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The Year-end tax planner is designed primarily for individuals who have accumulated some wealth or own their own businesses (large or small). It includes nine year‑end tax planning checklists and several tables of useful information.
Alternative minimum tax (AMT) – changes proposed to the AMT regime (rate and exemption amount increased and base broadened), for taxation years beginning after 2023
Intergenerational business transfers (IBTs) – additional conditions proposed to ensure that only genuine IBTs are afforded preferential tax treatment, for transactions that occur after 2023
Employee ownership trusts (EOTs) – new rules define and facilitate the use of an EOT to transfer ownership to employees, starting 2024
Mandatory disclosure rules – for transactions entered into after June 21, 2023, enhanced rules for reportable transactions and new rules to report “notifiable transactions,” and, for taxation years beginning after 2022, new rules to report “uncertain tax treatments”
“Green” investment tax credits (ITCs) – new refundable ITCs available for clean technology adoption, clean hydrogen production and clean technology manufacturing
Electronic filing (e-filing) – mandatory e-filing for information returns filed after 2023, if more than five returns are submitted annually
Tax-free savings account (TFSA) – annual TFSA contribution limit increased from $6,000 to $6,500 in 2023
Tax-free first home savings account – new registered account available as of April 1, 2023
Trusts – new reporting and filing requirements apply to taxation years that end after December 30, 2023
Underused housing tax (UHT) – 2022 calendar year UHT return and payment deadlines extended to April 30, 2024
Residential property flipping rule – profits arising from certain dispositions of residential properties owned for less than 12 months (including certain dispositions of a right to acquire a residential property within a one-year period) are deemed to be business income, starting in 2023
Excessive interest and financing expenses limitation (EIFEL) – deductibility of interest and financing expenses limited for certain taxpayers, for taxation years beginning after September 30, 2023
Small business corporate rates
Personal income tax rates
Beneficial ownership registers
Working with your PwC adviser is essential when considering the following year-end tax planning tactics. In addition to tax considerations, your financial plan should reflect investment philosophies, sound business practices and motivational goals. Owner-managers should ensure that sufficient funds are retained to meet business objectives; given the uncertainty in the economic environment, cash flow management is especially important.