Entries by Armando Iannuzzi

Changes to federal trust reporting rules delayed again

In a recent blog, we detailed the government’s proposed new trust reporting rules that were due to come into effect in 2021, before being pushed back until later this year. Now, the implementation date of those new reporting requirements has been delayed yet again. To recap, in the 2018 federal budget, Ottawa outlined plans that […]

Ontario’s 2022 Fall Economic Statement offers tax cuts for small businesses

The Ontario government released its 2022 Fall Economic Statement this week, with Doug Ford’s Conservatives touting improved fiscal news just as the province edges closer to a likely recession next year. Strong GDP performance, higher government revenue and near-full employment have put Ontario on a stronger financial footing—which could be compromised if the economy begins […]

Fall Economic Statement 2022 pledges fiscal responsibility while delivering new spending

Inflation remains stubbornly high, holiday season labour shortages are likely to cause havoc for some businesses and the Canadian economy is probably headed into at least a minor recession in early 2023. These headwinds aside, the federal government promised another $22.1 billion in new program spending while pledging greater fiscal responsibility in yesterday’s Fall Economic […]

CRA’s prescribed rate set to increase again in Q4 2022

In the wake of its doubling on July 1st, 2022, the Canada Revenue Agency’s prescribed rate will increase to 3 per cent on October 1st of this year. The rate, which sets interest rates for everything from tax refunds to outstanding tax debts, is currently set at 2 per cent. The prescribed interest rate is determined […]

Government order provides relief for some students who incorrectly claimed CERB

In the early days of the COVID-19 crisis, as the federal and provincial governments rushed to rollout a whirlwind of relief benefits, Canadians applied for income support programs for which they believed they were eligible–one of the most readily available being the Canada Emergency Response Benefit (CERB)  Some of those applications were later deemed inappropriate, […]

CRA’s prescribed rate set to double on July 1, 2022

A key Canada Revenue Agency tax rate that impacts everything from the interest due on outstanding taxes to interest received on tax refunds, is about to double. The prescribed rate will increase to 2 per cent from the current 1 per cent, effective July 1st, 2022. The rate has remained at 1 per cent since […]

Federal Budget 2022—Home-buying, climate change and personal tax highlights

The federal government approached Budget 2022 under immense pressure to address skyrocketing inflation, amid widespread uncertainty as we enter a sixth wave of the coronavirus pandemic and facing global supply chain woes and a geopolitical crisis stemming from the war in Ukraine. Factor in the Liberals’ minority government status—one stabilized by a recent confidence-and-supply agreement […]

Federal Budget 2022 offers minor tax relief for business, funding for innovation

The federal government’s Budget 2022 contained several new proposed measures, both from a personal and corporate tax perspective, in addition to various new spending initiatives and tax credits. These measures will have some impact on the business community, but when it comes to Canada’s economic outlook as a whole—including strategies to manage runaway inflation and […]

No, trust reporting rules haven’t changed—yet

Canadian taxpayers would be forgiven for being at least slightly confused in recent months by the federal government’s new incoming (yet delayed) trust reporting requirements. You’ll recall that in the 2018 federal budget, Ottawa laid out plans that would require all non-resident trusts to provide additional beneficial ownership information alongside the T3 returns they are […]