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Tax Law

IT LOOKS LIKE A VACANT HOME TAX IS COMING TO TORONTO SOONER RATHER THAN LATER

Posted in Housing, Industry Trends, Newsworthy, Tax Law, Vacancy Rates

IT LOOKS LIKE A VACANT HOME TAX IS COMING TO TORONTO SOONER RATHER THAN LATER

The City of Toronto has been mulling over the idea of a vacant home tax to help free up hoarded housing supply for years, and now that council has formally suggested and also approved the move, it looks like it’s going to be coming into effect sooner than investors might be ready for. According to council, such a tax on tens of thousands of empty condos and houses could be in place by as soon as Jan. 1, 2022, with the city now preparing to move into a public consultation stage...

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BILL C-208 APPROVED, COMES INTO IMMEDIATE EFFECT

Posted in Industry Trends, Legislation, Newsworthy, Tax Law

BILL C-208 APPROVED, COMES INTO IMMEDIATE EFFECT

MNP is pleased that Bill C-208 received Royal Assent on June 29, 2021, becoming effective as of that date. The Bill allows the intergenerational transfer of certain family businesses to receive the same tax treatment as businesses sold to a third party. Previously, a long-standing anti-avoidance rule in the Income Tax Act (ITA) treated intergenerational transfers of a business as a dividend rather than a capital gain. Bill C-208 changes that rule to allow access to the lifetime capital gains...

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COVID 19: HOME OFFICE EXPENSE DEDUCTIONS

Posted in Coronavirus, Finance, Industry Trends, Newsworthy, Tax Law

COVID 19: HOME OFFICE EXPENSE DEDUCTIONS

Once employers and employees realized that working from home was not as temporary as they had first thought, there were many questions surrounding home office expenses. Employers requested clarification on whether their employees would qualify for the T2200, and employees wondered which expenses, if any, would qualify for a deduction on their tax returns. In a news release on December 15, 2020, the CRA provided an update and clarification regarding the deduction for home office expenses that...

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GOVERNMENT IS WHY HOUSING IN CANADA IS UNAFFORDABLE AND MORE TAXES WON’T HELP

Posted in Affordable Housing, CMHC, Development, Housing, Industry Trends, Newsworthy, Rent Control, Rental Rates, Tax Law

GOVERNMENT IS WHY HOUSING IN CANADA IS UNAFFORDABLE AND MORE TAXES WON’T HELP

The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their homes. But more taxes won’t increase affordability. If the government really wants to know why housing is...

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CANADA EMERGENCY WAGE SUBSIDY LEGISLATION PASSES THE HOUSE OF COMMONS

Posted in Bylaws / Regulations, Coronavirus, Employment, Finance, Legislation, Newsworthy, Tax Law

CANADA EMERGENCY WAGE SUBSIDY LEGISLATION PASSES THE HOUSE OF COMMONS

The House of Commons was recalled on Saturday, April 11, 2020 to pass the COVID-19 Emergency Response Act, No. 2.  This Act approves the proposed Canada Emergency Wage Subsidy (CEWS) with some changes. Eligible Employers An eligible employer includes individuals, taxable corporations, partnerships consisting of eligible employers, non-profit organizations and registered charities. Public bodies would not be eligible for the subsidy. This would generally include municipalities and local...

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Rents up 4.3% in Canada, Rentals.ca report says

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy, Real Estate Law, Tax Law, Tenancy Law

Rents up 4.3% in Canada, Rentals.ca report says

Average monthly rents for 3 largest cities led surge in 2019: Toronto at 9%; Montreal at 25%; Vancouver at 11% The average monthly asking rent for Canada rose 4.3 per cent year over year at the end of December, according to the January National Rent Report from Rentals.ca and Bullpen Research & Consulting. The nation’s three largest cities experienced significant rent increases in 2019 for all property types listed on Rentals.ca: Toronto at 9 per cent; Montreal at 25 per cent and...

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Big city rental blues: a look at Canada’s rental housing deficit

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy, Real Estate Law, Tax Law, Tenancy Law

Big city rental blues: a look at Canada’s rental housing deficit

A new report on Canada’s rental market argues for a new policy approach in favour of building new rental supply. Learn what this means for Canada’s biggest cities. Canada’s largest cities have a rental housing deficit. Strong demand has pushed rental vacancy rates to historically low levels and rents are now reaching uncomfortable highs. In the coming years, rental demand is only set to go up—way up in the case of Toronto and Vancouver, where high home prices have crushed some...

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RHB TV EPISODE 5 IS NOW LIVE!

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy, Tax Law, Technology, Tenancy Law, Utility Management

RHB TV EPISODE 5 IS NOW LIVE!

Watch our exclusive interview with Benjamin Tal where we sit down to discuss the current state and future trends of the rental housing market. Ben Myers brings us the latest rental market conditions in Vancouver and Toronto- including results from StatsCan’s “Canadian Household Survey”. Later, we’ll go on location with Jason Cosentino, as he tours G.W.L Realty Advisor’s latest, purpose-built development. We’ll also be bringing you exclusive coverage from the 2019 FRPO MAC...

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Federal ministers mandate letters released – capital gains review to proceed

Posted in Appointments, Bylaws / Regulations, Communications, Development, Employment, Finance, Health & Safety, Housing, Industry Trends, Legal, Legislation, Newsworthy, Real Estate Law, Tax Law, Tenancy Law, Utility Management

Federal ministers mandate letters released – capital gains review to proceed

On Friday, December 13, 2019, the federal government published the mandate letters given to the new (and re-appointed) cabinet ministers. This CFAA Newsletter addresses the elements of those letters which are the most important to rental housing providers. These fall into three areas, namely housing policy and programs, tax policy and programs and energy regulations and programs.  Those areas are addressed by five ministers. The mandate letter to the Minister of Finance strongly suggests that...

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‘Moderate income’ rental buildings get go-ahead from Vancouver council

Posted in Bylaws / Regulations, Communications, Development, Finance, Housing, Newsworthy, Tax Law

‘Moderate income’ rental buildings get go-ahead from Vancouver council

Two 6-storey buildings will add 178 rental units, of which at least 20% must be for households earning $30-$80K. Vancouver council has approved a pair of six-storey buildings in East Vancouver that will add 178 units of rental housing. Council voted unanimously for the new developments around Renfrew and East Broadway. Both are mixed-use buildings with commercial space at street level. They mark the first projects under the Moderate Income Rental Housing Pilot Program, which council approved...

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