On November 21, 2023 the federal government released its annual Fall Economic Summit. Some of the key highlights to note are as follows: Rental expense deduction for non-compliant short-term rentals A new rule prevents short-term rental … [Read more...]
Just for Dentists Newsletters
27
Dec, 2023 Don’t let the lease termination spoil your retirement
December 27, 2023 by
After 25 years of looking after patients, Dr. Bob, who just turned 60, looks forward to working less and spending more time on his leisure activities. He is planning to sell his practice in a few years. When he checked the lease, he realized he … [Read more...]
8
Nov, 2023 CEBA Loan Deadline Extension
November 8, 2023 by
CEBA Loan Deadline Extension The government announced a long-awaited deadline extension for the Canada Emergency Business Account (CEBA) loan repayments. Deadline Extension The repayment deadline has been extended to January 18, 2024 (from the … [Read more...]
8
Nov, 2023 Don’t miss the (FHSA) contribution deadline of December 31
November 8, 2023 by
The deadline to contribute to a First Home Savings Account (FHSA) and get a deduction on your 2023 tax return is December 31, 2023. We previously wrote about the details of the program … [Read more...]
8
Nov, 2023 Short-Term Rental Rules and UHT Deadline Updates
November 8, 2023 by
On October 26, 2023, only 10 days after the drafted legislation was released (see previous article) the NDP passed the legislation without any of the amendments that the opposition BC United Party had suggested. While the regulations to support the … [Read more...]
8
Nov, 2023 Immediate Expensing Deadline: December 31, 2023
November 8, 2023 by
The 2021 Federal Budget brought in rules that allowed individuals, partnerships, or private corporations to entirely write off asset additions (some types of assets, such as buildings, were excluded) in the year of acquisition, unlike in previous … [Read more...]
19
Oct, 2023 The Short-Term Rental Accommodation Act: Targeting Airbnb, VRBO etc.
October 19, 2023 by
The B.C. government introduced the Short-Term Rental Accommodation Act on October 16, 2023, in response to the housing crisis of long-term rentals. It aims at the estimated 16,000 homes in B.C. that are used exclusively as short-term rentals … [Read more...]
19
Oct, 2023 Reminder to File Your Underused Housing Tax (“UHT”) Forms by October 31, 2023
October 19, 2023 by
As we initially reported in our March 14, 2023 newsletter the government requires Canadians to file UHT returns for residential property held inside a private corporation, partnership or via a trust (including a bare trust). For the 2022 taxation … [Read more...]
19
Oct, 2023 GAAR Changes to End Surplus Stripping?
October 19, 2023 by
The 2023 Federal Budget released draft legislation amending the General Anti-Avoidance Rules (“GAAR”) that would significantly impact any transactions the government finds abusive. After an initial consultation period, updated draft legislation was … [Read more...]
31
Mar, 2023 The Federal Budget 2023 in a Nutshell
March 31, 2023 by
The 2023 federal budget was released with great anticipation for some possible harsh tax measures to counteract previous government over spending. However, with a projected federal deficit of over $40 billion it seems the government is keen to double … [Read more...]
