Insights

Reminder Toronto Vacant Home Tax Declarations Due Feb 29 2024

Toronto homeowners are required to declare the occupancy status of their property every year. The due date for the 2023 tax declarations is February 29, 2024. Declarations can be completed online via the City of Toronto’s online portal. Alternatively, owners…

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Canada’s New Trust Reporting Requirements

Budget 2018 announced the government’s intention to introduce new trust reporting rules. The proposed changes were introduced through various releases of draft legislation from 2018 to 2022. The legislation received royal assent on December 15, 2022 and became law….

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2023 Personal Income Tax Checklist

It’s tax season again, and we’re offering you a checklist to make sure you compile all the information necessary to complete your personal tax return. In this 2023 Personal Tax Return Checklist, you will find a list of information…

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2023 Fall Economic Update – Housing and Construction

On November 21, 2023, Canada’s Finance Minister unveiled the 2023 Federal Fall Economic Statement (“FES”). The FES expects inflation rates to decrease and subdued economic growth over 2024. The fiscal update contained several announcements on housing including investing billions…

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Fall 2023 Federal Economic Update – Tax Measures

On November 21, 2023, Canada’s Finance Minister unveiled the 2023 Federal Fall Economic Statement. The statement expects inflation rates to decrease and subdued economic growth over 2024. For 2023–24, the government is projecting a deficit of $40.1 billion. Over…

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Underused Housing Tax Return Deadline Extended

Finance announced on October 31, 2023 that the deadline to file Underused Housing Tax returns for 2022 tax year without penalty or interest has been extended to April 30, 2024 from October 31, 2023.  Penalties for non-filing range from…

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Underused Housing Tax Return Deadline

The Underused Housing Tax Act (the “Act”) was implemented in 2022 and aims to target ownership of vacant or underused housing in Canada. The Act applies an annual underused housing tax (“UHT”) of 1% of the “taxable value” of…

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CCA Immediate Expensing Ending in 2023

Canadian Controlled Private Corporations (“CCPCs”) have until December 31, 2023 to acquire capital property eligible for immediate expensing. The temporary measure applies to eligible property acquired and available for use before January 1, 2024. Up to $1.5 million per taxation…

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CEBA Repayment Deadline Partially Extended 

On September 14, 2023, the Prime Minister announced extended deadlines for Canada Emergency Business Account (CEBA) loan repayments. The repayment deadline for CEBA loans to qualify for partial loan forgiveness of up to 33% (either $10,000 loan forgiveness for…

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