Steven Flynn comments on BC’s new speculation and vacancy tax and the impact on foreign nationals who own Canadian real estate
Canada Revenue Agency (CRA) is poised to receive significant data from the BC government that will help tie home ownership to income declarations. While BC's speculation and vacancy tax is a measure to address the housing crisis in major urban centers in BC, it can also have an impact on “satellite” families who declare very little as Canadian income and those who own a secondary urban home that remains empty for most of the year.
British Columbia Speculation and Vacancy TaxJanuary 28 2019
Owners of BC residential property need to be aware of the new 2018 British Columbia Speculation and Vacancy Tax affects and how to apply for exemptions.BC Speculation and Vacancy Tax, Canada Revenue Agency, Canadian Real Property, Canadian Tax Law
Changes to Certain Cross-Border Tax Amounts for 2015February 4 2015
As the calendar changes to 2015, both the Internal Revenue Service and Canada Revenue Agency have changed or left unchanged certain amounts and figures. Below are some of the revised amounts, numbers and limits for the year 2015 relevant to US citizens resident in Canada.Canada Revenue Agency
Canada Revenue Agency Extends The 2013 Personal Tax Return Filing DeadlineApril 14 2014
Recently the Canadian federal government’s website and computers were hit by the Heartbleed bug. The computer virus took down Canada Revenue Agency’s online filing services and also prompted the government to shut down access to client information sites such as Represent a Client, Netfile, My Business Account and My Account. Canada Revenue Agency acknowledged that this event impacted individuals trying to gather their information to file their 2013 personal income tax returns which would normally be due on or before April 30, 2014.Canada Revenue Agency, Filing Deadline Extension, Heartbleed Bug