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Introduction Under new Canadian legislation, bare trust arrangements are now subject to the filing requirements of a T3 Trust Income Tax and Information Return, where they previously were not required to. This new legislation applies to trusts with…
General Partnerships and Limited Liability Partnerships (“LLPs”) General partnerships and LLPs with a First Nations partner(s) who is / are eligible to make exempt purchases on First Nations land, are entitled to an exemption for their purchases on…
With the increasing interest in buying and selling Non-Fungible Tokens (“NFTs”), one important question arises: Do you have to pay taxes on NFTs? Canadian law is pretty clear here. Read on to learn more about if and how…
When we assist clients in estate planning (e.g., often including the preparation of a last will and testament, a representation agreement, an inter vivos trust, and an enduring power of attorney), many questions arise and many issues need…
In our April 22, 2022 blog post, we discussed the Canadian Budget 2022 announcement, regarding the introduction of a new special purpose trust, the “Employee Ownership Trust”, under the Income Tax Act (Canada), to encourage employee ownership of…
Bill-19 includes an outright ban on foreign investment in Canadian housing for the next two years, as well as the luxury tax on the sale of new luxury cars and aircraft. It also allows the government to seize…
The Federal Budget issued on April 7, 2022 proposes that all profits from the sale of residential properties held for less than 12 months would be considered business income. This rule would apply to all properties sold on…
Budget 2022 proposes to create the Employee Ownership Trust: a new, dedicated type of trust under the Income Tax Act (Canada), to support employee business ownership in Canada.
The Canadian federal government has released draft legislation for a new tax on the sale of new luxury cars and aircraft with a retail sale price over CAD$100,000, and new boats over CAD$250,000. The tax will be the…
New Trust Reporting Rules Delayed
Trust reporting rules apply only to taxation years that end after December 30, 2023