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Foreign Property Tax Stirs Criticism

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At the start of the year, a new federal property tax rule came into effect, banning non-Canadians, non-permanent residents and foreign companies from buying non-recreational residential property in the country for the next two years. This new tax rule and the underused housing tax (UHT) which is a 1% annual…

Taxpayers Put On Alert As Tax Season Begins

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With tax season around the corner, it comes as no surprise that online tax scams are on the rise. Not only are incidents up, but so too is the sophistication of the scams. Many of the scams work on the pretence that communication is coming from the Canada Revenue Agency…

Cost Pressures Key Concern for Small Businesses

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The Office of the Superintendent of Bankruptcy has reported that insolvencies in 2022 rose by 37.2% compared to the previous year. The number of business bankruptcies and debt settlement proposals also rose over the same period. The Canadian Federation of Independent Business (CFIB) has confirmed that only half of its…

Accounting Firms Using Stay Interviews to Retain Employees

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Recent publicity over the shortage of accountants in the US has brought to light efforts that Canadian accounting firms can make to better retain their employees. Stay interviews have become a recommended option that has been highlighted by a recent publication in the Journal of Accountancy. With accounting having been…

CRA Faces Strike Votes Over Return to Office Demands

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The Union of Taxation Employees (UTE), which represents some 35,000 Canada Revenue Agency (CRA) employees, has expressed disappointment with the tax body’s move to file a labour practices complaint against them with the Federal Public Sector Labour Relations and Employment Board. The CRA is claiming that the union is not…

Fear Mounts As Household Debt Levels Rise

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The household debt to income (DTI) ratio has risen in the third quarter, adding to the woes of already highly indebted Canadian households. The Canadian DTI has reportedly risen sharply to 183.3% in the third quarter of 2022. This is 4.3 points higher than last year. Household DTI reached record…

Canada Business Confidence Dips

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A recent survey by CPA Canada indicates that business confidence in the Canadian economy has declined. The survey of chartered accountants in both the private and public sectors found that just 9% of businesses are optimistic about the economy for the next 12 months. This is a sharp drop from…

First-Time Homebuyers to Access HBP and FHSA

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Thanks to legislation that has currently passed the second reading in the House of Commons, first-time homebuyers may be able to tap into both their Home Buyers’ Plan (HBP) and first home savings account (FHSA) contributions when making the same home purchase. Before this, the draft FHSA legislation limited first-time…

Canadians Support Surtax On $1M+ Homes

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A survey conducted by the Canadian non-profit, Generation Squeeze, and Research Co., found that the majority of Canadians are in support of a surtax being imposed on homes that are valued at over $1 million. 68% of Canadians were found to be in support of a modest surtax being paid…

Government Share Buyback Tax Gets Lukewarm Reception

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The Trudeau government has proposed a 2% tax on corporate share buybacks that is intended to push companies towards spending more on workers rather than seeking to inflate value for shareholders. This proposal was inspired by a similar tax change in the US that now imposes a 1% tax on…