We Sell No Products Whatsoever

At Objective Financial, our sole purpose is providing unbiased financial, tax and estate planning advice

2024 Tax Planning Accountants for Clients in Toronto, Vancouver, and Calgary

Finding a solid tax planning accounting firm in 2024 is not as easy as you might think. Whether you are looking for an accountant in Toronto, Vancouver, Calgary, or the rest of Canada, it can be difficult to find a team that can offer tax planning alongside business tax preparation and high net worth tax preparation as well as overall financial planning.

Unlike most accounting firms in Canada, Objective Financial Partners not only has CPA tax accountants on our staff, but we also have CFP financial planning professionals as well. This means that we can go well beyond making sure the right numbers are in the right boxes on your tax return, and can take a holistic approach to integrating your investments, business, rental property, pension(s), estate planning, and long-term tax planning.

While we have tax accountants in Toronto at our main office, we also offer tax planning services to the rest of Canada through a mix of virtual (Zoom) meetings, phone calls, and in-person meetings. We can prepare personal, corporate, and trust tax returns for clients across the country.  We can prepare and electronically file your family’s tax returns with the Canada Revenue Agency or Revenu Québec.

Why Us: Objective Financial Partners

Objective Financial Partners is a Toronto financial planning firm that works online with clients across Canada. We take pride in the fact we do not sell any products and provide fee-only, advice-only financial planning advice. Our managing director, Jason Heath, CFP, has been a leader in the industry since 2002, and is one of Canada’s best-known financial planners. He is also a columnist for the Financial Post, MoneySense, and Canadian MoneySaver.

Our accounting department is headed by Scott Page, BMath, MAcc, an experienced tax accountant with over 15 years of experience. Scott started his career in one of the big four accounting firms in Toronto. We also have other CPA tax accountants on our staff with a wide variety of experience gained at various Canadian accounting firms. 

We provide most of our services online through Zoom video calls. That means that if you are looking for an accountant near you and are not based in the Toronto area, we can work with you through either an online video platform, via email, or by phone. We also use a secure cloud server to allow an exchange of tax documents to and from us easily and seamlessly. Signatures are done using digital signing software.

We do tax planning and preparation for individuals and businesses alike. Whether you need a simple tax filing, or a sophisticated plan, we can take care of it for you.

Our clients’ needs range from Canadians earning an average income, to high net worth individuals, and from “mom and pop” businesses (including sole proprietorships) to small- and medium-sized corporations.

Proactive tax planning is the best way to reduce and minimize your taxes not only this year but also in the future. 

There are many accounting firms in Toronto, Vancouver, and Calgary, but few offer the type of multi-disciplinary services that we do – financial and tax planning combined with tax preparation. 

Whether you need tax accounting services for your investments, real estate, pension, or retirement, we can help. Simply click here to get started with your no obligation free initial virtual meeting or phone call.

2024 Tax Rates and Tax Preparation in Toronto

Tax rates in Ontario are relatively high compared to other parts of Canada, so it is important to find ways to minimize your tax payable. Tax reduction is one of the best ways to boost your savings, increase your retirement income, and maximize your estate value.

One new tax credit that may go overlooked for Ontario residents is the Ontario Seniors Care at Home tax credit. This non-refundable tax credit is for seniors aged 70 or older who live at home, with somebody else, or in a care home. The credit is 25% of up to $6,000 of eligible care expenses resulting in a maximum tax reduction of $1,500 per year. This credit is in addition to the standard medical expense tax credit for these care expenses. The credit is means-tested, so higher income seniors may lose the ability to claim it.

Here are the combined federal/provincial tax brackets for Ontario residents for 2024 that apply to different sources of investment income. Note the significant advantage to earning capital gains or dividend income. Interestingly, eligible Canadian dividends paid by publicly traded stocks or certain private corporations can result in “negative” tax – effectively, tax savings – at low levels of income.

