Canada – Budget 2022 Implementation
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…
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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…
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…
To be able to issue official donation receipts and to be exempt from taxation, the Income Tax Act requires that corporations created and operated exclusively for charitable purposes register with the Canada Revenue Agency (CRA) as charities. For insight on…
The British Columbia NDP government intends to introduce legislation mandating Canada’s first public registry of property beneficial ownership, to deter investors from buying housing through nominee companies and trusts. The move to crack down on real estate “hidden…
Effective January 1, 2017, Vancouver home owners are subject to an empty home tax of 1% of the property’s assessed value (the “Tax”), pursuant to Vacancy Tax By-law No. 11674 (the “By-law”). In accordance with the By-law, all…
Many residents of Canada have connections to the US, ranging from business interests, ownership of recreational or retirement properties, children attending US colleges, etc. Furthermore, there are many US individuals residing in Canada, also for reasons of work,…
Canada Revenue Agency (CRA) has produced an online checklist for people like you who are starting a business. Using the links below, you can get information about your fiscal obligations and their implications. You can also get information…
Learn about the types of donations for which registered charities and other qualified donees can issue a tax receipt, and the various rules on receipting.
Employee Ownership Trusts – Part 2
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…