Tax Changes and New Rules to Be Aware of in 2023
As we start the new year of 2023, we say goodbye to the epidemic for good but begin a new year full of uncertainty accompanied by high-interest rates and high inflation. To help individuals and businesses plan their finances, it is helpful to review any changes in taxation for the coming year. It is recommended to seek the advice of an accountant or reliable sources for the most current and accurate information.
Federal foreign buyers ban coming in January 1st, 2023
As of January 1, 2023, foreign nationals will be banned from purchasing residential properties in Canada. The federal government has announced a series of exemptions to this rule, including exemptions for international students and work permit holders who meet certain conditions and intend to reside in Canada long-term. The specific details of these exemptions are as follows:
Toronto Vacant Home Tax: Everything you must know as Toronto homeowner
The City of Toronto recently announced the rules for the implementation of the Vacant Home Tax. Effective January 1, 2023, all residential property owners in Toronto will be required to submit a declaration of the occupancy status of their property for the previous year. The deadline for declaring the 2022 occupancy status of a property is February 2, 2023. The online declaration platform will open in mid-December 2022. An annual tax will be levied on vacant residences in Toronto, payable beginning in 2023.
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