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Recent Publications - Tax Alert

Recent Publications

April 2, 2024 by Sean Grant-Young

The CRA acknowledges impact of bare trust filings on Canadians

On March 28, 2024, the Canada Revenue Agency (CRA) announced it would no longer require bare trusts to file a T3 Income Tax and Information Return (T3 return) ⁠–⁠ including Schedule 15 (Beneficial Ownership Information of a Trust) ⁠–⁠ for the 2023 tax year unless the CRA makes a direct request for these filings. This announcement recognizes the new reporting requirements for bare trusts have had an unintended impact on Canadians.

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March 28, 2024 by Sean Grant-Young

2024 Newfoundland and Labrador provincial budget tax highlights

On March 21, the Newfoundland and Labrador government released its 2024 budget. The following are highlights of the key tax measures.

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February 27, 2024 by Sean Grant-Young

2024 British Columbia provincial budget tax highlights

On Feb. 22, 2024, the British Columbia government released its 2024 budget. The following are highlights of the key tax measures.

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November 22, 2023 by Rosa Maria Iuliano

2023 Fall Economic Statement: Tax measures

Deputy Prime Minister and Finance Minister Chrystia Freeland delivered the 2023 Fall Economic Statement (FES) in the House of Commons on Tuesday, Nov. 21, 2023.

Tax Alert |  Manufacturing | Real Estate | Capital Management for Resource Companies | Farming & Agriculture | Oil and Gas | Investment Funds | Dentistry | Medical Professionals | Audit & Accounting | Private Enterprise | Tax Advisory | Cross Border / International | U.S. Tax | 

October 4, 2023 by Ben Berci

Underused Housing Tax Notice (UHTN15) update

The Canada Revenue Agency (CRA) recently released an update to its Underused Housing Tax Notice (UHTN15) – Question and Answers about the Underused Housing Tax (UHT). The new questions and answers address issues related to partnerships, common estate planning, financing scenarios and more. 

Tax Alert |  Private Sector Consulting | Real Estate | Audit & Accounting | Entrepreneurial Services | Private Enterprise | Tax Advisory | 

September 25, 2023 by Bryan Whalen, Madeline Kiesekamp

The impact of inflation on instalment interest and penalties

As interest rates rise in Canada, taxpayers may face higher charges on their notice of assessments. Failing to make required instalment payments throughout the year could catch some people off‑guard, especially in light of higher interest rates. Here, we outline the calculations behind instalment interest and penalties, along with the costly consequences of not meeting payment requirements.

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September 12, 2023 by Mandeep Gaheer

Bring it back – Repatriating profits from Canada to the U.S.

In our latest Tax Alert, we take a look at repatriation planning. Specifically, we examine the most effective tax strategies for a Canadian subsidiary (“CanCo”) to repatriate profits to its U.S. parent corporation (“USCo”).

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June 19, 2023 by Ryan Minor

Handle with care – Understanding how employee ownership trusts work

Budget 2023 proposes to introduce “employee ownership trusts” (EOTs) to encourage employee ownership of a business and facilitate the transition of privately owned businesses to employees. The EOT structure was influenced by similar approaches in the United Kingdom and the United States. The proposed amendments have an effective date of Jan. 1, 2024.

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