Tax Archives - NVS Professional Corporation

Tax

Canada’s Vacant Home Taxes

With housing affordability coming under increasing pressure, more jurisdictions across Canada are implementing taxes to target underused housing. Alongside the federal Underused Housing Tax (UHT), we are seeing a growing patchwork of vacant home taxes as provincial and municipal tax bodies align their policies with federal objectives. For Canadian taxpayers, staying informed about these continually evolving changes remains crucial. In this guide, we outline Canada’s various vacant home taxes and their associated requirements, including current rates, filing obligations, deadlines, and penalties.

NVS Professional Corporation June 27, 2025

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Key Insights

Changes to the New Trust Reporting Requirements

The hasty implementation of new reporting rules in 2023 was cause for much confusion and uncertainty among Canadian taxpayers. In recent months, the Ministry of Finance revisited the new trust reporting rules and introduced several key amendments. With broader exceptions and an expanded list of exempted trusts, these changes aim to provide greater clarity and limit the number of trusts subject to the new requirements. Learn more here.

NVS Professional Corporation October 8, 2024

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Accountancy

Death and Taxes – Estate Planning Canada

Whether you’re 30 or 70, estate planning should be a critical part of your long-term financial strategy. A well-structured estate plan ensures your loved ones receive the maximum benefits from your assets while minimizing their tax liabilities. The key is understanding how wealth is taxed upon death and using the various tools available to protect your estate. Comprehensive plans should employ a combination of strategies, from spousal rollover to the establishment of trusts. To learn more about developing a tax-efficient estate plan that preserves your legacy, read the full article now.

NVS Professional Corporation August 29, 2024

Advisory

5 Tax-Efficient Ways to Withdraw Money From Your Corporation

What is the most tax-efficient way to withdraw money from a corporation? It’s a straightforward question with a not-so-simple answer. From salary vs dividends to shareholder loans and capital dividend accounts, there are many ways to structure your withdrawals. Our latest article takes a look at some of the most commonly used methods and discusses the tax implications of each.

NVS Professional Corporation June 21, 2024

Tax

10 Common Tax Return Mistakes and How to Fix Them

Filing your tax return accurately and completely is crucial to avoiding penalties and potential CRA audits, while at the same time maximizing your tax savings. By being aware of the most common tax return mistakes and taking steps to fix them, you can save time, money, and future headaches! Read the full article to avoid these 10 tax pitfalls.

NVS Professional Corporation April 4, 2024

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Tax

Canadian Tax Changes 2024 – Part Two

The 2023 Budget and the Fall Economic Statement included a host of legislative and regulatory changes. In Part Two of our tax changes series, we take a look at the big developments set to shake up the Canadian tax landscape in 2024, from new trust reporting rules to long-awaited adjustments to the Alternative Minimum Tax and the elimination of short-term rental deductions.

NVS Professional Corporation March 21, 2024

Tag: Tax

Canada’s Vacant Home Taxes

Changes to the New Trust Reporting Requirements

Death and Taxes – Estate Planning Canada

5 Tax-Efficient Ways to Withdraw Money From Your Corporation

10 Common Tax Return Mistakes and How to Fix Them

Canadian Tax Changes 2024 – Part Two

Featured Articles

Doing Business in Canada FAQs – Part Two

Doing Business in Canada FAQs – Part One

Maximizing Business Value: Preparing for a Successful Sale

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