General

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

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

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

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

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

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

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

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

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

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

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