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Benefits of QSBC Share Status For Your Business

If you have an incorporated business, you are likely benefiting from some of the advantages of incorporation, including limited liability, tax deferral of funds reinvested in your business and the ability to initiate family planning. Want more good news?

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Vacant Home Tax

Toronto residential property owners, including corporations, partnerships and trusts, must submit a declaration of their property’s occupancy status for 2022 and pay any tax assessed on the property in 2023.

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Underused Housing Tax

Owners, except for Excluded Owners (see below), of residential property in Canada will now have to file an annual Underused Housing Tax return to determine if they are subject to this new tax.

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Update to New Trust Reporting Requirements

Note:  Under the revised legislation set out in Bill C-32, the new trust reporting rules will now apply to trust taxation years that end after December 30, 2023.  These rules are not yet law as of this date, but the expectation is that they will be law soon.  We will continue to provide you with updates on any developments related to this issue. 

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Changes to Trust Reporting Requirements

Note:  This is a further update to our article published on October 12, 2022.
As we have previously written, there are new reporting requirements for trusts that will result in trustees having to file a trust tax return (T3 return) by March 31, 2023 for trusts that did not previously have to file.

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