In Budget 2021, the federal government announced plans for an annual one percent tax on the value of the residential real estate that is: owned by any non-resident, non-Canadian, and, considered vacant or underused. What is the UHT? The UHT is intended to apply to underused housing in Canada owned directly or indirectly and wholly or partly by a non-resident, non-Canadians. UHT obligations apply for calendar years (beginning with 2022) to affected owners of residential
Unlike in other countries, Canadian tax rules do not allow spouses or common-laws to file joint income tax returns. Each Canadian files their own tax return and indicates their marital status on the return and who they are married to / living with. You do not get to decide whether to claim your marital status on your tax return. However, once you are married or common-law, you must include your spouse. To be considered common-law,
These Can Result in Taxable Income, and PST and GST/HST Payable Do you trade goods or services which you would normally sell in the course of your business? Have you started using Bitcoin or other cryptocurrencies for transactions? Bitcoin and other virtual currencies are treated as financial instruments for GST/HST purposes, so no GST/HST is collected on a supply of the currencies. However, there can still be sales tax implications. If a transaction would have
A new tax on luxury goods such as yachts, personal aircraft, and cars would take effect on January 1, 2022. The tax would be applied to cars and personal aircraft that retail over $100,000; boats for personal use retailed over $250,000. If the budget passes, the tax will come into effect on January 1, 2022. The tax is calculated at the lesser of: 20 percent of the value above threshold ($100,000 for cars and personal
Be ready for new filing changes coming in May. If your corporation files Ontario annual information returns, the following changes could affect you: As of May 7, 2021, Ontario Corporations Information Act annual returns will no longer be available for download on Canada.ca. As of May 15, 2021, Ontario Corporations Information Act annual returns will no longer be filed through the Canada Revenue Agency. The changes will apply to the following forms: Schedule 546, Corporations
Here at YS Accounting & Tax Services, Inc., we are taking necessary precautions to ensure we do not lose any productivity, even during these uncertain times of the current COVID-19 (Coronavirus) crisis. We have implemented several best practices to ensure our business stays operational and so that yours can remain effective. We now offer an electronic transfer of data and reports, along with a video or phone conferencing, which allows us to communicate with our
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