Personal
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)”
2021 or 2022 Work Space in the Home Expenses
On January 18, 2022, CRA published additional commentary with respect to claims for workspace in the home expenses on personal income tax and benefit returns. The additional commentary includes an explanation of how spouses who both worked from home in 2021 or 2022 each calculate their work space in the… Read More about “2021 or 2022 Work Space in the Home Expenses”
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”
Update: Work Space in the Home Expenses
On December 15, 2020, CRA published additional guidance with respect to claims for work space in the home expenses on the upcoming 2020 personal tax return. The guidance outlines details relating to the new temporary flat rate method, new optional detailed method, changes to the claims process, and new eligible… Read More about “Update: Work Space in the Home Expenses”
Working from home expenses
As a result of COVID-19, many people have found themselves working from home. You may be asking yourself what, if anything, can I deduct as an employment expense? The 2020 Fall Economic Statement announced that the Home Office Expense Deduction will be simplified due to millions of Canadians unexpectedly working from home… Read More about “Working from home expenses”
An update on Personal Real Estate Corporations (PREC)
On March 4, 2020 Bill 145 An Act to amend the Real Estate and Business Brokers Act, 2002 received Royal Assent in the Legislative Assembly of Ontario. The bill amended the Real Estate and Business Brokers Act, 2002, including a name change to the Act which is now known as… Read More about “An update on Personal Real Estate Corporations (PREC)”
CRA Further Extends Payment and Filing Deadlines
The CRA is further extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30,… Read More about “CRA Further Extends Payment and Filing Deadlines”
CRA Personal Tax Deadline Announcement
The deadline for most individuals to file their 2019 taxes has been extended to June 1, 2020. The deadline to pay amounts owed has also been extended to September 1, 2020. Penalties and interest will not be charged if payments are made by the extended deadlines of September 1, 2020. This includes the late-filing penalty as… Read More about “CRA Personal Tax Deadline Announcement”
COVID-19 Financial Relief for Canadians- summary
Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. On March 18, 2020, the Government of Canada announced a series of mesaures designed to help Canadians. Since then, new possibilities have been introduced and old ones have been adjusted. Click here to read a summary… Read More about “COVID-19 Financial Relief for Canadians- summary”
