Draft legislation recently tabled by the Department of Finance could significantly complicate transaction reporting requirements for a selection of individuals and businesses across the country. Under newly proposed mandatory disclosure rules that were first introduced in the 2021 federal budget, certain taxpayers may need to report a comprehensive new set of reportable or notifiable transactions […]
As devastating as the global pandemic has been, it did create a new way of thinking for businesses large and small. Remote work became common, Zoom calls the norm and businesses of all sizes shifted their workflow, both to accommodate lockdown restrictions and the evolving work preferences of their employees. At the same time, a […]
Rising interest rates have touched virtually every corner of Canada’s economy. Accordingly, the Canada Revenue Agency’s prescribed interest rate is set to increase in lockstep yet again. It will jump to 4 per cent in the first quarter of 2023, up from the current 3 per cent. This is the third consecutive quarter that the prescribed […]
For years, housing advocates across Canada have argued that property speculation and overseas investment were a major factor driving up home prices. While academics and industry stakeholders have debated the degree to which that is the case, the federal government took action to address the issue earlier this year by introducing the Underused Housing Tax. […]
In a recent blog, we detailed the government’s proposed new trust reporting rules that were due to come into effect in 2021, before being pushed back until later this year. Now, the implementation date of those new reporting requirements has been delayed yet again. To recap, in the 2018 federal budget, Ottawa outlined plans that […]
The Ontario government released its 2022 Fall Economic Statement this week, with Doug Ford’s Conservatives touting improved fiscal news just as the province edges closer to a likely recession next year. Strong GDP performance, higher government revenue and near-full employment have put Ontario on a stronger financial footing—which could be compromised if the economy begins […]
Inflation remains stubbornly high, holiday season labour shortages are likely to cause havoc for some businesses and the Canadian economy is probably headed into at least a minor recession in early 2023. These headwinds aside, the federal government promised another $22.1 billion in new program spending while pledging greater fiscal responsibility in yesterday’s Fall Economic […]
In the wake of its doubling on July 1st, 2022, the Canada Revenue Agency’s prescribed rate will increase to 3 per cent on October 1st of this year. The rate, which sets interest rates for everything from tax refunds to outstanding tax debts, is currently set at 2 per cent. The prescribed interest rate is determined […]
In the early days of the COVID-19 crisis, as the federal and provincial governments rushed to rollout a whirlwind of relief benefits, Canadians applied for income support programs for which they believed they were eligible–one of the most readily available being the Canada Emergency Response Benefit (CERB) Some of those applications were later deemed inappropriate, […]
A key Canada Revenue Agency tax rate that impacts everything from the interest due on outstanding taxes to interest received on tax refunds, is about to double. The prescribed rate will increase to 2 per cent from the current 1 per cent, effective July 1st, 2022. The rate has remained at 1 per cent since […]
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