Canadians are wasting money and losing productivity to deal with recent tax changes

financialpost.com:

Canadian tax practitioners awoke from their summertime slumber on Aug. 12 to a mountain of new draft tax legislation to review, a voluminous package of material containing complex technical amendments to implement many new tax proposals.

The highlight provisions were amendments to clarify the new capital gains inclusion rate increase, clarifying whether “bare trusts” still need to be reported after the debacle that was the 2023 trust filing season (they do, but not for 2024 and now there are a bunch of new exclusions in an attempt to reduce the number of impacted trusts), various amendments to the new interest deductibility restriction rules and technical amendments to the Alternative Minimum Tax.

There were also details on the new Canadian Entrepreneurs Incentive (despite some “improvements” to the original April 2024 Budget Day announcement on this, the improvements are not enough to make this a game changer), amendments to the proposed Global Minimum Tax and a slew of other changes, including a surprise and welcome amendment that should be helpful in administering estates of deceased persons.

Along with the Department of Finance being busy, the Canada Revenue Agency was, too. It recently released some guidance on the amendments to the complex and broad mandatory disclosure rules — essential reading for tax practitioners.

I’ve chatted with a couple of dozen tax practitioners across Canada about the materials being released by the government. The conversations would put most people to sleep in a hurry, given the technical nature of the chatter. Nevertheless, these conversations are important in order to obtain an understanding of other practitioners’ views and interpretations of the proposed laws and related