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If you own residential property, you should be aware of the newly proposed Underused Housing Tax (“UHT”) set to take effect on January 1, 2022. The UHT is a national, annual 1% tax on the value of non-resident, non-Canadian-owned residential real estate that is vacant or underused.
Underused Housing Tax & Traps That Could Result in Huge Penalties Read More »
On April 7, 2022, Finance Minister, Chrystia Freeland tabled the federal budget. We highlight some of the newly announced tax measures that affect individuals and small business owners.
Budget 2022: Measures Affecting Individuals &Small Business Owners Read More »
On March 11, 2022, the government released a 173-page draft legislation for the up-and-coming luxury tax on vehicles, aircraft, and vessels. In other words, these rules are meant to tax you if you purchase luxury cars, airplanes, helicopters, boats, yachts over a certain price.
The New Luxury Tax: Draft Legislation Released Read More »
The Department of Finance is proposing new disclosure rules that allow CRA to better target owner-manager aggressive tax planning.
The government announced good news for taxpayers who earned fellowship income all the way back from 2011 to increase their RRSP room.
New Rule Proposal: Postdoctoral Fellowship Income Can Now Generate RRSP Room Read More »
Good News! The government has just announced an extension for the repayment of CEBA to December 31, 2023! This means that you can repay CEBA on or before December 31, 2023, and qualify for loan forgiveness of up to $20,000. CEBA provided interest-free loans of up to $60,000 to small businesses to help cover their
Government Extends CEBA Loan to End of 2023 Read More »
Today, the House of Commons reconvenes after nearly five months. Normally, there would’ve been a fall economic update. Last year, Finance Minister Chrystia Freeland released the fall economic statement on November 30th. We do not yet know when Minister Freeland will release this year’s fall economic statement. Still, with many campaign promises to implement, we
Parliament Returns Today, What Tax Changes Can We Expect? Read More »
Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index (CPI) data as reported by Statistics Canada. Because of the higher inflation this year, some amounts indexed to inflation are a lot higher. Here are some of the highlights for 2022: 2022 2021 Basic personal amount
CRA Releases TFSA and Other Limits for 2022 Read More »
Canadian resident individuals, corporations, and certain trusts have to file a unique form called Form T1135 if, at any time during the year, they owned foreign property costing more than $100,000. There are significant penalties for failure to file Form T1135 or for making a false statement or omission. The maximum penalty could be anywhere
Introduction There are instances when you have to repay the COVID‑19 benefits you received (i.e., CERB, CRB, CESB, etc.). You are taxed on these benefits in the year you receive them. You can deduct repayments. Before Budget 2021, you were only able to deduct repayments in the year you repay them. This resulted in people
Case Study: Why it may be better to deduct COVID repayments in 2021 instead of 2020. Read More »