Fuller Landau team • February 21, 2023Over 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
Fuller Landau team • February 01, 2023You may be contemplating whether to incorporate your professional practice or to continue running it as an unincorporated business, otherwise known as a sole proprietorship. This article outlines some of the tax benefits and drawbacks of incorporating a professional practice. What is a professional corporation? A professional corporation is a corpo ... Read more
Fuller Landau team • December 19, 2022Over 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
Fuller Landau team • November 16, 2022Most 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
Fuller Landau team • November 10, 2022 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
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