A first home savings account (“FHSA”) is a new registered plan allowing prospective first-time home buyers, to save towards the purchase of a first home. The FHSA combines some of the beneficial...
Bare Trusts, Family Trusts and other Trusts: New Tax Filing and Enhanced Information Reporting Requirements
Historically, trusts with no activity throughout the year and no income tax payable have not been required to file a T3 Trust return. However, commencing with taxation years ending after December 30,...
Canada Emergency Business Account (CEBA) Repayment Due January 18, 2024
Canada Emergency Business Account (CEBA) Repayment Due January 18, 2024 The Canada Emergency Business Account (CEBA) was introduced to support Canadian businesses during the challenging times brought on by the COVID-19 pandemic....
Underused Housing Tax
If you own residential property in Canada, you may be required to pay the new Underused Housing Tax (UHT) and file an annual return by April 30th or face minimum penalties of...