Resources
Successful financial management and planning are founded on accurate and up to date information. Here are some links to the latest tax news and publications that we find particularly useful. If there’s something you don’t see here, or you have any questions, we are just a phone call or email away.
To use the resource table, simply select a subject that interests you.
Underused Housing Tax (UHT) Quick Reference Chart
The new Underused Housing Tax (UHT) imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. The government indicated that the tax would target property owned by non-Canadians; however, the scope of filing requirements extends to many Canadian entities and individuals, including private corporations, partnerships and trustees of a trust. The first filings and taxes are due on April 30, 2023, but no penalties or interest will be applied for UHT returns and payments that the CRA receives before November 1, 2023.
This summary is intended to be a general guide in determining filing obligations and tax exposure. The specific legislation, regulations and CRA administrative policy should be reviewed for a complete and detailed understanding.
Bare Trusts and Jointly Owned Property
New CRA Reporting Requirements for Trusts: December 2023 Update See last month's blog for more details: "New rules for trust... Read More
First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) in Canada offers several key guidelines for prospective first-time home buyers: Purpose and Availability:... Read More
Ontario Not-for-Profit Corporations Act (ONCA) | Are You Compliant?
The Ontario Not-for-Profit Corporations Act (ONCA), proclaimed on October 19, 2021, introduces significant changes affecting nonprofits in Ontario: Overview of... Read More
New rules for trust (“T3”) reporting – YOU MAY BE AFFECTED
We would like to inform you about the new rules for trust (“T3”) reporting that have been recently introduced by... Read More
Underused Housing Tax Transitional Relief Announced
The Canada Revenue Agency (CRA) understands that there are unique challenges for affected owners in the first year of the... Read More
Personal Income Tax Checklist - 2022 Returns
Eliminate confusion at tax time! Be sure that everything is organized and ready for your accountant with this checklist.... Read More