Canada's Underused Housing Tax (“UHT”) is a new measure that was introduced by the federal government in 2021. Under the UHT, owners of such properties may be subject to an additional tax of up to 1% of the property's assessed value. The goal of this tax is to encourage owners to make better use of their properties and to increase...
When someone dies owning private company shares, there is a risk of double or even triple taxation. A deceased individual’s estate owning private corporation’s shares may be taxed because of the deemed disposition at death of those shares (capital gains tax).There may be tax payable by the corporation when it sells assets to fund distributions to the deceased person’s estate (capital...
Canadians might be surprised to learn they may be exposed to US estate taxes. This post describes the risks to Canadian investors and how they might protect themselves. US Estate Taxes When Canadians die owning US situated assets worth more than $60,000 USD, they are required to file a US estate return. Then, if your total worldwide estate is more than $11.58 million...
This post will list some best tax planning practices for Canadian cottage owners.
