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Montréal, November 6, 2023 – With the new year approaching, Raymond Chabot Grant Thornton would like to remind you that there is still time to benefit from a reduced tax bill.
Whether for businesses and their leaders, high-income individuals, employees or investors, the 2023 Year-End Tax Planning Guide aims to inform taxpayers of certain measures or strategies that can be put in place to pay less tax, i.e., by taking advantage of accelerated depreciation and the enhanced rates of the Investment and Innovation Tax Credit (C3i), which will end on December 31, 2023.
A tax guide that pays off!
“As far as corporate officers are concerned, our Guide reiterates, among other things, the importance of making the most of the capital gains deduction for business succession, the new loan repayment flexibility of the Canadian Emergency Business Account (CEBA) and the refundable credit if you hire experienced workers aged 60 and over,” said Tax Partner and Regional Vice-President Sylvain Gilbert.
Among other tax measures to consider, as the Guide reminds us, there are those aimed at employees, such as the reduced taxable benefit related to an automobile made available to an employee and the right to a tax deduction for the cost of new tools purchased by tradespeople hired as employees.
For high-income individuals and trusts, the alternative minimum tax (AMT) rate, which will be increased in 2024 from 15% to 20.5%, and the basic exemption, which will rise from $40,000 to around $173,000, will affect many. In this respect, certain transactions scheduled for the beginning of 2024 may have to be brought forward or spread over 2023 and 2024 in order to limit the impact of these changes.
“One thing is certain, even at this time of year, there’s still plenty of room for maneuver to maximize the tax benefits. If you had to make a resolution right now, we’d advise you to do some year-end homework so that you can reap the tax rewards. It’s definitely a worthwhile investment!” said Sylvain Gilbert.
About Raymond Chabot Grant Thornton
Raymond Chabot Grant Thornton is a professional services firm dedicated to the success of organizations and their leaders since 1948. The Firm’s advisors are committed to helping clients thrive by obtaining a deep understanding of what is important to them, their business and their industry. This knowledge, combined with a team of motivated and talented professionals help accelerate growth. A Quebec and Canadian leader in the areas of assurance, tax, advisory services and business recovery and reorganization, Raymond Chabot Grant Thornton boasts more than 2.800 professionals, including approximately 200 partners, working in over 100 offices across the province of Quebec and in the Ottawa and Edmundston regions.
Together with Grant Thornton LLP, another Canadian firm, and the Grant Thornton world organization, our global footprint spans across more than 145 markets with over 68.000 people who provide real insight, a fresh perspective and agility to keep clients moving ahead.
Source:
Francis Letendre
Head – Communications and Public Relations
Raymond Chabot Grant Thornton
Telephone: 514-390-4201
Email: [email protected]