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Canada’s new luxury tax
A new ‘luxury tax’ on the sale of certain luxury cars, boats, and aircraft for personal use was proposed in the 2021 Canadian federal budget (2021 Budget). Similar to the reporting requirements for GST purposes, applicable sellers will be required to register, file returns and remit taxes on specified luxury items. The luxury tax proposed ... Read more
New rules for trust reporting soon in effect
The Department of Finance has released new draft legislation on the Canadian trust reporting and filing requirements. Who’s impacted? The new legislation will impact the following types of trusts: Express trusts residents in Canada Bare trusts All non-resident trusts that currently file T3 returns An express trust is a trust that was created ... Read more
New stock option rules: What you need to know
Employee stock options are a form of compensation that allow an individual to purchase a fixed quantity of shares at a fixed price. Stock option agreements granted after June 30, 2021, may be affected by new taxation rules proposed under Bill C-30. First announced as part of the 2019 Federal Budget, Bill C30 was later ... Read more
Cryptocurrency taxation in Canada
Cryptocurrency or “crypto” has become a growing presence in today’s market. Constantly evolving, there is limited guidance on its tax treatment as the legislation attempts to catch up. Holders of cryptocurrency must understand the reporting obligations and Canadian tax considerations associated with it. When to report? Cryptocurrency should b ... Read more
Commercial real estate in the hybrid working era
Over the past two years, all indications are that hybrid workplace model adoption is not only growing but will stay a dominant choice for the foreseeable future. This is a result of a number of factors, including the significant investments businesses have made in remote work infrastructure capabilities, and the growing employee demand for choices ... Read more