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…
Read more >High income individuals can split income with their spouse/common-law partner or children (either directly or through a trust) using prescribed rate loans. The current prescribed rate of interest is 1% until June 30, 2022 and will double to 2%…
Read more >On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons. We review the highlights of…
Read more >Our recent webinar has been featured by MGI Worldwide as a “must-watch” for anybody interesting in learning about Doing Business in Canada. The Webinar provides a general overview of the Canadian and Ontario landscape, including high level insights into…
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