Please see the beginning of the article in our previous posts. Multiple returns to file. One return must be filed for each of the properties owned by the person, potentially resulting in multiple filings by a person. Likewise, if multiple persons are on title for a single property, each has their own filing obligation. Private …
Underused Housing Tax (UHT): Increased Disclosures and Taxes (part 3) Read More »
Please see the first part of the article here Some of the more common questions and concerns related to the UHT are noted below. Is my property a “residential property”? In general, a “residential property” is a property that contains a building with one to three dwelling units under a single land registry title. A …
Underused Housing Tax (UHT): Increased Disclosures and Taxes (part 2) Read More »
UHT is a 1% federal tax intended to apply to the value of vacant or underused residential real property owned by non-resident non-Canadians. However, many Canadian individuals and other entities are also required to file UHT returns and may even be liable for the tax. Numerous exemptions from the tax itself exist, but significant penalties …
Underused Housing Tax (UHT): Increased Disclosures and Taxes (part 1) Read More »
Please see the first part of the article here Taxpayer loses The Court noted that TFSAs are one of several statutory schemes, each with its own detailed provisions. Their components are not interchangeable. In comparing TFSAs to RRSPs specifically, the Court cited ten significant differences between the two schemes other than the treatment of business …
Earnings in a TFSA are typically not taxable. However, earnings in a TFSA become taxable when they are earned from carrying on a securities trading business. In a February 6, 2023 Tax Court of Canada case, CRA had assessed the TFSA on the basis that it was carrying on a business and was therefore taxable …
Please see the first part in our previous post Taxpayer loses The Court found that the taxpayer could not indirectly reduce the impact of the capital gain on his 2008 return by claiming a capital loss on his 2009 return. Editors’ comment It is typical for brokers not to include the cost base of securities …
Unreported Capital Trades Included on a T5008: CRA Policy (part 2) Read More »
Traders or dealers in securities must report to CRA the disposition of securities, such as publicly traded shares, mutual fund units, bonds and T-bills, of their clients on a T5008. A November 4, 2022 French Federal Court case summarized CRA’s administrative policy where a taxpayer has not filed a tax return, but a T5008 was …
Unreported Capital Trades Included on a T5008: CRA Policy (part 1) Read More »
Please see the beginning of the article here Taxpayer wins The Court found a sufficient link between the advertising from the sponsorship and the taxpayer’s investment advisory services from which he generated his commission income. In addition, the Court opined that the taxpayer’s sponsorship expenses constituted a much lower portion of his total income (e.g. …
Employment Expenses for Commissioned Employee: Sponsorship (part 2) Read More »
In a January 23, 2023 French Court of Quebec case, a commissioned salesperson deducted nearly $600,000 over 2015 and 2016, in sponsorship expenses of a professional cycling team in Canada. The individual was an investment advisor and reported commission income of $1,493,910 and $1,263,360 and taxable capital gains of $2,276,374 and $99,767 in the respective …
Employment Expenses for Commissioned Employee: Sponsorship (part 1) Read More »
The Canadian Federation of Independent Businesses (CFIB) released a report on January 10, 2023, focused on succession expectations for small businesses. It included the following survey responses: 76% of small business owners (constituting $2 trillion in business value) are planning to exit their business in the next 10 years; 9% have a formal business succession …
Small Business Succession: Many Business Transfers Coming Shortly Read More »