The CRA has released an FAQ page regarding the new reporting rules in respect of trusts for taxation years ending on or after December 31, 2023. As stated by the CRA, “many trusts that did not previously have to…
Vancouver homeowners are reminded to file their Empty Homes Tax declaration for the 2023 year by February 2, 2024. Failure to file the declaration by the deadline will result in the subject property being deemed to have been vacant…
On December 20, 2023, the Federal Court released a Notice to the Parties and the Profession on the use of Artificial Intelligence (AI). The Notice applies to all documents that are either submitted to the Court or prepared for…
On December 14, 2023, the Department of Finance released draft regulations (the “Regulations”) intended to clarify the enhanced 100% GST rebate for new purpose-built rental housing. The Regulations will be deemed to have come into force on September 14,…
The Canada Revenue Agency has further extended the deadline for owners affected by the Underused Housing Tax (“UHT”) to file their returns for the 2022 taxation year, without being charged interest or penalties, to April 30, 2024. While UHT…
The CRA recently released an electronic mailing list primarily to notify subscribers when a new notifiable transaction has been designated by the Minister of National Revenue. The subscription webpage also indicates that subscribers to the electronic mailing list may…
On June 22, 2023, Bill C-47 received Royal Assent, bringing into force new or expanded mandatory reporting rules for certain “reportable” or “notifiable” transactions (the “Mandatory Disclosure Rules”). The Mandatory Disclosure Rules require taxpayers, promoters and certain advisors (including legal…
On July 24, 2023, the Canada Revenue Agency (CRA) released the new and revised forms applicable to the enhanced mandatory disclosure rules under the Income Tax Act (Canada) (the “Act”).
On August 4, 2023, the Department of Finance released draft legislative proposals relating to certain measures that were announced as part of the 2023 federal budget (“Budget 2023”) as well as other previously-announced measures. Included is draft legislation on…
The CRA has published two separate documents relating to the new and expanded mandatory disclosure rules, which became law on June 22, 2023. For discussion of those rules, see our previous tax alert and blog post.
The first…