The federal government’s new trust reporting rules and failure to comply penalties apply to most inter-vivos trusts for taxation years ending on or after December 31, 2023. In the case of trusts that no longer serve a useful purpose, some trustees may believe they can avoid these new rules by distributing all assets to beneficiaries …
New trust reporting rules apply to trusts wound up in 2023 Read More »
The Underused Housing Tax (“UHT”) imposes a mandatory tax return filing obligation and potential tax liability on most owners of Canadian residential properties. A residential property generally refers to a detached house, duplex, triplex, semi-detached house, rowhouse unit, residential condominium unit or other similar premises containing a private kitchen, bath and living area. An owner of …
Understanding the new 1 per cent Underused Housing Tax Read More »
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