May 23, 2023
While the Canada Revenue Agency’s (CRA) announcement of an administrative extension for Underused Housing Tax (UHT) returns and payments for the 2022 calendar year was welcome, we know many members are still concerned about the impact of the UHT on Canadian owners.
Latest tax blog: Business succession — New tax rules to consider for family business transfers
May 16, 2023
Budget 2023 announced two sets of tax rules to consider when owners transfer their businesses to family members and employees. Read our latest blog to understand the implications of these measures on business succession in 2024 and later years.
In case you missed it – CRA drop boxes reopening
May 10, 2023
The Canada Revenue Agency (CRA) has been reopening drop boxes across Canada after being shut down for several years due to the pandemic. The CRA indicates that the reopening will be phased in as drop boxes become ready for use. For further information, see CRA’s webpage.
April 21, 2023
As previously reported, revised Mandatory Reporting rules were included in the Notice of Ways and Means Motion that was released on April 17, 2023.
April 19, 2023
Finance has released a Notice of Ways and Means Motion (NWMM) to implement some of the proposals included in the 2023 federal budget as well as a number of other previously announced measures.
CRA updates the UHT Q&A page
April 17, 2023
The Canada Revenue Agency (CRA) has recently updated the Underused Housing Tax Notice (UHTN15) Questions and Answers About the Underused Housing Tax with more Q&As. Many of these questions are ones we have passed along to the CRA. We understand the CRA will continue to update this page as more questions arise, and/or as further guidance can be provided.
CRA updates on possible labour disruption
April 12, 2023
The Canada Revenue Agency (CRA) has recently created a webpage where it indicates it will provide updates on how potential labour disruptions may impact their services along with some preliminary information. We will also keep you updated as we learn of any new developments, and pass on feedback to the CRA as issues arise.
2023 Federal Budget
March 29, 2023
Watch now: 2023 Federal Budget Tax Highlights webinar
Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled this year’s federal budget on March 28, 2023. Watch CPA Canada’s webinar in English and French to better understand the most important tax measures contained in this year’s budget. In addition, don’t forget to download the Tax Highlights document.
CRA announces administrative extension for Underused Housing Tax
March 28, 2023
To provide more time for taxpayers, the Canada Revenue Agency (CRA) has announced that penalties and interest will be waived under the Underused Housing Tax Act for the 2022 calendar year, provided the return is filed and any UHT due is paid by October 31, 2023. For further details, please see CRA’s news release.
CRA publishes Q&As on the Underused Housing Tax
March 28, 2023
The CRA has recently published a number of questions and answers on the Underused Housing Tax (UHT).
We understand from the CRA that more UHT Q&As will be published soon. We will you keep you updated on this.
March 9, 2023
As discussed in our recent blog, the UHT is intended to apply to underused residential property in Canada owned directly or indirectly and wholly or partly by non-resident, non-Canadians.
Latest tax blog: CRA e-services – Key updates for tax practitioners
March 8, 2023
As the CRA continues to enhance its online processes for interacting with taxpayers and practitioners, we’ve collated some of the recent key changes introduced. Read our latest blog to know more
March 7, 2023
Sole proprietors who may want to use the same representative for both their business and personal taxes may now be eligible to do so without them having to register for the Canada Revenue Agency’s My Business Account and go through the Confirm my Representative process.
More updates to our Underused Housing Tax (UHT) blog
February 15, 2023
As noted in our February 8, 2023, news item, the CRA recently published additional UHT Notices (UHTN6 through UHTN11). As such, we’ve updated our UHT blog to provide further information on determining the primary place of residence, as well as continuous occupancy for UHT purposes. We’ve also added a new section that highlights some considerations for partnerships versus co-ownerships.
CRA updates Form T1134 Q&As
February 14, 2023
As noted in our October 26, 2022, news item, the CRA had provided us with their responses to questions we posed to them on the new Form T1134. The CRA has recently updated its Questions and answers about Form T1134 webpage to include these questions and responses.
Latest tax blog: 2023 personal tax season – Key changes to consider
February 13, 2023
As T1 season approaches, it is important to take note of new tax measures and other changes for 2022 personal income tax returns so you can better serve your clients. Read our latest blog to learn more about key considerations for this year’s filing season.
February 8, 2023
Registration for an Underused Housing Tax (UHT) program account (RU) is now open. For owners who will be required to file a UHT return for 2022 and will need to register for an RU program account, we recommend you do this soon.
February 3, 2023
The CRA has recently published the Underused Housing Tax Return and Election Form (UHT-2900) on its website.
January 27, 2023
As you may have read in our latest blog, the new Underused Housing Tax (UHT) is aimed primarily at non-residents of Canada, but others may also be caught. It’s important to understand the rules to ensure you, or your clients, are not subject to the tax, and/or required to file the UHT return.
January 25, 2023
As many firms and practitioners prepare for the upcoming 2023 tax filing busy season, we wanted to remind you of the new security requirements that CRA implemented to Represent a Client (RAC) last fall.