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Underused Housing Tax: Key considerations

Monday February 13, 2023

(updated February 12, 2024) The Underused Housing Tax (UHT) went into law in June 2022. The UHT affects private corporations, trusts, partnerships, non-citizens, and non-residents who own residential properties in Canada. Here are some key considerations: How is a ‘residential property’ defined for [...]

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Selling your Canadian private corporation?

Thursday January 26, 2023

If you are thinking of selling your Canadian private corporation, it’s important to carefully consider the tax implications of how the transaction is structured. (abridged and updated from a 2021 Insight) There are two primary methods of selling a Canadian private corporation: a [...]

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Year-end Advice from our Client Service Leaders

Friday December 16, 2022

Instead of providing a summary of 2022 tax news and updates—which can be found on the CPA Canada website—we decided to ask some of our Client Service Leaders to answer the question: “If you had one piece of year-end advice for clients as [...]

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Is the SR&ED investment tax credit impacted by the size or location of a parent company?

Wednesday October 26, 2022

QUESTION: Our company is considering a possible acquisition in Toronto. The business in question has revenues just under $4 millon dollars (CAN) and fewer than 50 employees. If we go through with the purchase, would the fact that we are a larger company [...]

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Capital gains and cottage ownership – what you need to know

Wednesday September 28, 2022

Fall can be a busy season for cottage buying and selling. Many cottagers put their properties on the market after enjoying one last summer, and many purchasers delay their search until the fall in hopes of getting a better deal. Whether you are [...]

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Important considerations for intercorporate management fees

Sunday July 24, 2022

If you use multiple entities (corporations, trusts, partnerships) for business purposes and bill central management fees between them, there are some important things you should know. The CRA is aware that some corporations use intercorporate management fees to reduce (or eliminate) taxes by [...]

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Should I make a Cost Plus benefit claim for son's orthodontist expenses?

Wednesday June 15, 2022

QUESTION: I am a business owner and I’m considering making a Cost Plus benefit claim for my teenage son’s orthodontist expenses of $242.00/month (approx. $7000 in total). Does this make sense from a tax perspective? ANSWER: A Cost Plus benefit claim is a [...]

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Lock in family income-splitting loans before prescribed interest rate increase

Tuesday May 24, 2022

There is a window closing June 30th on prescribed rate loan planning. On July 1, 2022, the CRA’s prescribed rate of 1% for family income-splitting loans will rise to 2%, and may continue to rise in the quarters and years ahead. But if [...]

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2022 Federal Budget Highlights and Commentary

Friday April 15, 2022

On Thursday April 7, the Honourable Chrystia Freeland presented the 2022 Federal Budget. Surprisingly, there were not a raft of tax changes, the capital gains inclusion rate (or effective capital gains tax rate) was not increased, and Federal budget deficits are projected to [...]

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