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Investors need to know how to access 'non-profit housing' opportunities The German federal government has made a significant move by reviving the instrument of non-profit housing, a scheme that was buried 24 years ago. This decision, part of the Annual Tax Act passed by the Federal Cabinet ... (Read more below) #Wohngemeinnützigkeit #non-profit housing #tax relief #Steuererleichterung Axel Gedaschko GdW Bundesverband Wohnungswirtschaft Deutscher Mieterbund #Wohnimmobilien

Leverage your real estate clean-outs for tax benefits. Donating to Habitat for Humanity not only aids your community but also provides significant tax deductions. #CorporateResponsibility #TaxStrategy #RealEstateInvestment

Welcome to Day 5 of the 12 Days of Access! The ADA has an obligation for Title III places of public accommodation (businesses, non-profits, etc.) to engage in “readily achievable barrier removal”. In short, barrier removal is an additional expectation to remove physical barriers on a continual basis when it is readily achievable, not just when it is required during remodels or renovations under the 2010 ADA Standards. Check out the ADA National Network fact sheet on Small Business and ADA Readily Achievable Barrier Requirements: https://bit.ly/4gTbe48 Also, check out their ADA Quick Tips to find out what tax incentives your business might be eligible for: https://bit.ly/4gU3yP1 #12DaysOfAccess #GreatLakesADACenter #TaxCredits #Accessibility #ADA #BuildingRequirements #SmallBusiness

As we head into the end of the year, here are some quick tax updates to keep in mind: Donations - Due to the Canada Post strike, the CRA announced today that any charitable donations made up until February 28, 2025 can count towards the 2024 tax year. A list of registered charities can be found here: https://lnkd.in/ei-hxXd Capital Gains Rate Change - You may have heard in the news that the capital gains inclusion rate has changed from 1/2 to 2/3 for individual capital gains exceeding $250,000 and all corporate and trust capital gains. As of now, the CRA has not updated its T1/T2 forms and schedules and the official legislation surrounding the change has not been passed. With a potential election and vote of non-confidence just over the horizon, it is uncertain whether this capital gains rate will end up happening. We will have to continue to wait to find out. RRSP/TFSA Deadlines - In order to count towards the 2024 tax year, RRSP contributions must be made before March 3, 2025. The maximum amount you can contribute to your RRSP can be found on your notice of assessment or through CRA My Account. The TFSA contribution room for 2025 will be $7,000 and this room will be available January 1, 2025. Automobile Allowances (2025) - For those of you who are operating a business, the tax-free allowance available for the use of an automobile for business purposes has increased to $0.72 for the first 5,000 km and $0.66 for each additional km as of January 1, 2025. Personal and Corporate Tax Deadlines - The deadlines for this upcoming year are as follows: T1 Personal Income Tax Returns are due April 30, 2025. This is extended to June 16, 2025 if you or your spouse is self-employed. Please note that regardless of the deadline, all balances of tax owing are due on April 30, 2025. T2 Corporate Income Tax Returns are due 6 months after year-end. Balances of tax owing are due 2-3 months after year-end (depending on the company). GST/HST Break - Lastly, there is currently a GST/HST break on select items until February 15, 2025. The full list of items that qualify is available here: https://lnkd.in/ezHjksjy As always, if you find yourself in the market for professional tax advice or assistance with your tax returns, don't hesitate to reach out - richard@definitivewealthcpa.com #taxupdates #canadiantax #definitivewealth

📢 **Attention Non-Profit Housing Advocates!** Did you know that cities across Canada, like Toronto and Calgary, offer significant property tax breaks for non-profit housing? Unfortunately, Montreal is not on that list. 😔 For non-profits in Montreal, property taxes can make up 15-35% of operating costs, putting a strain on budgets meant to support affordable housing. Unlike other provinces, Quebec’s Municipal Taxation Act doesn’t allow for the same tax relief that can ease these financial burdens. Let’s push for policy changes and support affordable housing in Montreal! 🏠 #AffordableHousing #NonProfit #Montreal #PropertyTax #HousingAdvocacy #MortgageBroker #wisewallethub #dharbhogal #mouniatlili

We need your help! Whilst we welcomed last week’s budget and the focus on rebuilding public services, the impact of the National Insurance Contribution and minimum wage increases will have significant impacts on the financial sustainability of the VCSE sector. We’ve done a rough calculation based on national figures* and we estimate a financial impact of somewhere in the region of £9m on the Cornwall VCSE sector. Nationally the impact is estimated at £1.4bn. There is currently no provision made within existing public sector contracts or philanthropic grant funding for this unexpected increase, and we know this is likely to result in a cut to service provision or worse the closure of some organisations. We need your help to lobby government and local partners. Please help us to help you by: - Completing our survey so we understand the impact this will have on VCSE organisations in Cornwall and Isles of Scilly. - Agreeing to put your organisation’s name to a letter to our local MPs - Signing this open national letter to the Chancellor from NCVO and ACEVO https://ow.ly/cKHj50U3gW7 #autumnbudget #VCSE #charities #support *this doesn’t account for variance between wages within Cornwall’s voluntary sector and the national breakdown of wages within the sector.

