by Lindsay Longley | Feb 22, 2023 | Current & Topical, Tax Services
On June 9, 2022, the federal Underused Housing Tax Act became effective retroactive to January 1, 2022. The Underused Housing Tax (“UHT”) is much broader than anticipated, and you may have a filing obligation if you owned residential property in Canada on December 31,...
by northnet | Nov 17, 2021 | Current & Topical, Tax Services
All corporations incorporated in Ontario are required to file an Annual Return with the Ontario government within six months after the end of each tax year. This filing requirement is in addition to a requirement to file any income tax returns. The Annual...
by northnet | Nov 9, 2021 | Current & Topical, Tax Services
New tax reporting requirements for certain trusts will come into effect for the 2021 taxation year ending on December 31.As a result, most trusts must now file a Canadian tax return even if there was little or no activity. Penalties for late filing are...
by northnet | Feb 26, 2021 | Tax Services
It will soon be time to file your 2020 personal tax return. Please download the checklist which will assist you in assembling the necessary information required to complete returns for you and any family members. Please review the checklist carefully and gather...
by northnet | Jul 25, 2017 | Tax Services
On Tuesday July 18, 2017, the Department of Finance (“Finance”) released several proposed changes that will affect tax planning using private corporations. The main focus of these proposed changes is on tax planning strategies that involve: Sprinkling income amongst...
by northnet | Feb 11, 2014 | Tax Services
Stock options are a popular way for companies to attract and retain key employees. So what happens when an employee is granted stock options by a Canadian-Controlled Private Corporation (“CCPC”)? There are no tax consequences to the employee when the stock options...
