Shook, Barbara
Lisa Greene-Lewis:Last tax season, what we saw, Covid relief went away. That was the first time that a lot of the Covid relief went away. So people did report that they may have seen lower refunds if they were eligible for that Covid relief. So for instance, child tax credit, chil...
On 22 June 2023, Bill C‑47,Budget Implementation Act, 2023, No. 1, received Royal Assent. Bill C‑47 enacts Part XX of theIncome Tax Act(the Act),Reporting Rules for Digital Platform Operators, which implements the draft legislative proposals released on 3 November 2022, subject to min...
2022 and before January 1, 20333, the amount of the EV Credit for a qualifying electric vehicle (EV) is up to $7,500, subject to a requirement that the EV undergoes “final assembly” in North America (i.e. the United States, Canada, or Mexico). The Code defines “final assembly...
New Year's Eve is a day of reflection of the past year's events and a time to prepare for the New Year. It is also the last day of the Canadian tax year. Many people attend special parties or other events to mark the end of one year and the start of the
City Council approved a new graduated Municipal Land Transfer Tax in 2023 that includes additional thresholds for high-value residential properties containing at least one, and not more than two, single-family residences. These updated rules take effect January 1, 2024. Increased fees for water and...
Chartered by KingGeorge III, the province was named for the royal house of Brunswick, and its capital,Fredericton, was named for King George III’s son Frederick. While New Brunswick has contributed significantly to the national life of Canada, it is one of the smaller provinces and has always...
As trusts, they must distribute most of their taxable income to shareholders. In 2007, Canada's federal government legislated thatincome trustsmust convert to ordinary tax-paying corporations by January 1, 2011, but many REITs were spared from this legislation. The new trust rules require a REIT...
as of January 1, 2022, Canadian and foreign businesses (part of a consolidated group or not) should be proactive in determining whether they will be affected by this new “gross revenues” tax, and if so, should put a plan into place to ensure they comply with the new rules, including:...
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