We put together a collection of articles, tips and business resources to help you with the various accounting questions you face every day. Bookmark this page and check back to read about trends, updates and points of interest regarding financial services.
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Form Due April 30th. Are you required to file? As part of the ongoing effort to discourage ownership of vacant or under-used residential property, the federal government introduced the Underused Housing Tax (“UHT”). The UHT is effective January 1, 2022 and applies a 1% annual levy on the value of vacant or underused property. Generally, the UHT applies to non-resident, non-Canadian […]
The 2022 Federal Budget announced new anti-flipping rules for residential real estate which came into force on January 1, 2023. New Rules The new rules will disallow the use of the principal residence exemption and the 50% capital gains inclusion rate on the sale of residential real estate in Canada, including a rental property, if it is owned for less […]
In an attempt to increase the supply of housing and to discourage homeowners from leaving their residential properties unoccupied, the City of Toronto has implemented a Vacant Home Tax and declaration reporting requirements. All residential property owners in Toronto will now be required to declare the occupancy of their property on an annual basis. The City of Toronto has sent […]
The ceiling on the capital cost of passenger vehicles for capital cost allowance purposes will be increased from $34,000 to $36,000 (plus applicable federal and provincial sales taxes) for passenger vehicles purchased on or after January 1, 2023; For eligible zero-emission passenger vehicles, the ceiling on the capital cost of passenger vehicles for capital cost allowance purposes will be increased […]
The following is a reminder that the Staycation Tax Credit introduced by the provincial government is expiring this month. Staycation Tax Credit The Staycation Tax Credit provides Ontario residents with a 20 per cent refundable tax credit on eligible accommodation expenses incurred from January 1, 2022 to December 31, 2022. This temporary tax credit is designed to encourage Ontarians to […]
On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Canada’s 2022 federal budget: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons. No changes to personal or corporate tax rates, nor changes to the inclusion rate with respect to capital gains were introduced. However, several new […]
The federal government has proposed new measures to provide immediate expensing of eligible property acquired by Canadian-controlled private corporations (CCPCs). This temporary measure will allow CCPCs to immediately expense up to $1.5 million of eligible property per taxation year from April 19, 2021 to December 31, 2023. $1.5 Million Limit The $1.5 million limit would be shared amongst a group […]
The federal government has announced a new tax credit to assist small businesses in improving their indoor air quality and ventilation. The Small Businesses Air Quality Improvement Tax Credit provides small businesses with a 25 per cent refundable tax credit on eligible air quality improvement expenses incurred from September 1, 2021 to December 31, 2022. Small businesses can claim eligible […]
The provincial government has announced a new tax credit for Ontarians who plan to take short-term vacations within the province. The Staycation Tax Credit provides Ontario residents with a 20 per cent refundable tax credit on eligible accommodation expenses incurred from January 1, 2022 to December 31, 2022. Ontarians can claim eligible accommodation expenses of up to $1,000 as an […]
Extension of the Canada Emergency Business Account (“CEBA”) Repayment Deadline The federal government had previously announced that the CEBA program offered interest-free loans of up to $60,000 to eligible businesses. The repayment deadline for CEBA loans has been extended from December 31, 2022 to December 31, 2023 for zero interest and a portion of the loan forgiven. Repayment on or […]
