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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.

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British Columbia Speculation and Vacancy Tax

January 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

Canadian Tax – Federal Liberal Tax Changes on Private Corporations

September 22 2017

Over the last few months, much has been written about the proposed Canadian tax changes to private corporations. I am concerned about the speed at which the Department of Finance is moving to enact these significant and wide reaching tax changes.  The proposals were introduced in the summer, while Parliament was not in session, and sought out feedback during a short 75 day window while many Canadians were on holidays and other hard working farmers were busy harvesting.  My concern is that such complex tax matters need further review, study and consultation else they will have a significant impact on our economy. Some of the better commentary on these proposed tax changes that I have read this summer is in thelinks below:

Canadian Tax Law

US Tax vs. Canadian Tax

December 3 2012

There are many similarities between the US and Canada, but there are some significant distinctions between US and Canadian tax law especially for US citizens resident in Canada, including permanent residents of the US (“green-card” holders). For the unwary those distinctions may result in substantial US tax liabilities where those differences are not identified in advance. The discussion below highlights three differences, among many, that may trigger unexpected US tax liabilities for US persons resident in Canada.

Canadian Tax Law, Capital Dividends, Capital Gains, Green Card, Permanent Resident, Stock Options, Tax Liabilities, US Citizens Resident In Canada, US Tax Law