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, […]
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 […]
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 […]
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 […]
WeirFoulds is proud to support United Way Greater Toronto through 2023 fundraising campaign
Last month, WeirFoulds brought the 2023 edition of its annual fundraising campaign in support of United Way Greater Toronto to a close. The firm’s United Way Committee organized and executed a variety […]
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 […]
WeirFoulds Represents Orford Mining in Closing of Multiple Transactions
WeirFoulds congratulates Orford Mining Corp. (“Orford Mining”) on its successful financing activities during the summer 2023. These included a non-brokered private placement of critical minerals flow-through units, flow-through units, and […]
So, an Employee Wants to Work Remotely in Canada, eh?
A number of issues can arise if an employee of a non-Canadian employer comes to Canada to work remotely. Unless the employee is seconded to a Canadian affiliate of the […]
WeirFoulds proudly supports the United Way Greater Toronto through two-week fundraising campaign
On Friday, December 2, 2022, WeirFoulds brought its annual two-week fundraising campaign in support of United Way Greater Toronto to a close. The firm’s United Way Committee organized and executed […]
Update on Those Damn Flipping Rules
The August 9, 2022 draft amendments to the Income Tax Act (Canada) include provisions to give effect to the residential property flipping rule first introduced in Budget 2022. If enacted […]