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The Tax-Free First Home Savings Account (FHSA) offers prospective first-time home buyers to save $40,000 tax-free to purchase a primary residence.

Note:  This is a further update to our article published on January 5, 2023. The Underused Housing Tax Return and Election Form is now available on the CRA website.

Personal tax season is just around the corner.  Please visit Personal Taxes for the following documents and other tools to help you get started:

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.

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.

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. 

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.

Have you had a vacation or are you planning a vacation in Ontario in 2022?  If so, remember to keep your receipts to claim the Ontario Staycation Tax Credit. How does it work?