Guide

Tax planning 2024: Year-end considerations for businesses and individuals

A review of tax topics and developments that may create risk or opportunity

October 17, 2024
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Federal tax Business tax

RSM Canada’s 2024 year-end tax guide summarizes the key federal, provincial and territorial tax updates that may create risk or opportunity for middle market taxpayers going into 2025.

Building on previous years’ budgets, 2024 held some significant tax changes, including:

  • Increase to the capital gains inclusion rate
  • Introduction of the Digital Services Tax Act and Global Minimum Tax Act
  • Enactment of the excessive interest and financing expense rules
  • Updates to the general anti-avoidance rule

Access our tax guide for a comprehensive discussion of these crucial tax developments in 2024 and ensure you're well prepared for year-end obligations and 2025 tax planning opportunities.

Federal and provincial tax rates

Federal and provincial tax rates, limits and phase-outs directly affect your business and personal tax planning strategies. Keep our federal and provincial/territorial rate cards handy to ensure you are using the most up-to-date information when making financial decisions.

Canadian tax integration of private company income

Tax integration is achieved when a particular stream of income is subject to the same or similar total tax rate once it reaches the individual taxpayer level. These tables provide an illustration of how the Canadian income tax integration system works.

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Real estate

Housing affordability in Canada is a key focus of recent tax initiatives with targeted tax (dis)incentives relating to vacant homes, property flipping and the construction of certain rental housing.

Business and professional services

Numerous new tax initiatives better allow the exit of business owners, including the new Canadian entrepreneurs’ incentive, the intergenerational business transfer exception to the surplus stripping rules using an employee ownership trust.

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Technology

Owners of crypto-assets will need to be aware of new disclosure requirements under Canada’s new Crypto-Asset Reporting Framework and large corporate groups offering digital services to Canadians may be subject to the new Digital Services Tax.

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Industrials

Significant green technology initiatives have been introduced to encourage investment in green energy, including the clean technology, clean hydrogen and clean electricity investment tax credits.

2024 Budget commentary

Gain valuable insights into current economic trends and policy implications directly affecting Canadians and businesses with our analysis of the 2024 provincial and federal budgets.

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Provincial budget review

Discover important tax and economic considerations proposed in the budgets of four key provinces: British Columbia, Alberta, Ontario, and Quebec.

The Canadian Parliament buildings

Federal budget review

Explore key tax and economic takeaways, measures, and proposed changes facing Canadians and businesses.

Full-service capabilities for Canadian businesses and corporate tax

We understand the consequences facing our middle market business clients and feel we’re the ideal fit for your needs.

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