Latest news with #IncomeTaxAct
Hamilton Spectator
3 hours ago
- Business
- Hamilton Spectator
NioBay Closes $2.2 Million Charity Flow-Through Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES MONTRÉAL, July 29, 2025 (GLOBE NEWSWIRE) — NioBay Metals Inc. ('NioBay' or the 'Company') (TSX-V: NBY) (OTCQB: NBYCF) is pleased to announce that it has closed a non-brokered private placement financing for total gross proceeds of $2,238,231.52 (the 'Offering'). Under the Offering, NioBay issued 23,808,846 units of the Company on a charity flow-through basis (the 'Charity FT Units') at a price of $0.094 per Charity FT Unit. Each Charity FT Unit consists of one common share of the Company (a 'Common Share') that qualifies as a 'flow-through share' pursuant to subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec) and one common share purchase warrant of the Company (a 'Warrant'). Each Warrant entitles the holder thereof to purchase one Common Share on a non flow-through basis at an exercise price of $0.10 for a period of 24 months. Upon closing, the Company paid (i) a cash finder's fee of $14,000 to Wealth Creation Preservation and Donation Inc, (ii) a cash finder's fee of $57,654 and issued 621,600 finder's warrants (the 'Compensation Warrants') to EMD Financial Inc, and (iii) a cash finder's fee of $3,500 and issued 53,846 Compensation Warrants to Alpha Bronze, LLC. Each Compensation Warrant is exercisable to purchase one Common Share at an exercise price of $0.10 per share for a period of 24 months. The Company intends to use the proceeds of the Offering to fund exploration work on its properties located in Québec. Niobay's President and Chief Executive Officer, Jean-Sébastien David, commented: 'We are very pleased with the support received for this financing and having received support from people or companies that focus on the long term, such as SIDEX. These funds will enable us to continue advancing our critical and strategic metals project, Crevier. We will prepare ore for a second pilot test in order to provide additional samples and update our resources. We are hopeful that we will be positive results based on the field work carried out in recent years.' The Offering was completed pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. The securities issued under the Offering are subject to a four-month-and-one-day statutory hold period expiring on November 30, 2025. About NioBay Metals Inc. NioBay aims to become a leader in the development of mine(s) with low carbon consumption and responsible water and wildlife management practices while prioritizing the environment, social responsibility, good governance, and the inclusion of all stakeholders. Our top priority, which is critical to our success, is the consent and full participation of the Indigenous communities in whose territories and/or on ancestral lands we operate. In addition to others properties, NioBay holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Québec and on the Nitassinan territory of the Pekuakaminulnuatsh First Nation. The Company has also the option to acquire a 80% interest in the Foothills project, a titanium-phosphate project located near the former St-Urbain mine site in Québec. About Niobium Niobium is a naturally occurring element. It is a metal that is ductile, malleable and highly resistant to corrosion. Because it enhances properties and functionalities, niobium is used in a wide range of materials and applications in the Mobility, Structural and Energy sectors. Niobium transforms materials. When added to materials like steel, glass and aluminum castings, niobium makes them more efficient and lowers environmental impacts, while also increased value. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. FOR MORE INFORMATION, CONTACT:
Toronto Star
3 hours ago
- Business
- Toronto Star
NioBay Closes $2.2 Million Charity Flow-Through Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES MONTRÉAL, July 29, 2025 (GLOBE NEWSWIRE) — NioBay Metals Inc. ('NioBay' or the 'Company') (TSX-V: NBY) (OTCQB: NBYCF) is pleased to announce that it has closed a non-brokered private placement financing for total gross proceeds of $2,238,231.52 (the 'Offering'). Under the Offering, NioBay issued 23,808,846 units of the Company on a charity flow-through basis (the 'Charity FT Units') at a price of $0.094 per Charity FT Unit. Each Charity FT Unit consists of one common share of the Company (a 'Common Share') that qualifies as a 'flow-through share' pursuant to subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec) and one common share purchase warrant of the Company (a 'Warrant'). Each Warrant entitles the holder thereof to purchase one Common Share on a non flow-through basis at an exercise price of $0.10 for a period of 24 months.
