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 […]

On March 28, 2023, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented Budget 2023: A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future. The budget proposes new measures to: INTRODUCTION The budget also proposes a fiscal plan which the Government claims will see Canada maintain the lowest deficit and the lowest net debt-to-GDP […]

On March 27, 2023 Canada Revenue Agency (“CRA”) granted an extension of time to file UHT returns to October 31, 2023. The CRA official announcement (see https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2023/underused-housing-tax-penalties-and-interest-waived.html) describes this as a “waiver of penalties and interest” for returns filed after the April 30, 2023 filing deadline as long as the returns are filed, and any […]

The Underused Housing Tax Act (the “UHT” Act), which received royal assent on June 9, 2022, implements a national annual 1% tax on the value of residential real estate that is vacant or underused (the “Underused Housing Tax” or “UHT”). The UHT was originally proposed in the 2021 Federal Budget (see our March 14, 2022 […]

As we approach the end of the year, it is time to consider some tax planning opportunities that may be available to you for 2022.  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. […]

UPDATE On August 9, 2022, the Government released a package of draft legislation to implement various tax measures announced in the 2022 Budget and to update certain previously released draft legislation. The effective date of the proposed change to require electronic remittance of payments of $10,000 or more is postponed to the year 2024. In […]

Introduction On April 7, 2022, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable.  The budget proposes measures to help Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers’ Tax Credit. […]

Draft Legislation Released  Budget 2021 announced the Government of Canada’s intention to implement a national annual 1% tax on the value of residential real estate that is vacant or underused (the “Underused Housing Tax” or “UHT”). The UHT was proposed to come into effect on January 1, 2022, and would specifically be applicable to real […]

Introduction On December 14, 2021, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the 2021 Fall Economic Update. This update proposes new measures including the introduction of the Small Businesses Air Quality Improvement Tax Credit, expanding the Eligible Educator School Supply Tax Credit, a new Underused Housing Tax, and enhancing the Home […]

Compiled financial statements, often referred to as “Notice to Reader” statements due to the header on the report page, are prepared under professional standards that have been in place for 34 years. On January 1, 2022, a new Canadian standard for compilation engagements will become effective.  The purpose of this newsletter is to highlight the […]