With a valid tax certificate from a qualifying PBO, taxpayers - companies and individuals - can get a tax deduction for donations made. New requirements for both valid tax certificates and PBOs have been implemented by SARS, the most recent being effective from 31 May 2024, affecting both PBOs and their donors. Before donating to a PBO and relying on the tax break, be sure to first verify with us the eligibility of the PBO and tax certificate with the new requirements. For PBOs, our professional assistance in meeting the new requirements is recommended. #taxspecialists #PBO #taxdeduction

Montreal non-profit organizations deserve better. What is the point of giving Montreal non-profit organizations an exemption from Montreal property taxes and then send them a bill for "compensation" charges that exceeds the property tax mill rate. What a cynical disrespect of the work these organizations do for so many vulnerable residents of Montreal. Someone explain to me why the cities of Laval and Longueuil, who do not charge their non-profits anything, are capable of more empathy than the city of Montreal. The response of Mayor Plante is a dose of her typical Plante brand double talk. She expresses her heartfelt tribute to our non-profit organizations and the work they do for Montreal, and then, get ready- she says she is willing to talk with non profit organizations if they ask for an exemption. Mayor Plante's lack of leadership is stellar. She will deliver nothing. Except maybe forms to fill out, wasting the time of non-profit statff, that will only sit on a bureaucrat's desk for months and that will probably generate a partial refund-maybe. The solution is simple if Mayor Plante is serious about helping and wants to put Montreal on a level moral playing field with Laval and Longueuil- abolish the compensation charge. Message to our yet again ineffective opposition municipal politicians- with the exception of independent councillor Serge Sasseville , all of you have been pathetic. You presumably have known about this and have done nothing. It has taken the investigative journalism of the Gazette to let Montrealers know this and that is bad enough. How about you assume your duties as an opposition and start advocating for the vulnerable and start opposing Mayor Plante. All Montrealers deserve better.

#TaxTipTuesday Approximately 30% of total yearly donations in Canada are made in December [CanadaHelps, 2019], so it's safe to say that Canadians are gearing up for a season of giving. 💖 While giving back to the community is ultimately not about what you get in return, when it comes to your taxes, giving back can give you a break. Canada's federal and provincial governments provide a non-refundable tax credit as a way to incentivize Canadians to support the charitable causes they find dear to their hearts. How does it work? The Federal Government tax credit is determined as follows: ➡️ 15% of the first $200 of eligible donations; plus ➡️ 29% or 33% of eligible donations over $200; ➡️ Up to a maximum of 75% of the individuals net income. The credit is 33% for donations above $200, to the extent you have taxable income that is subject to the Federal personal income tax rate of 33% (taxable income above $235,675 for 2023). In addition to the above tax credit, there will also be a provincial tax credit that will apply (the rates differing by province). Donations need to be made by December 31, 2023, to be eligible to claim these receipts for the 2023 tax year. Make your donations go further by: 🌟 Combining your donations with your partner’s donations. While only one of you will be able to claim the credit, if the donations claimed exceed the $200 threshold, a higher credit rate will apply.   🌟 Claiming any unclaimed donations you or your spouse made in the previous five years. Considering a legacy gift or other significant contribution? It's always good to speak to your accountant to ensure that it's being made in a tax efficient manner. There are alternative methods, besides donations of cash, that may be available and still eligible for the tax credit. As well, depending on the size of the gift, it could trigger unwanted tax consequences. If you have any questions related to the impacts of these donation tax credits or need help claiming them on your next tax return, reach out to one of our trusted experts by phone at 613-695-9087 or online 📨 at https://lnkd.in/g85pkjjX Connor Jones, CPA | Adam Armstrong, CPA, CA | Jeff Rowsell, CPA, CA #armstrongjonesllp | #armstrongjones | #tax | #cpa

Today's platform policy: tax relief for non-profits providing affordable housing. HRM has a grant program that reduces the amount of property taxes that eligible non-profits pay. This applies to non-profits that provide affordable housing. Eligible non-profit housing providers receive a 50% reduction in their bills. This program is valuable since it helps non-profit providers cover operating costs, but also in the creation of new affordable housing since they get to factor in a reduced tax burden into their financial calculations when trying to secure funding for new projects. What I have heard from more than one non-profit provider is that tax relief may not provide the splash of a ribbon cutting for a new project, but it is every bit as valuable, if not more so, because it's stable, predictable, and available every year. Given the housing crisis that we face and the vital role that non-profits are playing given the reluctance of government to build housing directly, HRM should enhance its tax relief program. If re-elected, I will push to increase the amount of relief that non-profit affordable housing providers receive above its current threshold of 50%. Dartmouth, we do great things together