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Federal election

Corporate Tax Planning

Canada’s Federal Election: What Will it Mean for Your Taxes?

Canada’s federal election is happening on Monday, October 21. What are the top three parties promising in terms of tax proposals and how will this impact Canadians? The Liberals Personal Tax Rates Part of the Liberals’ platform includes a 15% increase in the basic personal tax amount, bringing it to $15,000 by 2023. This amount will be phased out for high-net-worth individuals in the second-highest tax bracket (with income of more than $147,667), and fully… Read More

MLI

Corporate Tax Planning

An Update on Canada and the MLI: What’s Next as We Near the Date It Comes Into Force?

The Organisation for Economic Co-operation and Development ’s Multilateral Instrument (MLI) is set to come into force on December 1, 2019. This new legislation is set to have an impact on both foreign investors in Canada as well as Canadian companies which invest in countries which have adopted the new law. What is the MLI? We originally blogged about the MLI last year. The MLI is intended to decrease the opportunity for… Read More

Speculation Tax

Personal Tax Planning

Housing Speculation Tax Challenged in B.C.

We’ve regularly blogged about tax issues arising out of real estate transactions, including taxes being levied against foreign buyers in an increasing number of cities across Canada. We’ve also blogged about taxpayers fighting back against such levies. Now, a group of other taxpayers have launched a legal action against B.C’s Speculation and Vacancy Tax a move which appears to be the only major lawsuit to reach trial. Speculation and Vacancy… Read More

Nova Scotia

Personal Tax Planning

Nova Scotia Becoming Hot Market for International Home Buyers

We’ve previously blogged about non-resident home buyers and the impact that they have had on housing markets in some of Canada’s largest cities, including Toronto and Vancouver. We’ve also explored the various measures these jurisdictions have taken to address what many see as an increasing problem in an already overheated market. The ongoing and “intense discussion” around real estate has prompted the Canadian Housing Statistics Program… Read More

Vacancy Tax- Overhead view of suburban street

Personal Tax Planning

Foreign Buyer Challenging $249,000 Vacancy Tax Levied by City of Vancouver

A homeowner in Vancouver has sued the city after being subject to a $249,000 vacancy tax on a property on which she does not reside. The matter has reinvigorated debate and discussion about the impact of foreign buyers and vacant properties on a continually overpriced and hot housing market in Vancouver and other large centers across Canada. The Home at Issue The property at issue, a home located at 4749 Belmont Avenue, was sold for… Read More