WeirFoulds Tax Lawyer Michael Ding elected Incoming Vice Chair of CTF Toronto Young Practitioners Steering Committee
WeirFoulds is pleased to announce that Tax Lawyer Michael Ding has been elected as the incoming Vice Chair of the Toronto Chapter of the Canadian Tax Foundation’s Young Practitioners Steering […]
Capital Gains Inclusion Rate Increase Proposal Dead Deferred
The Canadian federal government announced today that they will delay the implementation of the previously proposed increase to the capital gains inclusion rate (“Proposal”) until January 1, 2026. The Proposal, […]
59 WeirFoulds lawyers recognized in 2025 editions of Best Lawyers in Canada and Best Lawyers: Ones to Watch
WeirFoulds congratulates the 49 lawyers who have been recognized in the 2025 edition of Best Lawyers in Canada, and the 10 lawyers who have been recognized in the Best Lawyers: […]
Seven WeirFoulds lawyers to serve on OBA Law Section executives for 2024-2025 term
WeirFoulds is pleased to announce that several of our lawyers have been elected to the OBA’s Law Section executives for the 2024-2025 term, commencing September 1, 2024. Michael Ding, Associate, […]
Capital Gain Inclusion Rate Draft Legislation Released
To the chagrin of many tax professionals, today’s release of draft legislation implementing the increase of the capital gains inclusion rate announced in Budget 2024 did not defer the effective […]
The First Home Savings Account – A Key to Savings for First-Time Home Buyers
With the increase in housing prices, the announcement of the First Home Savings Account (“FHSA”) in 2023 was welcome news for many Canadians. Not only does this type of account […]
Should You Gift the Cottage or Other Appreciating Personal Use Property Before the Increase to the Capital Gains Inclusions Rate?
Federal Budget 2024 announced an increase of the capital gains inclusion rate from one-half to two-thirds on capital gains realized on or after June 25, 2024. The first $250,000 of […]
Expropriations and the Proposed Increased Capital Gains Inclusion Rate
Federal Budget 2024 announced an increase of the capital gains inclusion rate from one-half (1/2) to two-thirds (2/3) on capital gains realized on or after June 25, 2024. The first […]
Last Minute Announcement – Bare Trusts Exempt from 2023 T3 Reporting Requirement
The Canada Revenue Agency (“CRA”) announced today that they will not require bare trusts to file a 2023 T3 return (including Schedule 15) unless it makes a direct request for […]
CRA Clarifies Penalty Relief for Bare Trusts
Bare trusts, unless specifically exempted, are required to file a 2023 T3 Return on or before April 2, 2024 with a completed T3 Schedule 15 to report beneficial ownership information. […]
Bare Trusts: Laying Bare Imminent T3 Filing Requirements
Unless a specific exemption applies, a 2023 T3 Return is required to be filed for Canadian resident bare trusts on or before April 2, 2024, along with a completed T3 […]
The Mandatory Disclosure Rules: CRA Releases Updated Guidance
On November 2, 2023, the CRA released updated guidance on the mandatory disclosure rules. The updated guidance can be accessed here. The release comes one day after the CRA announced […]
The Mandatory Disclosure Rules: New CRA Guidance in the Employment Context
Expanded mandatory disclosure rules under the Income Tax Act (Canada) came into effect in Canada on June 22, 2023, requiring the reporting of reportable transactions, notifiable transactions, and uncertain tax […]
Advisors Beware – New Notifiable Transactions Released
Effective November 1, 2023, the Minister of National Revenue has designated five notifiable transactions: Straddle loss creation transactions using a partnership; Avoidance of deemed disposal of trust property; Manipulation of […]
The Expanded Mandatory Disclosure Rules: An In-Depth Discussion
The expanded mandatory disclosure rules that came into effect on June 22, 2023 capture a broad range of business transactions and impose reporting obligations on taxpayers, advisors, and promoters alike.[1] These […]