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…

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…

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…

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…

As discussed in our previous publication Underused Housing Tax, 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…

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…

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…

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…