News & Events

December 7, 2016
Lifetime capital gains exemption will increase as of January 1, 2017

Effective January 1, 2017, the lifetime capital gains exemption will increase to $835,716. As a result, every Canadian resident individual who disposes of qualifying small business corporation shares in 2017 can shelter up to $835,716 in capital gains on those shares from tax. A full list of all indexation increases c... Read More

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September 21, 2016
PEI HST rate to increase on October 1

On October 1, 2016, the Harmonized Sales Tax (HST) in Prince Edward Island will increase by one percent to 15 percent. The increase was announced in the annual budget speech in May. Provincial Finance Minister Allen Roach said an increase in revenue is necessary for the province to maintain its core services and that an ... Read More

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August 12, 2016
Capital Gains Exemption on the Sale of Qualifying Small Business Corporation’s Shares

The lifetime capital gains exemption is indexed to inflation.  Effective January 1, 2016, the exemption limit is $824,176 for sales of qualifying small business corporation shares. As a result, every Canadian resident individual who disposes of qualifying small business corporation shares in 2016 can shelter up to $824,... Read More

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July 27, 2016
What are the tax considerations when transferring property to a spouse?

In many circumstances, a person may wish to transfer some of their assets to their spouse during their lifetime.  Such transfers are typical amongst spouses, but before the asset is transferred, the parties should first consider the tax implications of making such a transfer. For income tax purposes, it is generally ass... Read More

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July 18, 2016
Tax implications of transferring property to related parties (but not a spouse)

In many circumstances, a parent may wish to transfer some of their assets to their children, or a sibling may wish to transfer assets to another sibling for little or no consideration.  Such gifts are typical amongst family members, but before the asset is transferred, the parties should first consider the tax implications... Read More

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