As we prepare to wrap up 2023, it’s the perfect time to take a closer look at your finances and consider ways to improve your tax position. This year, Canada’s economy was affected by higher mortgage interest rates and ongoing economic uncertainty. Given these economic pressures, it is important to consider available opportunities and planning choices before the end of this year to ensure you are achieving your financial goals in a tax effective manner.
As part of your year-end planning, there are also upcoming changes to consider. You may want to think about whether the trust reporting requirements for taxation years ending after December 30, 2023 could affect you, as well as the alternative minimum tax (AMT) changes proposed to take effect for taxation years that begin after 2023.
Download this edition of the TaxNewsFlash to learn more.
