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 >The CRA has updated its website with the 2023 indexation adjustments. Given rising inflation, the indexation factor has increased to 6.3% for 2023 (2022 – 2.4%). The indexation factor impacts various personal income tax and benefit amounts including tax…
Read more >On November 14, 2022, Ontario’s Finance Minister delivered the 2022 Ontario Economic Outlook and Fiscal Review. The outlook titled Ontario’s Plan to Build: A Progress Update expects economic growth and job creation to slow. For 2022–23, the government is…
Read more >As interest rates continue to rise, the Department of Finance has also increased prescribed interest rates including the rates on overdue taxes, payroll source deductions and GST/HST. Prescribed rates are revisited every three months and were increased to 7%…
Read more >On November 3, 2022, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, released the 2022 Fall Economic Statement. The economic update reports an expected deficit for 2022-2023 of $36.4 billion with an expected surplus of $4.5 billion in…
Read more >On October 20, 2022, Stephen Lecce, Ontario Minister of Education, announced the launch of the Ontario Catch Up Payments offering parents $200 or $250 per child to help offset costs as they support their children as they catch up….
Read more >As initially discussed in our e-blast Loan forgiveness repayment deadline extended for the Canada Emergency Business Account (CEBA), Finance announced on January 12, 2022 that the repayment deadline for CEBA loans to qualify for partial loan forgiveness was extended…
Read more >On September 13, 2022, Finance Canada announced three new support programs for individuals to help combat rising costs from inflation. The programs are proposed at this stage and will require Royal Assent before coming into effect. Additional details will…
Read more >As first discussed in our 2022 Federal Budget Commentary, Finance proposed to introduce a new rule that will tax gains arising from the disposition of a “flipped property” (including a rental property) as ordinary income. Draft legislation was released…
Read more >On August 9, 2022, Finance Canada released draft income tax technical amendments, legislation, and explanatory notes to implement outstanding Budget 2022 and other measures. Many of these measures were discussed in our Federal Budget Commentary 2022. Included in the…
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