Possible Anomaly in the Passive Income Small Business Deduction Rules?

If you have foreign bank accounts, beware: CRA can reassess you for years and impose hefty penalties. In the case of Azmayesh-Fard v. The King, a taxpayer faced massive fines for not reporting a Swiss account. Protect yourself by reporting all foreign assets to avoid financial nightmares.

This article discusses the federal government’s proposed capital gains inclusion rate increase, the impact of Parliament’s prorogation on its implementation, the CRA’s interim approach, and the potential implications for taxpayers. It also explores political party stances, taxpayer options, and possible administrative relief measures.

Canada’s proposed tax on vacant land aims to tackle the housing crisis, but could it backfire? While the intention is commendable, experts warn that such measures may distort economic behavior and burden smaller developers. Instead of penalizing real estate developers, a more effective solution might be to offer tax incentives that encourage immediate construction. Drawing lessons from Ireland’s experience with similar policies, this article explores the potential pitfalls of a vacant land tax and advocates for a collaborative approach that benefits both the government and developers. Discover why tax breaks could be the key to solving Canada’s housing shortage.