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Gregory, Harriman & Associates LLP Blog

Important Information About the New Underused Housing Tax (Updated November 21, 2023)

 

As part of the 2022 Federal Budget released in April 2022, the Department of Finance introduced a new tax on vacant or underused residential property in Canada. This new Underused Housing Tax (UHT) became effective on January 1, 2022 and the first UHT payments and UHT returns for the 2022 tax year will be due on April 30, 2023.

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New T3 Trust Reporting Rules for 2023 and Beyond

 

Starting with the 2023 tax year, newly amended tax legislation will result in additional tax reporting requirements that will create a T3 Trust return filing requirement for many taxpayers that prior to 2023, did not have any trust reporting obligation. Most significantly, these new T3 Trust return reporting requirements will apply to many ownership scenarios where properties are jointly owned or owned in joint title.

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2023 Canada-Alberta Drought Livestock Assistance – AgriRecovery Program

 

On October 20, 2023 the Federal and Alberta Governments announced they are partnering on a 2023 Canada-Alberta Drought Livestock Assistance response to assist livestock producers affected by drought and extreme growing conditions. 

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Livestock Tax Deferral – Prescribed Drought Regions for 2023 Announced

 

The Livestock Tax Deferral Provision allows for a portion of sales proceeds to be deferred to the following year, where producers in prescribed regions sell breeding stock due to drought. 

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Withholding Tax Requirements for Rental Payments to a Non-Resident

 

An important, but commonly overlooked requirement for rental arrangements involving non-resident landlords, is the requirement under the Income Tax Act for the tenant to withhold non-resident tax from their regular rental payments and remit this tax to the CRA on the landlord’s behalf. The following are some key points to keep in mind if you are ever presented with the opportunity to rent property in Canada from a non-resident owner.

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Introduction to the New Tax Free First Home Savings Account (FHSA)

 

As part of the 2022 Federal Budget, the Department of Finance announced its intention to establish a new tax free First Home Savings Account (FHSA) as a means to allow prospective first-time home buyers to save up to $40,000 tax-free towards the purchase of their first home. Similar to with an RRSP, eligible contributions (subject to annual contribution limits) are tax-deductible, however, qualifying withdrawals to purchase a first home are non-taxable. As of April 1, 2023 you can now apply with your bank to open a new FHSA account.

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