 

2024 Combined Federal/Ontario Tax Brackets and Ontario Tax Rates (Including Surtaxes)

Taxable Income Other Income Capital Gains Canadian Dividends Eligible Non-Eligible
Up to $51,446 20.05% 10.03% -6.86% 9.24%
$51,446 to $55,867 24.15% 12.08% -1.20% 13.95%
$55,867 to $90,599 29.65% 14.83% 6.39% 20.28%
$90,599 to $102,894 31.48% 15.74% 8.92% 22.38%
$102,894 to $106,732 33.89% 16.95% 12.24% 25.16%
$106,732 to $111,733 37.91% 18.95% 17.79% 29.78%
$111,733 to $150,000 43.41% 21.70% 25.38% 36.10%
$150,000 to $173,205 44.97% 22.48% 27.53% 37.90%
$173,205 to $220,000 48.29% 24.14% 32.11% 41.72%
$220,000 to $246,752 49.85% 24.92% 34.26% 43.51%
Over $246,752 53.53% 26.76% 39.34% 47.74%

2024 Combined Federal/Ontario Corporate Tax Rates (Canadian Controlled Private Corporations)

Small business income up to $500,000                        12.20%
Active business income                        26.50%
Capital gains                        25.09%
Canadian dividends (subject to part IV tax)                        38.33%
Other investment income                        50.17%

2024 Tax Rates and Tax Preparation in Vancouver

British Columbia is relatively highly taxed compared to other parts of Canada, so it is important to take advantage of various tax credits and tax deductions in order to minimize your tax payable. Tax planning is one of the most efficient ways to boost your savings, increase your retirement income, and maximize your estate value.

BC provincial tax brackets and personal tax credit amounts had a big 5% boost for 2024 so that means less tax on the same level of income this coming year. 

The province also increased the BC Family Benefit, which pays a tax-free monthly amount for families with children under the age of 18. In order to qualify, you need to have applied for the Canada Child Benefit.  The new maximum annual benefits are:

  • $1,750 for your first child
  • $1,100 for your second child
  • $900 for each additional child

The benefit is means tested, so payments are reduced for families with higher income.

 

2024 Combined Federal/BC Tax Brackets and Rates

Taxable Income Other Income Capital Gains Canadian Dividends Eligible Non-Eligible
Up to $47,937 20.06% 10.03% -9.60% 10.43%
$47,937 to $55,867 22.70% 11.35% -5.96% 13.47%
$55,867 to $95,875 28.20% 14.10% 1.63% 19.80%
$95,875 to $110,076 31.00% 15.50% 5.49% 23.02%
$110,076 to $111,733 32.79% 16.40% 7.96% 25.07%
$111,733 to $133,664 38.29% 19.15% 15.55% 31.40%
$133,664 to $173,205 40.70% 20.35% 18.88% 34.17%
$173,205 to $181,232 44.02% 22.01% 23.46% 37.99%
$181,232 to $246,752 46.12% 23.06% 26.36% 40.41%
$246,752 to $252,752 49.80% 24.90% 31.44% 44.64%
Over $252,752 53.50% 26.75% 36.54% 48.89%

2024 Combined Federal/BC Corporate Tax Rates (Canadian Controlled Private Corporations)

Small business income up to $500,000                        11.00%
Active business income                        27.00%
Capital gains                        25.34%
Canadian dividends (subject to part IV tax)                        38.33%
Other investment income                        50.167%

2024 Tax Rates and Tax Preparation in Calgary and Edmonton

While income tax rates in Calgary and Edmonton are relatively advantageous, proactive tax planning can still yield substantial compounded savings over the long term. This is especially true if you are a high net worth individual, a business owner, or a rental property owner. 

There are many accounting firms in Calgary and Edmonton, but it is exceedingly rare to find one that can combine the various elements of a full tax preparation + financial plan combination like Objective Financial Partners.

Although our primary office location is in Toronto, we have team members across the country and work with many clients who are located in Alberta.

