We'll be looking with interest to see if this proposal shows up Opinion, the Income Tax Act is already equipped with tools toĪttack people who treat such properties as inventory as opposed toĬapital properties that are their true principal residences. This proposal is littered with technical issues. That are disposed of within 12 months of acquisition (with certainĮxceptions). Introduce an "anti-flipping" tax for principal residences Proposal become a reality in the federal budget? "Anti-Flipping" Tax on Principal Residencesĭuring the federal budget, the Liberal Party promised to Requiring these same companies to pay a "Canada Recoveryĭividend." With the new NDP - Liberal coalition, will this Insurance companies with profits that exceed $1 billion, as well as To impose a 3% tax increases - from 15% to 18% - on large banks and The Liberal Party's 2021 election platform included a pledge New Surtax on Banks and Insurance Companies? Will we see some more anti-avoidance rules or surprises? Such proposals are very extensive, pervasive, andĬomplex. Restricted interest deductibility proposals, proposed mandatoryĭisclosure rules and other measures was released by The Department On February 4, 2022, a significant package of amendments that contained The Budgets of recent years have been famous for introducingĪnti-avoidance measures on several issues that the government feelsĪre being abused. Will the eventual amendments put a bullet into "surplus
Surprised to see it released after the Budget in a separate We wouldn't be surprised to see theĪmendments pop up in this budget. Listen to Episode 020 and 021 of our firm's Podcast - Taxbreaks Government releases its long-awaited amendments to the faulty BillĬ-208 legislation? For those that need some background, have a Bill C-208 "Fixes"Ĭould the April 7, 2022, Federal Budget be the time that the Presently the capital gains inclusion rate for realized orĭeemed realized capital gains is 50%. There very well might be a fire brewing beneath the smoke on this Capital Gains Inclusion Rate Increase?Īs we discussed in a recent blog, while some prognosticators have beenĬrying wolf on a possible capital gains inclusion rate for years, Will be no strong urgency to enact personal and corporate tax Realized by the federal government, I'm guessing that there There just might be some personal tax rate increases (especiallyĮlection platform called for a 2% personal tax increase on Some significant spending initiatives as a result, one wonders if NDP-Liberal coalition and the fact that the NDP was able to secure Our firm will be looking for: Personal / Corporate Tax Rate Increases? Some interesting Canadian media commentary about the federalīudget and what might be coming can be accessed here.įrom a tax perspective, here's a short list of things that Today that the budget will be released on the afternoon of April 7,Ģ022. The Canadian federal budget has a release date.
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