If you’re self-employed or operate a small business and are purchasing equipment or other capital assets, a newly proposed federal tax measure could significantly change when you receive the tax deduction.

Beginning with taxation years ending on or after December 31, 2026, certain reportable bare trusts are expected to become subject to enhanced trust reporting requirements. Additional guidance from the Canada Revenue Agency (CRA) is expected before these rules take effect. Now is a good time to become familiar with the upcoming changes and consider whether they may apply to your circumstances.

Many entrepreneurs begin as sole proprietors because it is simple and inexpensive. As a business grows, however, incorporating may become worth considering. Choosing the right structure depends on your goals, profitability, cash flow needs, and long-term plans.

The Canada Revenue Agency (CRA) has changed how taxpayers authorize tax professionals to access their personal tax information. As of...

On September 23, 2024, the government tabled a Notice of Ways and Means Motion to introduce a bill entitled An Act to amend the Income Tax Act and the Income Tax Regulations. This Notice of Ways and Means Motion modified the motion tabled on June 10, 2024.

Based on the Fall Economic Statement, on November 21, 2023, under the proposed changes to the Underused Housing Tax (UHT), for the 2022 reporting period, non-excluded owners of residential properties in Canada must file a UHT return by April 30, 2024.

Effective January 1, 2022, the Canada Revenue Agency introduced the Underused Housing Tax (UHT). ​ HIGHLIGHTS ​ Annual 1% Tax: The UHT is...