Filing for 2023: new tax rules you should know
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Trust tax reporting:
Starting from tax years ending after December 30, 2023, all trusts, including bare trusts and joint accounts, must file a T3 Tax Return annually. Missing the filing, due 90 days after the trust's year-end (March 30, 2024, for most), will result in penalties.
Underused House Tax (UHT)
The UHT is a yearly tax for vacant homes owned by non-residents or non-citizens. It can also apply to some Canadian companies, partnerships, and trusts. Changes proposed on November 21, 2023, aim to exempt specific groups from filing requirements. The first filing deadline is April 30, 2024.
First Home Savings Account (FHSA):
Working from home:
Residential property flipping:
A rule introduced on January 1, 2023, taxes profits from flipping residential properties as business income, not as capital gains, if the property was held for less than a year. Exceptions apply, so check if this affects any sale you made in 2023.
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