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The Canada Revenue Agency sign outside the National Headquarters at the Connaught Building in Ottawa is seen on Monday, March 1, 2021. CRA Tax

CRA clarifies tax treatment of settlement payments related to RRSPs, other plans

In an income tax folio, the Canada Revenue Agency clarified its position on settlement amounts and registered plans

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Ontario, Quebec yet to match feds’ proposed small business tax break

The federal budget proposed increasing the level of taxable capital at which a business can still access the small business rate

income tax owing

CRA can use ‘arbitrary assessments’ to fill a filing void

A Tax Court case offers a warning about missing corporate returns

Canadian parliament in Ottawa

Luxury vehicle tax, DTC changes included in Budget 2022 implementation bill

Bill C-19 gives people who purchased luxury vehicles in 2021 a break

senior women

Ontario proposes new tax credit for seniors

Tories also propose enhancing existing tax credit for low-income earners

Hands Giving & Receiving Money

Prescribed loan rate to rise July 1

Now is the time to lock in 1% prescribed rate on family loans, achieve income splitting opportunity

Ontario Queen's Park Legislative Building

Ontario Liberals promise to boost provincial top-up to OAS

Eligible seniors would receive up to $1,000 more annually

Closed business coronavirus covid-19 crisis recession unemployment

Government data suggests First Nations hit more often with CERB repayment letters

‘CRA took my teeth, my rent, my food,’ says Winnipeg residential school survivor

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REIT reform not off the table in federal housing review

The federal budget said the government will proceed with a review of “housing as an asset class"

Skyline of Winnipeg with Manitoba Legislative Building. Winnipeg , Manitoba, Canada

How Manitoba is changing residential & farm property tax

The province will raise the rebate, on the education tax on residential and farm property, to 37.5% this year and 50% next year

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What advisors are saying about the proposed FHSA

Advisors are still relatively positive about the tax-free first home savings account, despite not being able to use it alongside the Home Buyers’ Plan

Canadian parliament in Ottawa

Feds raise charities’ disbursement quota to 5%

Proposed change in Budget 2022 would "increase expenditures by charities overall," government said

Hard working craftsman working with planer in a workshop for woodwork. Handsome man with tattoo and beard.

Budget gives businesses greater access to small business rate

But with no adjustment to the passive income rules, some companies will remain shut out

Canadian parliament in Ottawa

Federal budget 2022: What you need to know

All of Advisor.ca’s 2022 federal budget coverage in one place

  • By: Staff
  • April 7, 2022 April 8, 2022
  • 20:37
Gas flaring. Torch against the sky.

Budget pulls tax levers to drive low-carbon shift

Government cuts fossil-fuel credits, offers new credits for critical mineral, carbon capture development

Business and financial district in a city with pillars

Feds set bank, insurer surtax at 1.5% for profits over $100M

Financial institutions will also have to pay a one-time Canada Recovery Dividend on 2021 taxable income over $1B

New home savings account a “substantial” measure for new buyers

CIBC's Jamie Golombek breaks down how the new account will work

image of houses

Feds propose anti-flipping tax to cool housing prices

Profits on sale of residential property held for less than 12 months would be taxed as business income

Canadian parliament in Ottawa

Large RRSP balances, Bill C-208 addressed in 2022 budget

The government plans to consult on how to allow "genuine" intergenerational share transfers

Canadian parliament in Ottawa

Liberals to bring in new minimum tax on top earners

The measure would target those among the top 0.5% not paying their "fair share" of taxes

Canadian tax form

When is the best time to take CPP and OAS?

Advisors need to consider several aspects, such as life expectancy and whether the client will spend or invest CPP and OAS

Condo buildings in downtown Montreal

The Liberals plan to review tax treatment of REITs. Will this help renters?

Targeting REITs and other large owners of residential real estate such as lifecos and pension plans might disincentivize investment, one expert says

Parliament buildings in winter

Federal budget to drop April 7

The budget is expected to include new social programs promised as part of the Liberals' agreement with the NDP

The White House in Washington DC, United States

Biden’s budget plan includes 20% minimum tax on households worth $100 million or more

New tax on the ultra wealthy would include ``unrealized gains''

house versus cottage

Tax reminders for clients who bought, renovated or sold homes in 2021

CRA outlined credits, rebates and reporting requirements

  • By: Staff
  • March 24, 2022 March 24, 2022
  • 16:58