Corporate
IMPORTANT UPDATE – Bare Trust Reporting Exemption
On March 28, 2024 the CRA announced that bare trusts would be exempt from trust reporting requirements for 2023. CRA stated: “To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts. In recognition that the new… Read More about “IMPORTANT UPDATE – Bare Trust Reporting Exemption”
New and Expanded Trust Reporting
New and Expanded Trust Reporting: It’s Here! New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch many individuals and businesses that may not be aware of their trust-like relationships, exposing them to potential… Read More about “New and Expanded Trust Reporting”
Enhanced Trust Reporting Requirements in Effect
As part of the 2018 Federal Budget, enhanced reporting for trusts was announced in an effort to increase transparency and help authorities combat the misuse of corporate vehicles to lower income taxes. The 2019 Federal Budget confirmed the Federal Government’s intention to proceed with introducing the enhanced reporting requirements. The… Read More about “Enhanced Trust Reporting Requirements in Effect”
The Underused Housing Tax (UHT) Act
In June 2022, the Underused Housing Tax (UHT) Act received royal assent and became law. The act imposes a 1% tax on the value of residential properties that are vacant or underused which are owned by entities other than permanent residents or Canadian citizens. The legislation is retroactive to January… Read More about “The Underused Housing Tax (UHT) Act”
The Vacant Home Tax (VHT)
In an effort to encourage property owners to increase rental supply, governments across the country have explored implementing a Vacant Home Tax (VHT). Most notably, the municipalities of Toronto and Ottawa have taken steps to implement this tax at the municipal level starting in 2022. Hamilton will have the tax… Read More about “The Vacant Home Tax (VHT)”
The Upcoming 2021 Federal Budget & Potential Changes in Taxation
There have been significant changes to the Canadian economic landscape in the years since the 2019 Federal Budget was released. Most notably, the economic effects of the COVID-19 pandemic on the Canadian economy have been immense. The economic support programs introduced by the Federal government have been numerous and come… Read More about “The Upcoming 2021 Federal Budget & Potential Changes in Taxation”
Continuing Changes to the Canada Emergency Wage Subsidy (CEWS)
On November 19, 2020, the passage of Bill C-9 brought several changes to the CEWS program, such as decreasing the wage subsidy rate to 65% and extending the subsidy program to June 2021. As part of the 2020 Fall Economic Statement released by the Government of Canada on November 30,… Read More about “Continuing Changes to the Canada Emergency Wage Subsidy (CEWS)”
Extended Support Through the Canada Emergency Rent Subsidy (CERS)
Under the Canada Emergency Rent Subsidy (CERS), rent relief is provided directly to tenants and supports businesses, charities, and non-profit organizations until June 2021. The subsidy provides for a percentage of expenses on a sliding scale of up to 65% of eligible expenses, such as rent and interest on a… Read More about “Extended Support Through the Canada Emergency Rent Subsidy (CERS)”
Additional Funds Available through the Canada Emergency Business Account (CEBA)
As part of the 2020 Fall Economic Statement released by the Government of Canada on November 30, 2020, the maximum amount available under the Canada Emergency Business Account (CEBA) has been increased by an additional $20,000 per qualifying business. Up to $10,000 of the additional $20,000 loan is forgivable if… Read More about “Additional Funds Available through the Canada Emergency Business Account (CEBA)”
Canada United Small Business Relief Fund
On October 20, 2020, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced an investment of $12 million in the Canada United Small Business Relief Fund. Canada United is a national fundraising campaign created by the Royal Bank of Canada (RBC) in collaboration with private sector partners and… Read More about “Canada United Small Business Relief Fund”
