This newsletter will discuss two important matters for owners and operators of short-term rental properties: Short-Term Rental: Denial of Tax Deductions in Calculating Rental Income for Income Tax Purposes The 2023 Fall Economic Statement introduced the short-term rental deduction denial rules “to crack down on short-term rentals which are keeping too many homes off the market”. […]

On April 16, 2024, Chrystia Freeland (then Minister of Finance) presented Budget 2024. For a summary of tax measures announced, please refer to our newsletter dated April 17, 2024 here: https://www.dhgroup.ca/2024/04/17/2024-federal-budget-summary .  The Budget proposed to increase the capital gains inclusion rate from ½ to ⅔ for certain capital gains realized on or after June 25, 2024, which would […]

November 2024 As we approach the end of the year, it is time to consider some tax planning opportunities that may be available to you for 2024. The planning points outlined below are not intended to serve as specific advice; you should always consult your D&H advisor before implementing any of the suggestions contained in […]

FinCEN Beneficial Ownership Information Reporting  On January 1, 2024 (“effective date”), a new Beneficial Ownership Information (“BOI”) reporting obligation went into effect for any entities in the United States.  Who must file a BOI Report?  These reporting entities are required to file a report with the U.S. Treasury Department to disclose beneficial ownership information, as […]

2024 Federal budget Introduction On April 16, 2024, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented Budget 2024. For a summary of tax measures announced, please refer to our newsletter dated April 17, 2024 here: https://www.dhgroup.ca/2024/04/17/2024-federal-budget-summary/.  The Budget proposes to increase the capital gains inclusion rate from ½ to ⅔ for certain capital […]

INTRODUCTION On April 16, 2024, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented Budget 2024. This budget aims to increase lifetime capital gains exemption, introduce a new Canadian Entrepreneurs’ Incentive and increase the capital gains inclusion rate. It also proposes measures to help Canadians buy their first home by increasing the withdrawal limit […]

BACKGROUND The alternative minimum tax (“AMT”) regime was put into place in 1986 with the goal to ensure high-income individuals, and certain trusts, pay a minimum level of tax. AMT is a parallel tax calculation to the regular income tax calculation, but allows fewer deductions, exemptions and tax credits which may otherwise reduce an individual’s […]

We would like to share some very exciting news! As part of our commitment to continuously improve our services and provide a better working environment for our expanding team, we are pleased to announce that we will be relocating to a new office this summer.  In late August 2024, you can find us at 300 – […]

Recent amendments to Canada’s tax laws will require many Canadians to file a trust tax return for the 2023, even where they might not know that a trust exists. In this newsletter we will describe many common arrangements used by Canadians that now result in a requirement to file an annual T3 trust tax return […]

As we approach the end of the year, it is time to consider some tax planning opportunities that may be available to you for 2023. The planning points outlined below are not intended to serve as specific advice; you should always consult your D&H advisor before implementing any of the suggestions contained in this newsletter. […]

Introduction On November 21, 2023, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the 2023 Fall Economic Update.  This update proposes new measures aimed at making changes to the Underused Housing Tax, supporting employee ownership trusts, providing amendments to concessional loans and expanding eligibility for the Clean Technology and Clean Electricity Investment […]

Background The Canada Emergency Business Account (“CEBA”) is a program created by the Government of Canada during the pandemic to provide interest-free partially forgivable loans to qualifying businesses.  Loans of up to $60,000 to small businesses and not-for-profits from financial institutions under the CEBA were available from April 9, 2020, to June 30, 2021. The initial […]