Hamilton Spectator
4 hours ago
- Business
- Hamilton Spectator
Capital Power announces a 6% dividend increase for its common shares and declares dividends for its Preference shares
EDMONTON, Alberta, July 29, 2025 (GLOBE NEWSWIRE) — The Board of Directors for Capital Power Corporation ('Capital Power') (TSX: CPX) declared a dividend of $0.6910 per share on the outstanding common shares for the quarter ending September 30, 2025. The dividend is payable on October 31, 2025 to shareholders of record at the close of business on September 29, 2025. The quarterly dividend of $0.6910 per common share compared to the previous $0.6519 dividend represents a 6% increase, and an annualized dividend of $2.764 per common share. The Board of Directors also declared the following dividends on its Cumulative Rate Reset Preference Shares: The dividends for the common shares and preference shares are 100% eligible dividends as defined by the Income Tax Act. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable on these dividends. Territorial Acknowledgement In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power's head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 Territory and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities located in these areas and whose presence continues to enrich the community. About Capital Power Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 12 GW of power generation at 32 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building lower-carbon power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power™. For more information, please contact:
India Today
12 hours ago
- Business
- India Today
Wife pays no income tax after selling two houses gifted by husband
Do you have doubts regarding family property transfers and long-term capital gain (LTCG) taxation?This case might serve as an eye-opener. A Mumbai-based woman has successfully won a legal battle at the Income Tax Appellate Tribunal (ITAT), which ruled she was not liable to pay income tax after selling two flats worth Rs 6 crore that were gifted to her by her husband, reported The Economic case has drawn wide attention for its implications on capital gains tax in cases of spousal property SOLD, REINVESTED IN HUSBAND'S FLAT The woman sold two residential properties in 2020, which were originally bought by her husband in 2002 for Rs 34 lakh and Rs 17 lakh. The total sale value reached Rs 6 crore. She then reinvested the capital gains into another residential property, a Lodha apartment in Mumbai that was registered in her husband's Income Tax Department raised objections, arguing that the transaction appeared to be a roundabout way to avoid questioned whether the reinvestment in her husband's house qualified for the capital gains exemption under Section 54 of the Income Tax Act. However, ITAT Mumbai ruled in her tribunal confirmed that the transfer of property from husband to wife was legally valid and properly documented. The reinvestment of the capital gains into a residential property met the conditions for claiming the exemption, even though the transaction was between close family PRECEDENT CLARIFIED BY TRIBUNALThe ITAT decision reaffirms that capital gains exemptions under Section 54 are available even when the sold property is received as a gift, provided the taxpayer adheres to the rules regarding reinvestment and to the tribunal's findings, the woman had declared long-term capital gains of Rs 4.08 crore after applying inflation used the entire amount to purchase a share in the new flat, meeting the reinvestment conditions under Section 54. The tribunal stated that the transaction, though between spouses, was genuine and lawful, making her fully eligible for the experts believe this judgment will help clarify confusion for taxpayers involved in family property transfers. As reported by The Economic Times, the tribunal emphasised that there was no evidence of tax evasion or misuse, and the woman had lawfully followed the provisions of the Income Tax case sets a significant precedent, highlighting that tax exemptions cannot be denied simply due to the familial nature of a transaction, as long as legal formalities are properly followed.- Ends
India Today
16 hours ago
- Business
- India Today
Selling your house? Here's how you can save lakhs in taxes
If you are planning to sell a residential property, you might be worried about the tax you will have to pay on the profit earned. But there's a legal way to save a large part of this tax if you reinvest the money in the right per tax expert CA (Dr.) Suresh Surana, provisions under Section 54 and Section 54F of the Income Tax Act can help individuals and Hindu Undivided Families (HUFs) reduce or even avoid paying long-term capital gains tax, provided certain conditions are a simple breakdown of how these exemptions BENEFITS UNDER SECTION 54 Section 54 of the Income Tax Act allows exemption on long-term capital gains earned from the sale of a residential house or plot of land if the profit is reinvested in buying or constructing a new residential property in taxpayer must invest in the new property within 1 year before or 2 years after the sale of the old property. If the new house is being constructed instead of purchased, it must be completed within 3 years of the date of sale.'This exemption can only be claimed for one residential property. However, if the capital gain is up to Rs 2 crore, the taxpayer has a one-time option to invest in two residential properties,' said Dr. there's a lock-in period: the new house must not be sold within 3 years. If the new property is sold before this period ends, the tax exemption will be cancelled and the earlier benefit will be added to your income for that exemption amount under Section 54 will be the lower of:The capital gains from the sale, orThe amount actually invested in the new house (including any amount deposited in the Capital Gains Deposit Account Scheme)From April 2023, there is a limit on how much of the new property cost can be considered for exemption. 'The investment in the new house will be capped at Rs 10 crore for claiming tax relief under Section 54,' added Dr. BENEFITS UNDER SECTION 54FIf you are selling a long-term capital asset other than a residential house, such as shares, land, or commercial property, you can still claim a tax break by investing the net sale amount into a residential house. This benefit comes under Section 54F of the Income Tax Surana explained, 'To get this exemption, the individual must not own more than one residential house at the time of the original sale, and should not buy or construct any other house within 2 to 3 years.'advertisementLike in Section 54, the new house should be bought within 1 year before or 2 years after the sale, or constructed within 3 the newly bought house should not be sold within 3 years, or else the earlier tax exemption will be exemption is calculated proportionately using this formula:Capital Gains (Amount Invested in New Property Net Sale Consideration)If the entire net sale amount is invested in a new house, then full exemption can be claimed. If only a part is invested, the exemption will be this section also comes with a cap. 'If the cost of the new property exceeds Rs 10 crore, the amount above Rs 10 crore will not be considered for the exemption calculation,' said Dr. TO REMEMBERYou must complete the investment within the timelines given, either before or after the property all records and proofs of payment, agreements, and registrations to claim the exemption during tax you are unable to invest before the tax filing due date, you can deposit the amount in a Capital Gains Account under a government-run scheme to keep the tax benefit Surana added that while both sections help taxpayers save on capital gains tax, it is important to evaluate your eligibility and make sure all conditions are followed. 'Planning the reinvestment carefully and keeping within the limits will help save lakhs in taxes legally,' he many home sellers, using Sections 54 and 54F can make a big difference in how much tax they pay. But the benefits are only available if the rules are followed properly. If you're unsure, it's always best to take the help of a tax professional.(This article is for general informational purposes only and does not constitute financial advice. Readers are encouraged to consult a certified financial advisor before making any investment or financial decisions. The views expressed are independent and do not reflect the official position of the India Today Group.)- Ends