According to the Alberta Treasury Board and Finance, Albertans and Alberta businesses continue to pay the lowest overall taxes when compared to other provinces. The province estimates the total additional provincial tax and carbon charges that individuals and businesses would pay if Alberta had the same tax system and carbon charges as other provinces to be between $19.7 and $31.7 billion higher per year. This includes personal and corporate income tax, sales tax, fuel tax, carbon charges (excluding the federal carbon pricing backstop), tobacco tax, health premiums, payroll tax, liquor tax and markups, land transfer tax, and other minor taxes.

 

2024 Combined Federal/Alberta Tax Brackets and Rates

Taxable Income Other Income Capital Gains Canadian Dividends Eligible Non-Eligible
Up to $55,867 25.00% 12.50% 2.57% 15.86%
$55,867 to $111,733 30.50% 15.25% 10.16% 22.18%
$111,733 to $148,269 36.00% 18.00% 17.75% 28.51%
$148,269 to $173,205 38.00% 19.00% 20.51% 30.81%
$173,205 to $177,922 41.32% 20.66% 25.09% 34.63%
$177,922 to $237,230 42.32% 21.16% 26.47% 35.78%
$237,230 to $246,752 43.32% 21.66% 27.85% 36.93%
$246,752 to $355,845 47.00% 23.50% 32.93% 41.16%
Over $355,845 48.00% 24.00% 34.31% 42.31%

2024 Combined Federal/Alberta Corporate Tax Rates (Canadian Controlled Private Corporations)

Small business income up to $500,000                        11.00%
Active business income                        23.00%
Capital gains                        23.34%
Canadian dividends (subject to part IV tax)                        38.33%
Other investment income                        46.67%

2024 Tax Rates and Tax Preparation in Winnipeg

Tax rates in Manitoba are relatively high compared to the rest of the country. Consequently, our clients find it quite beneficial to engage in long-term tax planning. Legal tax savings, through identifying beneficial tax credits and deductions, can make a major difference to your after-tax bottom line.

There are many accounting firms in Winnipeg, but few offer the type of multi-disciplinary services that we do – financial and tax planning combined with tax preparation. 

Although our primary office location is in Toronto, we have team members across the country and work with many clients who are located in Winnipeg. We deliver big city expertise with small town hospitality. In fact, the primary members of our tax team live in New Maryland, New Brunswick; North Bay, Ontario; Whitby, Ontario; and Cobourg, Ontario. 

The 2023 provincial budget introduced the largest ever increase in the Basic Personal Amount. Manitobans can now earn up to $15,000 before paying any federal or provincial income tax. 

Low-income taxpayers in Manitoba pay no tax on eligible dividends from publicly traded Canadian stocks or if applicable from Canadian controlled private corporations. 

 

2024 Combined Federal/Manitoba Tax Brackets and Rates

Taxable Income Other Income Capital Gains Canadian Dividends Eligible Non-Eligible
Up to $52,057 25.50% 12.75% -0.72% 15.56%
$52,057 to $55,867 27.50% 13.75% 2.04% 17.86%
$55,867 to $111,733 33.00% 16.50% 9.63% 24.19%
$111,733 to $148,734 38.50% 19.25% 17.22% 30.51%
$148,734 to $173,205 40.50% 20.25% 19.98% 32.81%
$173,205 to $246,752 43.82% 21.91% 24.56% 36.63%
Over $246,752 47.50% 23.75% 29.64% 40.86%

2024 Combined Federal/Manitoba Corporate Tax Rates (Canadian Controlled Private Corporations)

Small business income up to $500,000                        9.00%
Active business income                        27.00%
Capital gains                        25.34%
Canadian dividends (subject to part IV tax)                        38.33%
Other investment income                        50.67%

High Net Worth Tax Planning for Canadians

Tax planning for high net worth Canadians requires specialized knowledge. Unlike a typical employee with a salary and RRSP contributions, high net worth taxpayers may have other factors to consider like investment income, income splitting potential, stock options, private company dividends, foreign income, flow-through shares, or other uncommon income sources, tax deductions, and tax credits. More importantly, the long-term tax considerations and integrated financial and estate planning implications of their income and assets should be considered to reduce tax and maximize their future wealth. 

