Tax Uncertainty: Practical Insights for 2024 Filings

Join us in this comprehensive session as we navigate the challenges and complexities of 2024 tax filings in the face of legislative uncertainty. With expert insights from John Oakey, Vice President of Taxation at CPA Canada, and Ryan Minor, Director of Taxation at CPA Canada, this discussion will delve into the implications of prorogation and the administration of proposed yet unenacted tax legislation.

Facilitated by Jay Goodis and Kim Moody, the session will explore the practical impacts of key proposals, CRA’s administrative positions, and strategic planning to address taxpayer concerns. This session will provide a detailed examination of proposed changes to the capital gains inclusion rate, lifetime capital gains exemptions, and alternative minimum tax (AMT), as well as insights into bare trusts, charitable donations, and the Canada Carbon Rebate for Small Businesses. Our experts will share practical recommendations for navigating these uncertainties and explore how similar challenges have been addressed in past tax years.

Topics covered:

• Prorogation of government - Its impact on proposed tax legislation
• Capital gains - CRA’s approach and taxpayer filing considerations
• Lifetime capital gains exemption - Proposed increase and CRA’s position
• Bare trusts - CRA’s position on compliance
• Charitable donations - Legislative proposals and CRA’s approach
• Carbon Tax Rebate for Small Businesses - Guidance on taxability
• Alternative Minimum Tax (AMT) - Managing the various provisions
• Non-residents selling Canadian property - Withholding requirements
• How CRA processes returns under pending legislation - Insights from the Educator Supply Tax Credit
• Advocacy and policy - CPA Canada’s role and best practices

Recorded on February 4, 2025