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Underused Housing Tax condo

Why you may need to file an Underused Housing Tax return

The federal government’s new Underused Housing Tax came into effect on January 1st, 2022. It introduced a 1 per cent annual tax on the ‘specified value’ of a vacant or ‘underused’ residential property owned in whole or in part by non-resident, non-Canadian citizens. Despite the legislation’s many exemptions, it is very broad and ensnares several […]

condominium under construction to assign residential purchase agreement

January Tax News: ‘Assigning’ residential purchase agreements, tax instalments–and more

“ASSIGNING” A RESIDENTIAL PURCHASE AGREEMENT Purchasers of new homes and condominiums sometimes sell their rights to the property before the closing. This happens frequently with new homes or condos that take years to be built. It may happen because of a change in circumstances, or simply because the buyer wants to profit from an increase […]

Canada Revenue Agency

CRA prescribed rate to increase in early 2023

Rising interest rates have touched virtually every corner of Canada’s economy. Accordingly, the Canada Revenue Agency’s prescribed interest rate is set to increase in lockstep yet again. It will jump to 4 per cent in the first quarter of 2023, up from the current 3 per cent. This is the third consecutive quarter that the prescribed […]

Government of Canada benefits

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 […]

Canada Revenue Agency

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 […]