Tag: Government

FCAC Issues New Guidelines for Mortgage Lenders

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The Financial Consumer Agency of Canada (FCAC) has announced new guidelines for mortgage lenders following research that showed an increasing number of Canadians are struggling to meet their regular financial obligations. The rising cost of living and hiked interest rates are among the key causes of financial stress for many…

Vancouver Approves New 10.7 percent Property Tax Hike

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Vancouver has just approved a 10.7% increase in property taxes as part of the operating budget for 2023. This increase came just a week after city staff proposed a lower 9.7% hike. Unexpectedly, during the first public meeting to discuss the budget this week, the council went ahead to approve…

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…

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…

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…

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…

Governments Act on Foreign Real Estate Speculation

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The federal government has introduced legislation that will institute a ban on non-Canadians buying residential property for a two-year period beginning on January 1, 2023. This temporary ban is intended to help curb speculation by foreign investors that the government claims has caused Canadians to be priced out of the…

Prairie Livestock Producers to Benefit from Tax Relief

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It is good news for livestock producers struggling from the effect of extreme weather conditions as the government announced new tax relief measures under its Livestock Tax Deferral provision. This provision will permit livestock producers who are forced to sell off a significant portion of their breeding herd due to…

Why No Gas Tax Holiday Just Yet

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Statistics Canada is reporting that in May, pump prices rose by 48% as compared to the same period last year thanks to supply constraints and high crude oil prices. This surge was further exacerbated by the growing demand for fuel due to the easing of travel restrictions instituted during the…