September 21
4:00pm
Slocan Park & Renfrew Community Park
Join us for the Renfrew Ravine Moon Festival, a Vancouver favourite! The main festival day transitions through four events and travels between two venues. For the full Moon Festival experience, we encourage you to come for all: Harvest Fair, Twilight Lantern Procession, Streamside Lanterns, and a finale performance, Consciousness of Streams.
September 27
7:00pm
Newmont Stage at the BMO Theatre Centre, Arts Club Theatre Company
Jokers Canada returns to Olympic Village with Canada’s best pro comedians (fresh lineups + returning faves).
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September 29 Enjoy everything Kits has to offer, meet new people, get your body moving and breathe deeply |
September 28 & 29
11:00am
Vancouver Art Gallery
Thai Food & Culture This Summer! September, Sat 28-Sun 29 11am-7pm at Vancouver Art Gallery
September 28
11:00am
Vancouver Convention Centre East
September 21
7:00pm
The Gulf of Georgia Cannery
Steveston Beer Fest is one of the most anticipated events in town. Featuring the best of what BC Craft Breweries have to offer.
Good afternoon, Investors and Landlords,
On July 3, 2024, the Provincial Government announced significant changes that took effect on July 18, 2024, aimed at protecting residential tenants from ending tenancies in bad faith. Under the Residential Tenancy Act, landlords can end a tenancy for personal use or for caretaker use.
As you navigate the complexities of selling tenant-occupied properties, it’s crucial to be aware of the latest regulations, including Bill 14 Tenancy Statutes Amendment Act, 2024, and best practices to ensure compliance and protect all parties involved. Here are the key points you need to know.
Mandatory Use of Landlord Use Web Portal:
Extended Notice Period:
Occupancy Requirements:
Investors and landlords need to be aware of these new rules when dealing with tenant-occupied properties if the buyer wants vacant possession. Any notice to end a tenancy for the buyer’s personal use given to a tenant on or after July 18, 2024, cannot end the tenancy until after the expiration of the four-month notice period.
Example Scenario:
Handling Non-Compliance:
For transactions involving tenant-occupied properties currently underway, seeking legal advice is strongly recommended to navigate these new regulations effectively. Legal counsel can help ensure compliance and protect the interests of all parties involved by clarifying their rights and obligations under the new rules.
Canada’s updated tax regulations on capital gains could potentially increase tax liabilities for those owning cottages, possessing unregistered online brokerage accounts, or making investments within their corporations.
The recent budget announcement by the Liberal government was packed with changes, making it challenging to digest. Key amongst these, from a personal finance perspective, was the alteration to the capital gains tax, bumping the inclusion rate from 50% to 66.67% for certain individuals and corporations. This modification is immediate after June 25th, 2024 and substantial, warranting everyone’s attention.
The biggest unfair impact in my opinion is that it is applied on all your historically generated gains that are behind you and not from inception of new rules forward.
What does this new 66.67% inclusion rate mean? Essentially, the government isn’t just tweaking the tax rate on capital gains but adjusting the inclusion rate. Until now, the Canada Revenue Agency taxed only half of your capital gains. For instance, if you bought a stock at $50 and sold it at $100, only $25 of your $50 gain was taxable. This was under the rationale that corporations had already paid taxes during their growth phases. The new rate means a higher portion of capital gains will now be taxable.
This change targets wealthier households and, more pointedly, business owners. The new rules will particularly affect those who have invested inside a corporation, such as affluent professionals or contractors. For individual taxpayers, the first $250,000 in capital gains each year will remain taxed at the old rate, but any gains beyond this threshold will see the new rate applied.
The government has given taxpayers a 10-week window to decide whether to realize their capital gains at the old rate before the new one takes effect. This strategic move might prompt an early realization of gains, boosting tax revenues for 2024—a significant consideration given the looming 2025 election.
Looking specifically at CCPC business owners, the new regulations pose a distinct challenge. Historical government actions have already tightened the noose on tax strategies for small business owners. Now, with the refusal to adjust the $500,000 small business deduction for inflation and the new capital gains tax structure, it’s clear that the government’s focus is on pushing business owners to disperse profits akin to regular salaried employees.
For smaller businesses making under $250,000 in profit, the strategy might still involve paying out salaries or employing legal income-splitting tactics. This approach maximizes RRSP contributions and sets up a favorable baseline for CPP benefits, which remains advantageous under the new tax regime.
However, for larger estates or substantial investment portfolios, the implications are stark. Consider a hypothetical scenario where a well-off elderly couple has accrued significant assets. Upon their passing, the estate could face a dramatically higher tax bill under the new rules, compared to the current system.
In light of these changes, the response from the business community and wealthier individuals will be pivotal. Will this lead to increased asset movement overseas, or a strategic holding of assets in anticipation of a possible tax rollback by a future government?
Despite the tougher stance on capital gains, the budget wasn’t all gloom for business owners. Measures like carbon tax rebates and a new Canadian Entrepreneurs’ Incentive could offset some of the financial impacts, albeit selectively.
As the landscape shifts, staying informed and proactive in tax planning will be crucial for Canadians, especially those with substantial assets or business interests.