Tax and You • Canada 加稅與您

* IMPORTANT DATES FOR 2024 TAX SEASON

- Feb. 29: The deadline for making RRSP contributions for the 2023 tax year.

- April 2: The deadline to file T3 trust returns along with Schedule 15 beneficial ownership information (NEW THIS YEAR FOR SOME!)

April 30: The deadline to file personal income tax returns is April 30.

- June 17: The deadline to file personal income tax returns (T1) for self-employed individuals. However, they still have to pay any owed taxes by Apr 30.

Pro tip: File and pay any owed taxes by the deadlines.

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NEW TAX -> Underused Housing Tax (UHT)

Did you know, the UHT generally applies to non-resident non-Canadian owners of residential property in Canada, but some Canadian partners, trustees and corporations may also have to file a return?

The UHT is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022.

Deadline for filing is April 30, 2023.

Find out more ➡️ http://ow.ly/fO7C50MvyfL

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Underused Housing Tax - Canada.ca The Underused Housing Tax (UHT) is a national, annual 1-per-cent tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused.

Happy New Year! 🎉

New year, new taxes. Here are some taxation changes in 2023 that could affect you.

https://www.cbc.ca/news/politics/tax-changes-2023-1.6696505

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ANALYSIS | New year, new taxes: how taxation changes in 2023 could affect you | CBC News The federal government has introduced several changes to taxation and tax benefits for this year — and experts tell CBC News the tax changes related to housing are the ones to watch.

🎉Happy Holidays!🎉

With December 31 almost around the corner, we recommend you to take a look of these lesser-known tax tips. Most of them should be done before year-end (December 31, 2022).

👇Check out this link for details:

Start prepping for these tax items before the year ends With December 31 almost around the corner, practitioners recommend putting these often-forgotten deductions and credits on your end-of-year tax checklist

* New Rule *

Are you flipping houses?

Your gain could be fully taxable under the proposed new rule.

Under the 2022 Federal Budget proposed a new rule, any individuals who sell residential real estate owned for LESS than 12 months could be subject to full taxation on the profits. It means the profits would NOT be eligible for either capital gains rates or the principal residence exemption. However, there are several exemptions to this rule, such as:
- death,
- disability,
- employment change, etc.

This new rule applies to residential properties sold after January 1, 2023.

👇Check this link “Residential Property Flipping Rule” on the Department of Finance website for details. It also includes a list of life events that would provide exemptions to the rule.

Income Tax Act and Income Tax Regulations Amendments to the Income Tax Act (the "Act" or "ITA") and the Income Tax Regulations (the "Regulations" or "ITR") Subsection 12(12) of the Act provides a deeming rule that results in a gain on the disposition of a flipped property (defined in new subsection 12(13)) being fully taxable as ordinary income. The deeming rule applies if the disposition would have otherwise resulted in a capital gain in the absence o...

📣 It is the time of the year again …. TAX-FILING SEASON!

Are you getting ready to file your taxes?
Check out the following link for updates for the 2022 tax-filing season:

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2022/what-you-need-to-know-for-2022-tax-filing-season.html

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What you need to know for the 2022 tax-filing season - Canada.ca Last year, Canadians filed almost 31 million income tax and benefit returns. Having the information you need on hand to file your return makes the filing process that much easier.

~ Tax tip for 2021 tax year | Personal (T1) ~

➡️ Understand all the major tax changes for the year.

Check out this link for major tax changes for 2021 tax year and improvement to CRA's services.

https://tinyurl.com/2wj938z6

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Personal income tax: What's new for 2021? - Canada.ca Income tax changes for 2021.

If you are over 65 years old and own your own home, you may qualify for the Low Income Grant Supplement for Seniors.

This supplement can further reduce your property tax in addition to the regular home owner grant, if you are eligible. Most qualified low income seniors can receive a maximum supplement amount of $845.

check out this link for more details: https://tinyurl.com/2atjcke7

Want to know more?

Feel free to contact us if you want to learn more about this supplement or other tax planning opportunities.

Low income grant supplement for seniors The low income grant supplement allows low income seniors to supplement their home owner grant if it’s been reduced or eliminated because of the high assessed value of their principal residence.

** Free online courses about personal income taxes in Canada **
The Canada Revenue Agency (“CRA”) has new online courses for you to learn about:

• The tax system in Canada
• How to prepare a basic tax return
• Common tax terms, and more!

Just click this link for the free online courses: http://ow.ly/vC5s50H39EO

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Learn about your taxes - Canada.ca Take this online course to help you learn about your personal income taxes, how to prepare to do your taxes and how to complete a basic tax return.

Do you know what is Disability Tax Credit (DTC)? Do you want to learn more about other benefits and credits that are available for those eligible for the DTC?

The Canada Revenue Agency (CRA) is hosting two FREE webinars about the DTC and the other related benefits and credits.

You can register yourself at http://ow.ly/xOc150GYIBb

The Disability Tax Credit (DTC) | Le crédit d'impôt pour personnes handicapées (CIPH)