The 2023 federal budget was widely projected to be one of balance and reaction: specifically, it would walk a tightrope aimed at keeping inflation under control and preparing for a potential economic downturn ahead. It would respond to the Biden Administration’s sweeping Inflation Reduction Act by offering competitive green innovation and business incentives, all to keep […]
Compared to the 2022 edition, the 2023 Ontario budget is relatively restrained in its spending commitments. That’s due in large part to what various members of Doug Ford’s Progressive Conservative government have been eager to signal in the lead-up to budget day: that we’re living in a period of economic uncertainty. Queen’s Park is pulling in […]
The federal government’s new Underused Housing Tax came into effect on January 1st, 2022. It introduced a 1 per cent annual tax on the ‘specified value’ of a vacant or ‘underused’ residential property owned in whole or in part by non-resident, non-Canadian citizens. Despite the legislation’s many exemptions, it is very broad and ensnares several […]
SHAREHOLDER AGREEMENTS Whenever a private corporation has shareholders from more than one family (and sometimes even within the same family), shareholder agreements should be considered. A typical situation is where two or three individuals go into business together, and incorporate their business, with each one owning an equal or unequal number of shares of […]
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 […]
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