Publications

Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, unveiled the country’s 2024 federal budget on April 16, 2024. This budget centers around critical tax measures, reflecting a significant shift in fiscal policy. Key highlights include proposed adjustments to capital gains taxation, enhancements to the affordability of housing, and initiatives aimed at promoting a clean economy. The tax measures outlined in Canada’s 2024 federal budget will have significant implications for both businesses and individuals. We have summarized our observations as detailed below.

In recent years, Canadians have been bullish on the real estate market south of the border. Whether U.S. property is purchased for rental or strictly personal use, investors should carefully consider how the property is purchased and understand their ongoing tax obligations. This article will discuss some of the key issues that Canadian investors should be aware of when purchasing property in the U.S. U.S. Estate Tax Unlike the Canadian tax system, the U.S. tax system levies an estate tax

The government introduced a national, annual 1% tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused. This Underused Housing Tax (UHT) came into effect on January 1, 2022. The CRA previously announced transitional relief with the waiver of penalties and interest for late-filed 2022 returns, initially to October 31, 2023, and subsequently to April 30, 2024. For returns pertaining to 2023 and subsequent taxation years, the April 30 deadline still