The Canada Revenue Agency (CRA) recently announced that, starting in the spring of 2025, it will transition to using the CRA’s online portal for businesses (My Business Account) as the default method of sending correspondence to businesses, instead of…
On December 20, 2024, the CRA published its views on the general anti-avoidance rule (GAAR) in a new webpage. The webpage contains some general comments by the CRA regarding the GAAR, examples of when the CRA would apply the…
Yesterday, the CRA announced it will not require bare trusts to file a T3 Income Tax and Information Return (including Schedule 15 Beneficial Ownership Information of a Trust) for their 2024 taxation year, unless the CRA directly requests such…
Subsection 215(1) of the Income Tax Act (the “Act”) imposes on Canadian tenants the obligation to withhold and remit Part XIII tax on residential rent paid to non-resident landlords. The applicable tax rate is 25% of the gross rent paid,…
On June 20, 2024, Bill C-59 and Bill C-69 each received Royal Assent. Together, they make sweeping changes to the federal Income Tax Act (the “Act”) that taxpayers and their advisors simply must know. The below chart notes…
Yesterday, the Canada Revenue Agency (“CRA”) announced that, in its view, the construction of purpose-built rental housing (“PBRH”) for purposes of the PBRH rebate under the Excise Tax Act is generally “considered to begin at the time the excavation…
Yesterday, the Tax Court of Canada released its decision in DAC Investment Holdings Inc. v R. Led by Matthew Williams, Florence Sauve, and Brittany Rossler, the decision represents a major win for taxpayers across the country.
In…
The B.C. government tabled legislation yesterday which would introduce its proposed “home flipping tax”. First announced in the province’s 2024 budget (and discussed in greater detail in our previous blog post), the draft legislation was contained in Bill…
The Canada Revenue Agency (“CRA”) announced today that – “in recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians” – it will not require bare trusts to file a T3 income tax…
The City of Toronto appears to be ramping up its Vacant Home Tax (VHT) audit program. While historically there has been minimal compliance or enforcement activity undertaken, as of March 4, 2024 a total of 466 properties were under audit…