Home Tax Tax News

Latest news in Tax News

Closeup of paper man pushing tax wooden block on table against gray background

Democrats see tax “framework” to pay for huge US$3.5-trillion package

The next step is narrowing the menu of tax possibilities, focusing on measures likely to pass

illustration of magnifying glass and tax forms

Liberals may be more open to NDP tax proposals in new Parliament, experts say

Advisors will be watching for taxes targeting high earners, capital gains and wealth inequality

Election 2021: Where the parties stand on financial issues

Here’s what's been proposed for financial institutions, taxes, housing and more

NDP capital gains tax proposal would raise $45B over 5 years: PBO

The party pledged to increase the capital gains inclusion rate to 75%

The White House in Washington DC, United States

Democrats seek corporate, wealthy tax hikes for $3.5T plan

The proposed top tax rate would revert to 39.6% on couples earning more than $450,000

Wheeling his way into recovery

Tory pledge to expand DTC eligibility would cost $177M over five years

Promise to extend sickness benefits would cost $4B over the same time period

Parliament buildings at sunset

NDP’s proposed wealth tax would generate $60 billion over five years: PBO

The party has pledged a 1% tax on those with over $10 million in wealth

Greens would tax financial transactions, close capital gains “loopholes”

The party would also cap the small business tax rate at 9% but raise the corporate tax rate to 21%

Parliament Hill building closeup in Ottawa, Canada

Liberals propose 15% minimum tax on highest earners

The party platform also calls for a new financial sector ombudsperson with binding arbitration power

young man in wheelchair on a Zoom call

Repay RDSP grants and bonds to eligible people, demand advocates

People who lost DTC eligibility under now-changed rules had to close their RDSPs and repay $34.4 million in grants and bonds

Side view of a serious businessman scrolling on a tablet

Liberals pledge to raise GIS

A qualifying senior couple would receive $750 more per year

golden steps leading up, made of stacks of dollar coins in increasing height

Liberals target banks, insurers with tax hike on profits over $1 billion

Big financial institutions would also have to pay a pandemic recovery dividend

close up, business man or lawyer accountant working on accounts using a calculator and writing on documents

Conservatives call for transparency in investment management fees

The party's election platform also contains various tax proposals and targets an "overly aggressive" CRA

Parliament buildings at sunset

Fate of unfulfilled 2021 budget proposals uncertain with election underway

Certain measures from the 2019 election, such as a luxury tax, are sure to resurface in this campaign

Parliament Hill building closeup in Ottawa, Canada

NDP pledges to raise top marginal tax rate, capital gains inclusion rate

The corporate tax rate would also go to 18%

Luxury interior in bright colors of genuine leather in the business jet

Feds launch public consultations on new luxury tax

The tax on expensive vehicles was part of the Liberals' 2019 election platform

  • August 11, 2021 August 11, 2021
  • 12:21

Feds launch consultations on increasing charities’ disbursement quotas

Finance is seeking comments about raising the rate and giving the CRA better enforcement tools

canadian money house on white background

Finance looking for input on underused housing tax

The proposal is for a 1% annual tax on the value of vacant real estate owned by non-residents

  • By: Staff
  • August 9, 2021 August 9, 2021
  • 11:59
Parliament Hill building closeup in Ottawa, Canada

Advocates hopeful new federal disability benefit could improve access

The Liberal government's proposed Canada Disability Benefit would be modelled on the guaranteed income supplement

illustration of magnifying glass and tax forms

Will CRA challenge small biz transfers that use Bill C-208?

Tax experts argue that aggressive transfers could be penalized under the general anti-avoidance rule

Parliament buildings at sunset

Disability advocates say budget proposals alone won’t solve DTC access problems

While the new measures are welcome, experts say there are still problems with how the disability tax credit is administered

Interior view of the Canada Commons of Parliament, Ottawa

MPs on finance committee to discuss timing for changes to small business tax rules

Critics say the government is defying Parliament by not enacting the new rules

Wooden cubes tax with canadian dollar

Singh demands ongoing tax on ultra-wealthy Canadians

An NDP proposal from last year calls for an annual tax of 1% on families with fortunes over $20 million

Closeup receipts in paper nail

G20 ministers take up plan to deter cross-border tax dodging

Approval of the sweeping tax package is likely at the G20 meeting Friday and Saturday

Canadian paper bills in 5 10 and 20 dollars

Date set for $500 OAS payment

Seniors aged 75 and older will receive the one-time payment in August