This year, inflation in Canada rose significantly due to the high cost of energy and food. In response, the Bank of Canada announced a series of interest rate hikes throughout 2022. 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 new trust reporting requirements proposed to apply to taxation years ending after December 30, 2023 could affect you, and whether it may make sense to either wind up or restructure any affected trust arrangements before December 31, 2022.
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KPMG in Canada provides the latest Canadian tax news and international tax news for you and your business
KPMG in Canada provides the latest Canadian and international tax news for your business