Keeping Up With Trust Reporting: New 2023 Trust Reporting Rules

A photo of a Government of Canada building with blue skies in the background.

This article was originally published September 21, 2021 and has been updated to align with the new coming into force date set out in Bill C-32 (Fall Economic Statement Implementation Act, 2022). Under the revised legislation, the implementation of these trust reporting rules was delayed one year. There are new tax return… Read more

AMT Overhaul: A Guide to the New Alternative Minimum Tax Rules

A young businessman sits at a desk looking over company documents and tax files.

The 2023 federal budget announced significant changes to the Alternative Minimum Tax (AMT) regime to better target high-income individuals. On August 4, 2023, the Department of Finance released draft legislative proposals to modify the AMT regime, effective for taxation years beginning after 2023. The proposed changes would be the most… Read more

Underused Housing Tax (UHT): File for 2022 by April 30, 2024

A small toy house sits on a desk with an accountant explaining the Underused Housing Tax to his client in the background.

This article was originally published on September 15, 2023, and has been updated as of November 1, 2023 to reflect the extended UHT filing deadline announced by the CRA on October 31, 2023. In February we provided an in-depth guide to the new federal Underused Housing Tax (UHT), which is… Read more

Doubling Your Dwellings: Laneway Houses and the Principal Residence Exemption

A man's hand holds up the house key to a new laneway house in the background of the photo.

The popularity of detached secondary dwellings (“Laneway House”) has continued to grow in the Lower Mainland since the City of Vancouver approved them in 2009 to promote affordable housing. Laneway houses are typically rented out to supplement the cost of living but are also used to provide accommodation for aging parents,… Read more

Sun, Snow and the CRA: Taxes & Regulations for Vacation Rental Owners

"Two Adirondack chairs on a serene lakeside dock, hinting at the peaceful escape of vacation rentals and the importance of understanding rental taxes and regulations.

Welcome to the wild world of vacation rentals, also known as short-term rentals (STRs), where you can turn your spare property into an income-generating machine almost overnight. While hosting a vacation rental may seem like an easy way to bolster your passive income, when it comes to taxes and regulations,… Read more

Protect Your Prosperity: Using Trusts to Safeguard Your Retirement

Joyful senior couple toasting with wine glasses at a picnic, celebrating their secure retirement through effective trust planning.

Baby boomers, those born between 1946-1965 who make up roughly a quarter of the population[1], have experienced the largest period of wealth creation in history over their lifetime. As we move into the mid-2020s, this generation is entering a critical stage—retirement—which is initiating the greatest wealth transfer that Canada has… Read more

Underused Housing Tax (UHT) List of Exemptions

Two miniature house models on a table with people discussing in the background, representing a consultation on the Underused Housing Tax exemptions.

This article is part of a series on the new Underused Housing Tax (UHT). Please refer to our previous article for more information. What exemptions are available to claim on a UHT return? A number of exemptions are available, which are based on factors such as the condition of the… Read more

The Underused Housing Tax (UHT): Looks Can be Deceiving!

Three model houses on display with a person in the background analyzing documents, reflecting the detailed scrutiny involved in the Underused Housing Tax assessments.

This article was originally published on February 8, 2023. It has been updated as of November 1, 2023 based on additional information made available. At first glance, you probably (and understandably) assumed that the new Federal Underused Housing Tax (UHT) doesn’t apply to you. We hate to be the bearer… Read more

The real Santa ‘Clause’: Tips on applying the charitable tax credit

Individual making an online charitable donation on a smartphone during the holiday season, surrounded by festive gifts.

Every year, we’re truly amazed by the magnitude of charitable giving done by our clients around the holidays (and during the rest of the year as well, of course). While there’s no doubt these donations are given from a place of generosity and gratitude, the accompanying charitable tax credit is… Read more

Making lemonade: Strategies for when the markets are giving you lemons

Concerned investor analyzing a declining stock market graph on a tablet, considering strategies to manage market downturns.

Look, we probably don’t have to tell you it’s been a hard year to be an investor. Lingering effects of the pandemic, rising inflation, supply chain constraints, war and other external factors have produced significant declines in the markets that could make even the safest of investors sweat. While it… Read more