurately to reduce expenses and maximize profits. […] The post Mastering Taxes: 5 Essential Tips for Small Businesses in Canada appeared first on Zeifmans ..read more

Succession planning is an essential part of a business’s lifespan – one that’s often overlooked. A study by the Family Business Institute found that only around 30% of family businesses survive to the second generation, and even less make it to the third (12%) and fourth (3%). This is often due to lack of planning […] The post How the Next Generation Can Ensure a Smooth Leadership Transition appeared first on Zeifmans ..read more

Creating multiple wills is a practice that has been associated with estate planning in Canada, particularly in provinces like Ontario for the last 20+ years.  The primary reason people create multiple wills is to minimize the amount of probate fees that their estate would be subject to upon their passing and an element of privacy […] The post Strategic Use of Multiple Wills in Canadian Estate Planning: Navigating Probate Fees appeared first on Zeifmans ..read more