Employee Ownership Trusts – Canada
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.
CANADA: Twenty percent Purchase Tax on Luxury Goods
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…
BC Foreign Buyer’s Tax is Constitutional
On July 5th, 2021, the British Columbia Court of Appeal ruled that the province’s foreign buyer’s tax is constitutional.
Taxation – “Unproductive Use” of Canadian Housing by Foreign Non-resident Owners
The 2021 Federal budget proposes to introduce a new national one percent (1.00%) tax on the value of non-resident, non-Canadian owned residential real estate property considered to be vacant or underused. The tax applies to owners other than…
Taxation and “Small Business”
Given MP Trudeau's commitment to running deficits for the next few years, he will be simultaneously looking for new forms of revenue. Perhaps small business is in his cross-hairs. Let's hope the Minister focuses her energies on those…
New Canada-New Zealand Double Tax Treaty – Good For Investors
The new double tax agreement between New Zealand and Canada is set to facilitate investment and trade between the two nations
Canada – Spain Tax Treaty Amendments
The double-taxation agreement between Canada and Spain has been amended to reduce withholding tax rates on dividends and interest payments, and to include standard provisions for the exchange of tax information.
CRA and Foreign Assets Disclosure
Canadians with income from foreign assets are now obliged to report them in much more detail on Form T1135.
Health Profession Corporations – British Columbia
The benefits of health professionals within British Columbia (such as Dentists, Physicians, Naturopaths, Pharmacists, Physical Therapists and Optometrists etc) consider the benefits of becoming self employed and practicing through their own professional corporation.
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…