Gregory, Harriman & Associates LLP Blog

The Intergenerational Farm Rollover Provisions - Common Traps

Details: Published: Monday, 18 December 2023 15:53

The Income Tax Act contains several provisions that allow for farmers to ensure that their farmland or farm corporation shares can be transferred from one generation to the next in a tax effective manner. One of the most important and most commonly relied upon provisions is referred to as the Intergenerational Farm Rollover provision (referred to hereafter as the “Farm Rollover”). These rules allow for qualifying assets (Qualified Farm Property or Family Farm Corporation Shares) to be transferred from a taxpayer to their children or grandchildren on a tax deferred basis provided that certain criteria are met.

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

Details: Published: Sunday, 26 November 2023 09:00

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.

New T3 Trust Reporting Rules for 2023 and Beyond

Details: Published: Wednesday, 22 November 2023 19:21

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.

2023 Canada-Alberta Drought Livestock Assistance – AgriRecovery Program

Details: Published: Thursday, 02 November 2023 21:17

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.

Livestock Tax Deferral – Prescribed Drought Regions for 2023 Announced

Details: Published: Wednesday, 23 August 2023 19:48

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.

Withholding Tax Requirements for Rental Payments to a Non-Resident

Details: Published: Tuesday, 08 August 2023 21:01

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.

Page 2 of 10

Start
Prev
1
2
3
4
5
6
7
8
9
10
Next
End