Tax Alert Archives October 2022

Ontario Ministry of Finance Increases Non-Resident Speculation Tax Rate

Effective October 25, 2022, the government of Ontario has increased the Non-Resident Speculation Tax (“NRST”) rate to 25 percent.

The increase follows changes made to the tax earlier in 2022. Introduced in April 2017, the NRST initially applied a…

Prepared by: Rebecca Loo , Brendan Forrest

Rebecca Loo is an associate working out of the Toronto office of Thorsteinssons LLP. Rebecca’s practice focuses on Canadian commodity tax matters, including the Goods and Services Tax (GST), Harmonized Sales Tax (HST), and provincial sales taxes.  She has written… more »

Brendan Forrest is an associate working out of the Toronto office of Thorsteinssons LLP. Brendan’s practice focuses on corporate tax advisory and planning services. Brendan earned his Bachelor of Arts (Honours) from St. Michael’s College at the University of Toronto… more »

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Canada Revenue Agency comments on relief from double tax under Articles XIII(7) and XXIV(2) of the Canada-U.S. Tax Treaty on deemed disposition of U.S. real estate

In Canada Revenue Agency (“CRA”) Views document number 2021-0922301I7, the CRA considered a Canadian-resident trust deemed to dispose (for Canadian income tax purposes) of U.S. real property on its 21-year anniversary. The CRA was asked whether: (a) the trust could…

Prepared by: Nicholas McIsaac , Brendan Forrest

Nicholas is a partner at the Toronto office of Thorsteinssons. Nicholas’ practice focuses on corporate and international tax planning, regularly advising Canadian and foreign-based multi-national groups on a variety of matters, including financing, mergers and acquisitions, restructurings and natural resource… more »

Brendan Forrest is an associate working out of the Toronto office of Thorsteinssons LLP. Brendan’s practice focuses on corporate tax advisory and planning services. Brendan earned his Bachelor of Arts (Honours) from St. Michael’s College at the University of Toronto… more »

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