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Navigating Canada’s Latest Trust Reporting Legislation Changes

The government’s new federal trust reporting rules will increase disclosure requirements, affecting a wide range of Canadian trusts. Originally, the federal government introduced significant changes to trust legislation in 2018 to encourage reporting transparency. These rules were amended on Dec. 15, 2022, to help the Canada Revenue Agency (CRA) better assess tax liabilities for ...

Tax Insights: 2023 Fall Economic Statement (FES 2023)

On November 21, 2023, Deputy Prime Minister and Minister of Finance Chrystia Freeland introduced the 2023 Fall Economic Statement (FES 2023) on behalf of the federal government. These measures aim to modify the Underused Housing Tax (UHT) to exclude specific individuals, reduce the profitability of short-term rental properties, and enhance the affordability of certain ...

Ontario’s Fall Economic Outlook Promises Additional Tax Credits During Financial Uncertainty

The Ontario Fall Economic Statement 2023 forecasts a substantial increase in the deficit for the 2023-24 fiscal year of $5.6 billion. This marks a significant departure from the province’s 2023 budget, which had projected a deficit of $1.3 billion. Ontario attributes the expanded deficit to recent interest rate hikes, elevated inflation rates, and lower-than-anticipated ...

Mastering Taxes: 5 Essential Tips for Small Businesses in Canada

Small businesses are the lifeblood of the Canadian economy, employing nearly 8.5 million Canadians annually. These entrepreneurs are the driving force behind innovation and economic growth in the country. However, when it comes to tax season, many small business owners face the daunting task of filing their taxes accurately to reduce expenses and maximize ...

2023 Budget Tightens Tax rules while Investing in Clean Tech

The 2023 Federal Budget, presented by Finance Minister Chrystia Freeland on March 28, forecasts a $43 billion dollar deficit, with both spending cuts and tax increases. High income individuals may be impacted by changes to the Alternative Minimum Tax rules while small business owners may be interested in changes to rules allowing for intergenerational ...

The Supreme Court Rules in Favour of the Taxpayer in an FBAR Penalty Case

On February 28, 2023, the U.S. Supreme Court released a 5-4 decision against the IRS’s position on the imposition of nonwillful violations of timely Foreign Bank Account Reporting (“FBAR”) reporting for U.S. citizens.  Interestingly, the decision crossed the perceived Right Wing/Left Wing split of the Court as Justice Barret authored the dissenting opinion which ...

How the CRA’s GST/HST tax rules affect new residential properties

The GST/HST ramifications and potential self-assessment for builders of new residential properties is often a complicated endeavor, especially for those planning on renting once construction is completed. If GST/HST rules aren’t properly followed, the financial implications can be severe. When it comes to GST/HST rebates, it’s also important to understand who is eligible and ...

Tax Insights: A summary of The Underused Housing Tax (UHT) for Canadians

Canada’s newest Underused Housing Tax (UHT) was enacted last summer, meaning some residential property owners (i.e., those not considered “excluded owners”) are expected to file a UHT return and pay the UHT starting this year. Since 2023 will be the first year the CRA will collect the tax, there are still many uncertainties when ...