Tax Alert Archives October 2024

CRA proactively announces no bare trust reporting required for 2024

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…

Prepared by: Cadie Yiu

Cadie Yiu is an associate practicing in the firm’s Toronto office. Cadie advises on all aspects of domestic and international tax planning, corporate reorganizations, mergers and acquisitions, and trust and estate planning for individuals and families. She also advises clients… more »

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Draft legislation to exempt tenants from deducting and withholding tax on residential rent paid to non-resident landlords

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,…

Prepared by: Vivian Esper

Vivian is an is an associate working out of the Vancouver office of Thorsteinssons LLP. Vivian’s practice focuses on tax dispute resolution with the Canada Revenue Agency and Tax Court of Canada.  Her practice also includes tax planning involving individuals,… more »

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