The luxury tax, which was first announced in Canada in the 2021 Budget, took effect on September 1, 2022. It will impact individuals who purchase high-value cars, airplanes, and boats, as well as manufacturers and vendors that produce, wholesale, or retail these goods.
As tax season approaches in Canada, it’s time to start thinking about how to make the most of your tax return. The Canadian tax system offers numerous opportunities for individuals to optimize their financial situation and receive the maximum refund possible.
In a move to tackle the housing crisis gripping major Canadian cities, the Department of Finance Canada has released a draft legislation aimed at curtailing the tax benefits associated with short-term rentals.
Canadian individuals who choose to utilize US Limited Liability Companies (LLCs) for earning rental income or conducting business in the United States encounter a host of challenges due to the distinct tax treatment by the Canada Revenue Agency (CRA).
Filing and paying taxes is a crucial task for every Canadian citizen. Skipping this responsibility can lead to serious consequences. So, it’s best to stay on top of deadlines and requirements.