On February 22, 2024, the British Columbia Minister of Finance tabled the province’s 2024 budget.
The 2024 budget contains a number of notable tax measures, including the following:
Provincial Anti-Flipping Tax
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In Gestion M.-A. Roy Inc. c Canada (2024 FCA 16), the Federal Court of Appeal agreed with the Tax Court that the corporate holders of two life insurance policies received taxable benefits where the premiums of both policies were paid…
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”).