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Canada: Year-end tax considerations for company owners, managers

Important tax issues company owners and managers may want to consider in assessing their 2024 tax situation

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November 12, 2024

For the owner or manager of a company, the end of the year marks a good time to take stock of the tax situation. A thorough review can help confirm that owner-managers are receiving distributions from their companies in a tax-efficient manner, and that companies are meeting their small business 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 CA$250,000.

Read a November 2024 report prepared by the KPMG member firm in Canada that outlines important tax issues company owners and managers may want to consider in assessing their 2024 tax situation. 

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