Accounting And Tax Services – FAQ

Do you have a CPA tax accountant in Toronto?

Yes, we have tax accountants in Toronto with CPA designations and significant experience in both personal and corporate tax preparation.

Can Objective prepare and file T1 personal tax returns, T2 corporate tax returns, and T3 trust and estate tax returns?

Yes, we have tax accountants that can handle T1, T2, and T3 tax returns and assist with related tax filing needs.

Do you have a CPA tax accountant in Vancouver?

We provide tax accounting for Vancouver residents remotely including virtual platforms like Zoom, as well as phone and email. At this time we do not have a designated CPA tax accountant who lives in Vancouver. We do have a team member, Hannah McVean, who provides CFP financial planning services in Vancouver and can meet in-person to coordinate tax and financial planning for British Columbia residents.

Does Objective provide Canadian tax advice online?

We have been working remotely with clients across Canada and around the world since 2012. So, providing services online is not new to us. We use Zoom as our virtual meeting platform. We share files with clients using a secure cloud server so our clients can upload and download documents with ease. All of our required signatures, including for the Canada Revenue Agency or Revenu Québec are done digitally. So, you do not need a printer or to mail anything to us. We can provide seamless services just as if we are working together in person.

Does Objective have both personal tax accountants and corporate tax accounts on staff?

Yes. We can prepare and file personal (T1) tax returns, corporate (T2) tax returns, and trust (T3) tax returns for clients across Canada. We provide bookkeeping services and tax planning as well. Integrated financial planning can also ensure your tax strategy goes beyond your annual tax filing and considers your retirement and estate planning.

Are there any new considerations for 2024 tax filing in Canada?

The 2023 fall economic statement introduced a restriction on tax deductions for short-term rental properties. This would deny tax deductions, including interest expenses, for short-term rental properties in municipalities or provinces that restrict short-term rentals. Tax deductions would also be disallowed for short-term rentals that do not comply with government registration, licensing, and permitting requirements in the municipality or province.

Starting with the 2023 tax year, bare trusts will need to file T3 trust tax returns or face a $2,500 penalty. Bare trusts may exist when a person who has legal title to an asset is not the beneficial owner. One example is when a parent co-signs for a child’s mortgage and is on title for the child’s home as a 1% owner. Another is when an aging parent adds their child jointly on title to their home in an attempt to avoid probate fees. Both situations may be considered bare trusts subject to the new annual T3 trust tax filing rules.

The maximum RRSP contribution limit for 2024 has increased from $30,780 to $31,560 for high-income earners. The annual TFSA limit for 2024 is up from $6,500 to $7,000.

For retirees, the OAS recovery tax threshold or clawback limit has risen to $90,997 from $86,912.

Incorporated business owners and farmers who own farm properties may benefit from the lifetime capital gains exemption. It is now up to $1,016,836 for 2024.

T. 416.691.8471
Toll Free. 1.855.691.8471

info@objectivecfp.com

The purpose of this meeting is to understand your specific needs to determine if and how we can help. We then provide a quote for our services to be detailed in a written engagement letter that acts as our contract to you. Please note we cannot provide advice to you during this introductory meeting.

We work with many self-directed DIY investors. That said, we cannot provide investment recommendations for the purchase or sale of specific securities, nor can other fee-only/advice-only financial planners in Canada who are not licensed to manage your investments.

Please note our minimum consultation fee is $1,500 plus applicable sales tax. If you provide some information below and request it from us, we can provide a rough estimate on pricing prior to an introductory meeting.

Objective Financial Partners Inc.

675 Cochrane Drive
East Tower, 6th Floor
Markham, Ontario
L3R 0B8

T. 416.691.8471
Toll Free. 1.855.691.8471

Providing fee-only financial planning to clients in Toronto or worldwide via Zoom or Skype

Copyright © 2018 |Objective Financial Partners Inc. | All rights reserved.

We don't sell investments, so we're not going to tell you which stocks to buy and sell. However, we can build you a comprehensive and truly objective financial plan.

Please send email inquiries to info@objectivecfp.com