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Vacancy taxes: How Canadian property owners are impacted
Over the year, a number of new taxes impacting owners of real property in Canada have come into effect. The Underused Housing Tax, Vacant Home Tax, and Vacant Unit Tax are three examples of these new “vacancy” taxes intended to disincentivize holding properties that are not being lived in or rented out. What is the ... Read more
GST/HST for Canadian businesses: What you need to know
Most goods and services sold in Canada are subject to sales tax. The Goods and Services Tax (GST) is a federal sales tax that applies at a rate of five per cent across the country. Provincial Sales Tax (PST) has different policies depending on the province. Some provinces have their own PST, while others only ... Read more
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