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Tips, Tricks and Taxes

Federal Government Updates - 09/18/2023

The Federal government has recently announced a few proposed tax changes that may be relevant to you. While the related draft legislation has not been released and there could be significant changes before the new rules become law, we wanted to provide you with an update on the information that is presently available.

September 18, 2023

Federal and Ontario Budget Update

The Federal and Ontario governments recently had their 2023 budgets tabled.

All of the items below are proposed and subject to change if/when enacted into law.

Ontario Budget

On March 23, 2023 the Ontario government tabled their 2023 budget.

The most notable tax related item was the introduction of the Ontario Made Manufacturing Investment Tax Credit. This tax credit:

  • Would provide a 10 per cent refundable Corporate...

March 31, 2023

Underused Housing Tax (UHT)

Dear Clients,

Beginning for 2022, the government has introduced the Underused Housing Tax (“UHT”).

The UHT imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. The government indicated that the tax would target property owned by non-Canadians; however, the scope of filing requirements extends to many Canadian entities and individuals, inclu...

February 9, 2023

First Home Savings Account (FHSA)

Dear Clients,

Beginning in April of 2023, the government is introducing the First Home Savings Account (FHSA) for individuals who are the age of 18 and older and are resident of Canada. 

The FHSA offers prospective first-time home buyers the ability to save $40,000 tax-free. Like registered retirement savings plans (RRSP), contributions to a FHSA would be tax deductible. Like tax-free savings accounts (TFSA), income and gains inside a FHSA as well as withdrawal...

January 24, 2023

Ontario Regional Opportunities Investment Tax Credit

The Ontario Regional Opportunities Investment Tax Credit (OROITC) was introduced on March 25, 2020 providing a refundable tax credit for corporations that invest more than $50,000 to construct, renovate or acquire eligible commercial and industrial buildings in designated regions of Ontario, including Windsor-Essex.

January 20, 2023

Fall Economic Statement

In connection with the Fall Economic Statement announced on December 14th, we wanted to provide you with some highlights:

  • No changes to personal or corporate tax rates, including the capital gains inclusion rate.
  • Small Business Air Quality Improvement Tax Credit - Proposed refundable tax credit for certain Canadian Controlled Private Corporations and sole proprietors of 25% of qualified air qual...

January 3, 2022