Please see the beginning of the article here The Court then noted that the withholding requirement exists regardless of whether or not the taxpayer knows that the landlord is non-resident. Further, there is no due diligence defence in respect of the tax withholding. As such, the taxpayer was liable for the tax not withheld. The …
Paying Rent to Non-Residents: Withholdings Required (part 2) Read More »
In a March 30, 2023 Tax Court of Canada case, the taxpayer was assessed for failing to withhold taxes on rent paid on Canadian real estate to a non-resident. Penalties and interest were also assessed. The information known to the taxpayer was limited to an Italian telephone number on the lease document (with a Canadian number), …
Paying Rent to Non-Residents: Withholdings Required (part 1) Read More »
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 »
(please read the beginning of the article in our previous posts) Author of the article: Renée Sylvestre-Williams • Canadian Family Offices Insurance This is probably one of the last remaining ways to pass money intergenerationally without paying tax on it, says Scott Dickenson, principal of client service at Northwood Family Office in Toronto. He says that generally, the …
Five smart ways to transfer wealth to your children and grandchildren (part 3) Read More »
Don’t let tax efficiencies dictate the best ways to pass on wealth. The idea that wealthy parents or grandparents leave money to their kids or grandkids in their will is becoming outdated. So says Ethan Astaneh, wealth advisor and client relationship manager at Nicola Wealth in Vancouver. While money can definitely be passed down via …
Five smart ways to transfer wealth to your children and grandchildren (part 1) Read More »
A one-time tax-free payment of $500, announced in September 2022, is now available to low-income renters. The payment does not reduce other federal income-tested benefits. Eligible individuals must: be 15 years of age or older on December 1, 2022; be resident in Canada for tax purposes in 2022; have filed their 2021 tax return with …
One-Time Top-Up to The Canada Housing Benefit: Additional Support Read More »
A September 12, 2022 Tax Court of Canada case reviewed the gain on a residential property purchased in 2007 and disposed of in 2011. The property was substantially rebuilt during the ownership period. The proceeds, cost and gain were all determined by CRA as the sale was unreported. These amounts were largely unchallenged by the …
Unreported Real Estate Dispositions: Multiple Issues Read More »