Taxation
Canadian Federal Budget 2024 Commentary
Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, unveiled the country’s 2024 federal budget
Canadian Federal Budget 2024 Commentary
April 17, 2024
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
Canadians Considering Buying U.S. Investment Property
April 8, 2024
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
Proposed Changes to the Underused Housing Tax
March 19, 2024
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
2023 Personal Tax Planning Tips
March 7, 2024
Welcome to tax season! It’s time to prepare for filing your 2023 tax return. To help you get organized, we’ve put together a checklist to
Due Diligence: An Overview
February 27, 2024
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”),
Vacant Home Tax: Reminder for Toronto homeowners
February 20, 2024
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
New Canadian Trust Reporting Requirements
February 13, 2024
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
Mortgage Administrators, Lenders, and Brokers: Are You Ready for October 11, 2024?
January 30, 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
Important Deadline for Prescribed Rate Loans
January 16, 2024
If you have a prescribed rate loan as an income-splitting arrangement, with either a family member or with a family trust, the deadline to repay the 2023 interest on the loan is January 30, 2024. It is vital that the interest is paid in cash as failure to do so would cause the loss of the exemption from the attribution rules for not only that year, but all subsequent years. Given the increase in the prescribed rate to 6% as
