Tax Blog

First filings coming up for new housing taxes in Toronto and Ottawa

Published by Noah Sarna & Gloria Wang & Sarah Faber

Vacant housing taxes came into effect in Toronto and Ottawa for 2022, meaning that homeowners will have to file their first occupancy status declaration by February 2023 (for Toronto) and March 2023 (for Ottawa). Toronto’s portal is now open for…

EU Court of Justice invalidates mandatory reporting obligation imposed on lawyers under DAC6 similar to Canada’s proposed “notifiable transaction” regime

Published by Alexander Demner

The Court of Justice for the European Union (CJEU) recently invalidated a provision derived from the EU Directive informally known as DAC6 which requires lawyers to report their involvement in certain cross-border tax-planning arrangements to third parties. The provisions analyzed…

Issues arising on the conversion of real property from capital to inventory (or vice versa)

Published by Vivian Esper

When a real property held by a taxpayer as a rental property becomes the taxpayer’s residence (or vice versa), the “change-in-use” rules in section 45 and subsection 13(7) of the Income Tax Act (the “ITA”) are triggered. Subsection 45(1) provides…