Tag: Tax news
New – Bare Trust Filing Exemption
In a move to streamline the tax reporting process, the Canada Revenue Agency (CRA) has announced an exemption for bare trusts from the new trust reporting requirements for the 2023 tax year. This decision comes as a relief to many, as it recognizes the complexities and unintended consequences that these […]
Navigating the Underused Housing Tax (UHT) Filing Requirements
The Canadian government has proposed significant changes to the Underused Housing Tax Act (UHTA), which will likely exempt you from having a filing requirement, but the amendments have not passed into law yet. The UHT filing deadline is April 30 and it is fast approaching. We are presenting 3 options […]
Changes to Home Office Expense Claims (Personal Taxes)
If you worked from home in 2023, you may be wondering how to claim home office expenses on your tax return. The Canada Revenue Agency has announced that it will update Form T2200 for the 2023 tax year by the end of January 2024. The updated form will simplify the […]
