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Due Diligence an Overview

Due Diligence: An Overview

Due Diligence (“DD”) is a critical step in the process of purchasing a business. It typically involves procedures to assess the Quality of Earnings (“QoE”),

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Vacant Home Tax Reminder

Vacant Home Tax: Reminder for Toronto homeowners

In 2022, the Vacant Home Tax (the “VHT”) went into force to levy tax on residential properties in Toronto that are considered vacant. The newly implemented VHT also requires the Toronto homeowners to declare occupancy status of their property every year. We would like to remind all Toronto homeowners that the deadline to declare the 2023 occupancy status of their residential property is February 29, 2024.  Failure to declare may result in automatic assessment of VHT. What is VHT? VHT

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New Canadiam Tax Reporting Requirements

New Canadian Trust Reporting Requirements

In December 2022, legislative amendments brought significant changes to the reporting obligations for certain express trusts in Canada. The rules determining the requirement for trusts to submit an annual T3 Trust Income Tax and Information Return (“T3 Return“) have been revised for trusts with a taxation year after December 30, 2023. In particular, bare trusts, which were previously exempt from filing obligations, may now be required to file an annual T3 Return, unless certain conditions are met. As part of

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mortgage-broker-post

Mortgage Administrators, Lenders, and Brokers: Are You Ready for October 11, 2024?

If your business is considered a Mortgage Lending Entity, effective October 11, 2024, you will be subject to Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) regulations, specifically related to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). In October, Mortgage Lending Entities will be considered “Reporting Entities” with obligations to report to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).  Who is Considered a Mortgage Lending Entity: Mortgage Lending Entities include the entities below and function

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