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…
Read more >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…
Read more >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…
Read more >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…
Read more >On June 22, 2023, Bill C-47 Budget Implementation Act, 2023, No. 1 received royal assent. Bill C-47 includes legislation to implement the new mandatory disclosure rules originally proposed in the 2021 federal budget. The upgraded mandatory disclosure rules will…
Read more >The 2023 Ontario Budget proposed a new Ontario Made Manufacturing Investment Tax Credit (“MITC”) which provides a 10% refundable tax credit to qualifying corporations that make qualifying investments in manufacturing and processing (M&P) in Ontario. The credit is available…
Read more >On June 22, 2023, Bill C-47 Budget Implementation Act, 2023, No. 1 received royal assent. Bill C-47 includes legislation to implement the new mandatory disclosure rules originally proposed in the 2021 federal budget. The upgraded mandatory disclosure rules will…
Read more >On March 28, 2023, the Federal Government tabled Budget 2023, which proposed a broad array of provisions impacting many individuals and businesses. The Budget did not include any changes to the personal or corporate tax rates or the inclusion…
Read more >Affected owners with filing obligations under the Underused Housing Tax Act (UHTA) will have more time to file returns and remit any taxes owing. The CRA has announced the application of penalties and interest under the UHTA for the…
Read more >On March 23, 2023, Ontario’s Finance Minister delivered the 2023 Ontario Budget titled Building a Strong Ontario. The government’s plan is to drive growth by lowering costs, getting key infrastructure projects built faster, and attracting more jobs and investment…
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