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.
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.
Note: This is an update to our article that was originally published on December 13, 2021. The new reporting requirements for trusts, applicable to T3 returns that are due on March 31, 2023, have been clarified by the Department of Finance.
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?
We hope you are all doing well and managing through another year of the pandemic. As we are, hopefully, nearing the end of the pandemic, we remind you that personal tax season is around the corner. There are a few things that we need you to do prior to sending in your information.
In this three-part series Lott and Company outlines the why, what, how and who around the essentials of creating an estate plan that effectively preserves, manages and distributes your personal and business assets after death. For small business owners, estate planning can be especially critical as the majority of their family assets and income sources may be tied up in the business.
From March 2020 forward there has been a previously unimaginable, monumental shift on how business is carried out. To have all, or a significant portion of a workforce move offsite and perform duties from home for extended periods of time was not in any business plan. And it certainly had staff members unexpectedly scrambling to set up makeshift home offices that enabled them to continue their work.
Deducting vehicle expenses? Are you ready for a CRA audit? The Canada Revenue Agency (CRA) may finally be done with their professional fees audit project, but they are now on to a new one. This one is going to be much more onerous for many business owners. CRA’s new project is the audit of vehicle expenses. The details being requested are quite extensive.
Quebec is extending its sales tax to a broad range of sales of goods, services and intangibles (e.g. software, digitalized products) made from outside the province to customers in Quebec. Essentially, if your business does not have a physical or significant presence in Quebec and you sell goods, services and intangibles to specified Quebec consumers (see How to Identify specified Quebec consumers), you will need to register and remit the QST. There are two registration dates depending on the type of business.
