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Important U.S. Tax Considerations for Snowbirds

Friday January 26, 2024

As a Canadian resident who winters in the U.S., you may be considered a ‘U.S. person’ and technically subject to U.S. income tax on your worldwide income if you spend a certain number of days in the United States over a three year [...]

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New Trust Reporting Rules

Wednesday January 17, 2024

New trust reporting rules that were initially proposed in the 2018 federal budget are now being implemented for all trusts with taxation years ending after December 30, 2023. These new trust reporting rules are quite complicated. This Insight provides an overview of the [...]

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Year-end Advice from our Client Service Leaders

Wednesday December 13, 2023

Instead of providing a summary of 2023 tax news and updates—which can be found on the CPA Canada website—we invited our Client Service Leaders to answer the question: “If you had one piece of advice for clients as we move into 2024, what [...]

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First-time Home Buyer Considerations

Monday November 27, 2023

High housing prices, rising mortgage rates, and overall inflation have made it extremely challenging for many Canadians to purchase their first home, especially within more competitive markets like Toronto and Vancouver. If you or someone in your family is considering the purchase of a [...]

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Tax and Financial News and Updates

Tuesday October 31, 2023

Below are some noteworthy news items and updates that may impact your tax and financial planning: Loans and Mortgages from Related Corporations The Department of Finance recently clarified their definition of what constitutes a loan being “in the ordinary course of the creditor’s [...]

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Do I need to file a UHT return if I am on legal title to a property but am not the ‘real’ owner?

Wednesday September 20, 2023

QUESTION: Do I need to file a UHT return if I am on legal title to a property but am not the ‘real’ owner? ANSWER: Short answer? Yes. Underused Housing Tax (UHT) affects private corporations, trusts, partnerships, non-citizens, residents who are not permanent [...]

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Do I need to file an Underused Housing Tax (UHT) return if I own a rental property with my spouse?

Monday September 11, 2023

QUESTION: Do I need to file an Underused Housing Tax (UHT) return if I own a rental property with my spouse? ANSWER: Short answer? Maybe. Underused Housing Tax (UHT) affects private corporations, trusts, partnerships, non-citizens, residents who are not permanent residents, and non-residents [...]

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Business Valuation: Tips for Business Owners

Tuesday August 29, 2023

As a business owner, there are several reasons why you may want or need to know the value of your business. You may be selling your company or seeking investors, working on a merger, an acquisition or a tax-free reorganization, buying out a [...]

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How do you establish FMV on an inherited cottage?

Wednesday July 26, 2023

QUESTION: How do I establish FMV on an inherited cottage? ANSWER: A client recently approached us about a cottage they had just inherited. They hoped to keep the property in the family, but were unsure of the associated tax burden and wondered how [...]

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