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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.

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.

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 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.

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

For the 2022 year, you may be able to deduct more vehicle expenses in your business. This is not because the government wants to encourage businesses to invest in vehicles. Instead, it reflects recent increases in the Consumer Price Index (CPI). Inflation is driving up these increases, and the tax rules are allowing you to

What is it? In a nutshell, the Canadian federal government plan to continue the wage and rent subsidies for the tourism and hospitality industry with updated subsidy rates Who qualifies? The subsidy would be available only to organizations in selected sectors of the tourism and hospitality industry. The subsidy helps businesses deeply affected by the

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

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