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British Columbia’s 2024 Budget Highlights

Discover how B.C.’s 2024 Budget introduces a home flipping tax, raises property transfer tax exemptions, and enhances the climate action tax credit. A pivotal shift for homeowners, buyers, and the environment.

2024 Federal Budget Highlights

On April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:

• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year’s budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business

Hope for the Downtown Eastside

One of our Core Values at Legacy Family Office is “Generosity of Spirit”. To us, that means everything from spending hours giving back to our community to directing charitable dollars to where they’re needed. When we ran across this article from Matthew Smedley – Chief Empowerment Officer at “Mission Possible” – we were struck by the gravity of the stories he shared, taking a first-hand look at the importance of those values of being connected and involved in the community you live and work in.

2023 Q3 Summer Well-Advised Newsletter

Is downsizing right for you? What’s next for the family cabin?

2023 Bucket List Travel Event

1. Travel with an open heart and mind
2. It’s the people you meet who create the paradise you find
3. Start today

We had the pleasure of hosting television personality and international bestselling author Robin Esrock at our Bucket List Travel Event last week at the Fairmont Hotel Vancouver.

2024 Federal Budget Highlights

2024 Federal Budget Highlights

On April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:

• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year’s budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business

Hope for the Downtown Eastside

Hope for the Downtown Eastside

One of our Core Values at Legacy Family Office is “Generosity of Spirit”. To us, that means everything from spending hours giving back to our community to directing charitable dollars to where they’re needed. When we ran across this article from Matthew Smedley – Chief Empowerment Officer at “Mission Possible” – we were struck by the gravity of the stories he shared, taking a first-hand look at the importance of those values of being connected and involved in the community you live and work in.

2023 Bucket List Travel Event

2023 Bucket List Travel Event

1. Travel with an open heart and mind
2. It’s the people you meet who create the paradise you find
3. Start today

We had the pleasure of hosting television personality and international bestselling author Robin Esrock at our Bucket List Travel Event last week at the Fairmont Hotel Vancouver.