Tag: Tax System

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…

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…

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…

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…

Northwest Territories Hike Tobacco Taxes

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Smokers in the Northwest Territories (N.W.T.) can expect to pay more to feed their habit after the territorial government decided to hike taxes on tobacco products. The tax on loose tobacco will rise by almost 74%, making a gram of loose tobacco increase by 21 cents. This means a 200-gram…

BC EV Rebate Program Amended

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British Columbia’s (BC) electric vehicle (EV) rebate program has proven popular over the years. To the extent, it has severally run out of funds. However, this has prompted concern that perhaps the program has not been assisting ordinary citizens, but rather those that could have easily afforded such vehicles even…

Canadian Wineries Get Federal Government Support

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With the recent return of a federal tax on domestic brands, Canadian wine prices are expected to rise by about 4%. This change comes after the government was able to resolve a dispute with Australia at the World Trade Organisation (WTO) that allowed for the repeal of an excise duty…

Concern Grows Over Possible Recession

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As the Bank of Canada raises interest rates to keep pace with spiralling inflation and the stock market performance dims as the economy runs out of room to grow, it appears a perfect storm is brewing for a recession to strike. The concern is that as the central banks raise…

Seniors Concerned Following T4A Tax Slip Delay

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Tens of thousands of Canadian seniors have reportedly been unable to file their 2021 tax returns following an error made by Service Canada in regards to their federal tax slips. Taxpayers have a May 2, 2022 deadline to submit their tax returns. The CRA has not extended this deadline. Senior…