Personal Services

​Personal tax season is a very busy time for our accountants and our clients. To make the process easier and more efficient, we provide the following personal tax services.

• Call or email us and have your taxes completed without you having to visit our office.

• Drop off your personal tax records and we will have them completed in a timely fashion.

 Underused Housing Tax 

The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners.

Link to article: https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax.html

Covid-19 benefit repayment deduction:
Immediate expensing of up to $1.5 million per year:
This immediate expensing would be available for “eligible property” acquired by a CCPC on or after April 19, 2021, and that becomes available for use before January 1, 2024, up to a maximum amount of $1.5 million per taxation year. The immediate expensing would only be available for the year in which the property becomes available for use.

Extension of the Residential Property Flipping Rule to Assignment Sales:

Budget 2022 proposed the Residential Property Flipping Rule, a new deeming rule to ensure profits from flipping residential real estate are always subject to full taxation. Starting on January 1, 2023, profits arising from dispositions of residential property (including a rental property) that was owned for less than 12 months would be deemed to be business income, subject to the exceptions listed below.

Link: https://www.budget.canada.ca/fes-eea/2022/report-rapport/tm-mf-en.html

Our professional accountants are ready assist in determining your requirements and obligations to this new tax changes and more.