Tax Issues

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Trust and estates beware of the new Underused Housing Tax

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The recently enacted Underused Housing Tax Act[i] (UHTA) applies a one per cent tax on the ownership of vacant or underused housing in Canada. Per the Canada Revenue Agency’s (CRA) published notification[ii] on Jan 17, 2023, “the vast majority of Canadian owners of residential property are excluded owners and, therefore, do not have any obligations and liabilities under the UHTA. However, the underused housing tax is payable by certain Canadian….

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Canada Revenue Agency, Estate Administration, Estate Planning, Tax Issues, Trustee

Will The Vacant Home Tax Impact Use of the Principal Residence Exemption; Estate Planning Considerations

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  Overview The Ontario government has enabled municipalities to enact a tax on vacant residential units in their regions (Granted under Part IX.1 of the Municipal Act).[1] Each municipality has to pass a By-Law stating the tax rate and conditions of vacancy that, if met, make a property subject to the tax. The Council of the City of Toronto enacted their By-Law, deeming it to have come into force on….

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Estate Planning, Executors, In the News, Property, Real Estate, Tax Issues, Uncategorized, Wills

As You’re ‘Checking Your List’, Don’t Forget Your Year End Tax Planning

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As the holidays approach, so too does December 31st or the end of a calendar year.  This date can mean different things to different people.  For those in the business of estate and tax planning, the spectre of December 31st often leads to calls from clients who are looking to: complete a project they had on their “to do” list for the calendar year, start a project but have it….

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Estate Planning, Tax Issues, Trusts

Reversionary trusts – an interesting technicality

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Co-author: Rock Lapalme, CPA, CA, TEP (Associate Director of Tax – Baker Tilly Canada) Most practitioners are aware that subsection 75(2) of the Income Tax Act (ITA) may apply to a trust and will attribute all income or loss from a trust’s property back to the person (transferor) from whom the property (or substituted property) was directly or indirectly received if the property may revert to the transferor[i]. In addition….

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Tax Issues, Trusts

Beneficial ownership reporting for trusts – the uncertainty is almost here!

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The beneficial ownership reporting for trusts (BORT) rules, originally announced in the 2018 Federal Budget on February 27, 2018, has made its way into the House of Commons. The original draft legislation released by Department of Finance on July 27, 2018 was updated on February 4th and on August 9th of 2022. This final update of the BORT draft legislation is now included in the 172 pages of Bill C-32[1]….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trusts

New Trust Reporting Requirements Postponed Yet Again!

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Today’s blog was written by Pritika Deepak, Associate at Fasken LLP. Several tax practitioners and professionals alike breathed a sigh of relief on November 3rd, 2022, when Parliament confirmed that the enhanced tax reporting obligations for trusts shall be postponed once more. As per draft legislation published on August 9, 2022, the application of such enhanced rules was expected to apply to taxation years ending after December 30, 2022. Fortunately,….

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Canada Revenue Agency, Tax Issues, Trusts, Uncategorized
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