We think it is important to keep our client's informed with new and important tax and accounting related information. We want you to benefit from any tax savings or program benefits that may be relevant to you.
Our firm takes pride in staying current with new tax legislation ensuring our client's receive every advantage available.
Check back regularly to see what's new.
Bare Trust Reporting ("New")
New reporting requirements have been announced whereby you will be required to file a trust tax return for bare trusts effective for fiscal years ending December 31, 2023. A bare trust is essentially a principal-agent relationship whereby one party holds legal ownership of a property and another party retains beneficial ownership of the property. Examples of bare trusts could be situations such as an individual adding a joint tenant/owner to land, residential property or bank accounts for estate planning purposes. Please contact our office if you feel these new reporting requirements may apply to you.
Underused Housing Tax ("New")
The Government has enacted a new Underused Housing Tax (UHT) which is applicable to affected owners of residential property commencing in the 2022 calendar year. The filing deadline for the UHT forms is April 30, 2023, however for the 2022 transitional year CRA will accept filings up to April 30, 2024 without penalty. Please see our "Links" section to determine if the UHT applies to you and contact our office if you require assistance interpreting the rules or for assistance completing the necessary tax forms.
First Home Savings Account ("New")
Budget 2022 has announced a new savings program for first time home buyers. The program combines the benefits of an RRSP and a TFSA into a new program enabling taxpayers to utilize tax incentives to save for their first home purchase. This is an extremely appealing program for any taxpayer who wants to save money to purchase their first home down the road.
Labour Mobility Deduction ("New")
The LMD provides an eligible tradesperson with a deduction for certain transportation, meals and temporary lodging costs incurred for travelling significant distances to earn income at a temporary work location from temporary employment in construction activities during the 2022 and subsequent taxation years.
Medical travel expenses
If you are required to travel to obtain medical services (i.e. Doctor, Dentist, Optometrist) you may be eligible to claim mileage and meals as a medical expense tax credit. Remember to keep a log of these trips for the taxation year and include this with your tax documents. We will take care of the rest!