Canadian tax news
Your source for the latest Canadian tax news and updates on changing tax laws. Working collaboratively with the Canada Revenue Agency (CRA) we aim to bring clarity on pressing tax questions and tax updates.
Please visit our archive page for content from 2020. There are no posts on this page older than 2020.
October 6, 2022
As discussed in prior news items and tax blog, the federal government has announced proposals that will require additional reporting for “reportable transactions” and “notifiable transactions.”
Latest tax blog: New rules for trust reporting are coming for 2022 returns
October 4, 2022
Trust reporting rules are changing for 2022 returns due in 2023. Under this new regime, trusts will be required to file a T3 Trust Income Tax and Information Return annually for tax years ending on or after December 31, 2022, including trusts that have never filed before. Our latest tax blog on trust reporting outlines the expanded reporting requirements for trusts set out in the August 9, 2022 draft legislation.
September 29, 2022
Due to the widespread damage caused by Hurricane Fiona in Atlantic Canada and part of Quebec, the Canada Revenue Agency (CRA) has confirmed it will be providing relief to impacted individuals, businesses and charities
CRA campaign focuses on personal services businesses: Are you ready?
September 9, 2022
The Canada Revenue Agency is escalating their scrutiny of personal services businesses. In a recent stakeholder email, the CRA announced its newest educational campaign focusing on potential PSB arrangements. In response to this campaign, our newest tax blog presents an overview of the PSB rules and sets out some leading practices to consider for taxpayers that deliver services through a corporation.
August 22, 2022
The 2021 federal budget included measures that would amend electronic filing thresholds for prescribed information returns.
August 22, 2022
As we have previously reported, the government announced in the 2021 federal budget, followed by draft legislation released on February 4, 2022, that it would be providing the CRA with the ability to send certain Notices of Assessments (“NOAs”) electronically without the taxpayer having to authorize the CRA to do so (“NOA proposal”).
August 17, 2022
On August 9, Finance Canada released draft legislation on a broad range of initiatives including revised trust reporting rules.
August 9, 2022
On August 9, 2022, the federal Department of Finance (Finance Canada) released a large package of draft legislation covering several tax measures from the 2022 federal budget and previous announcements.
CRA opens registration for luxury tax
July 25, 2022
The CRA has recently opened registration for the new luxury tax, which will come into effect on September 1, 2022. To help impacted businesses determine the application of the luxury tax, the CRA has launched a dedicated phone line, a rulings and interpretations process and has also published some technical guidance.
July 19, 2022
We know you’re busy and it can be hard to keep track of what’s new. We’ve put together a list of some past news items and blogs that you may have missed but are still worth a read.