A thorough review can help ensure that you are receiving distributions from your company in a tax-efficient manner, and that you are meeting your corporation’s tax obligations. Among other considerations for 2024, it is important to note the federal government has proposed to increase the inclusion rate for capital gains realized on or after June 25, 2024. In particular, the federal government has proposed to increase the inclusion rate for corporations and trusts to ⅔ (from ½) and for individuals to ⅔ (from ½) on the portion of capital gains realized in excess of $250,000.
The tax rules affecting private or family owned businesses are complex and can have far-reaching effects on you, your family and your private company. As a result, we recommend that you plan to meet with your KPMG Private Enterprise Tax Adviser as soon as possible—well before the end of the year—to review your tax situation.
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